dow flat for the eyar on the back of a monster rally being pushed by extraudinary FX moves, which appear to be continuing...
euro shorts conrinue to be pounded and natural targets should be around the 140 mark V USD
Gold supported by big reversal in USD
AUD also rising well over parity should continue to support local market for the time being, and expect HK traders to continue it on.....statisically you would think this move on a promise of a promise to make a plan would and will fade but historically these rallies can go another week and as the EU/ Greece crisis is officially off the backburner until the end of the month when France and Germany rlelease the plan, so nothing is impossible...
Absolute possibility this could move back to 39 near term......but ill still lock some gain in.....36 was always heavy resistance, and 3725 a break up point imo)
Not sure if QE3 has worked for the US taxpayers, it has got everyone into stocks but their cost off borrowing, the other side of their theory seems to have backfired with rates going up (I havent checked) but santelli on CNBC screaming up by 32PC on a 10year in a little over a week........if thats true, Uncle beeny just took on much more future interest costs for his taxpayers in a low growth ennvironment,,effectivley turning the "can" into a "keg" which will be harder to "kick down the road"
(double whammy for aus with carbon tax yesterday creating a compeditive diadvantange and and shooting star dollar 93/94 last week to 101/102 today adding to the future pressure )
NCM Price at posting:
$35.84 Sentiment: ST Buy Disclosure: Held
