It was a case of deja vu in NY trading as the price action looked eerily similar to the prior two days. Risk was better bid early on in the session on the back of more upbeat economic data. Durable goods orders jumped 4.9% in July after a -1.3% decline the prior month and this blew away market forecasts. Later on, new home sales also improved much more than anticipated to 433K units in July after an upwardly revised 395K the previous month. This sent stocks to the intraday highs of up 0.5%. The rally would fade and equities eventually closed flat on the day. The daily candles for stocks in the last three days suggest major indecision at current levels. It could very well be that the market is in the process of putting in a short-term top here. If past is prescient, any relapse in equities should help support the US dollar near-term. Full text »
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment