Day 14
Situation:
U.S. Markets: Welcome back to the 1490/95 resist in the S&P … market plays the rate cuts … even a HUGE ADP number … 3-times the expectations could not hold the market down … Moody’s possible downgrade on Bond insurers, which really could bring trouble again … brought the market down only shortly … President Bush to outline mortgage rates “freeze” plan today … let’s see … Technically seen, markets come closer to real decision points …
Asian Markets: Markets up on US rally and stabilizing US$ …
Commodities/Currencies : Dollar stabilizing as markets take profit on bets against it ahead of ECB and BoE decisions. Oil back above 90$ oilfigures and decision of OPEC not to raise production
Events: US … initial jobless claims … Europe … ECB rate decision … BoE rate decision … ECB pressconf. on rate decision and(!) outlook … 1st one for 2009 …
Ideas/Strategy: … Dax made the “missing” high and should complete that move today … Gap play in the morning … then central bank decisions … long for choice … then watching out for reversals …
supports: 7965/70 … 7932 … 7918 … 7880 … 7850
resists: 8000 … 8024 … 8042 … 8080 … 8130
Tags: daily outlook, housing, rates, subprime
