There follows the reason for the rally (which was gap up!) in the US last night - every chart I see shows diminishing volumes last night , Nas, Dow, QQQ etc ... Since when did the US news quote China's pension funds to assist rally the market ?
Short covering tactical rally only ? Retrace tonight ?
Regards (PS anyone daytrading CDU?)
The euro, used by 16 nations and lately tracked by investors as a sign of confidence in Europe's ability to contend with its debt crisis, climbed to $1.212 after European Central Bank President Jean-Claude Trichet said the ECB would continue to provide unlimited liquidity in coming months.
Reports that the German Constitutional Court had rejected an effort to block Germany from participating in guarantees viewed as crucial to Europe's stabilization program also bolstered confidence.
Ahead of Wall Street's open, Asian and European shares gained after China reported exports climbed nearly 49% in May, while imports advanced more than 48%.
And, a Reuters report quoted China's national pension fund as saying the euro would survive the current crisis.
