redbacka
top class
seems no doubt a bear market.
but was long all last week on daily indicators with covering shorts on friday for options expiry
article follows about the Yuan. sse down over 1% on friday and dow was green. Aus$ backtested resistance at 87c and may keep going up next week. looks like some green ahead for Aus $, commodities and ASX all at expense of some weakness in China on currency threat.
base metals nice recovery. again I expected them to fall back against resistance but seem to be breaking through.
short term bullish but review day by day. seems like we now test the upside. MAY was test of downside. Dow broke the 10000 mark. even tested final support at 9900 intraday but it held. looks like 10000 mark may hold on the dow.
have to say a good week to watch coming up. if breaks up then still time to hop on. euro recovering.
if dow breaks down then is a steep fall on the cards?.
dont mind either way just as long as I read it right
keep those reports coming Redbacka. I need all the help I can get. this is one tough market.
super tax fears. easing or getting worse? thanks Mr Rudd. 10 weeks till possible election.
http://online.wsj.com/article/BT-CO-20100620-702951.html?mod=WSJ_latestheadlines
Still, the PBOC's Saturday statement has been widely welcomed by China's trading partners as a sign that China will let the yuan resume appreciating against the dollar--possibly as soon as Monday--after the yuan had been effectively pegged around 6.83 yuan per dollar for nearly two years. After Saturday's announcement, U.S. Treasury Secretary Timothy Geithner cautioned that the impact of the move would depend on the next steps Beijing takes.
Standard Chartered said in a research note that the dollar will show a knee-jerk fall against both emerging market and G-10 currencies, while particular beneficiaries should be those who export to China--whether in commodities or manufactured goods--such as the currencies of Australia, New Zealand, and Canada. "
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- redback report. 18/6/2010
redback report. 18/6/2010, page-3
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