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Stocks Soar to Upside as Greece Waits for Bailout

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Apr 11, 2010.

  1. futuretrends24

    futuretrends24 New Member

    Apr 30, 2009
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    Today’s sample of Futures Analysis from FuturesHound.com

    The Cash Dow finally reached 11,000 in a labored rally as volatility and volume continue to remain low despite the solid up trend. Upside momentum slowed considerably once this market touched 11,001. Like I have been saying all week, 11,000 is not an important technical level but will most likely be treated as a key psychological barrier. U.S. equity markets made new highs for the year, but upside momentum was limited. Friday’s rally can best be described as trending but uneventful

    The weaker Dollar helped to boost demand for higher yielding assets all day. Traders were a little more risk friendly on strong speculation that Greece will receive much needed financial aid within days.

    June Gold finished sharply higher because of increased demand for risk and a weaker U.S. Dollar. Bullish traders seem unfazed by the optimistic developments over the Greece debt situation. Earlier in the week gold bugs were buying the metal on speculation of a possible default by Greece. Some may still be lingering just in case the Greek bailout falls through. Technically, this contract closed over a key .618 retracement level at $1159.50. Upside momentum is now indicating that $1180.00 is the next upside target.

    Read full article at full article at FuturesHound.com as well as Futures Analysis, Futures Education and exclusive timely market Gann Analysis

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