Monday December 6, 2004 - 20:12:23 GMT
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The market was in a muted trading session all day in NY session as we have remained range bound for most of the day. The only bit of exciting news that was around and yet had no affect was the rumors of President Bush apparently going to replace US Treasury Secretary Snow. With whom is still the question? Some insiders say it could be Senator Phil Gramm as a possible candidate. The markets took the news in stride and has remained in neutral all day, the euro after making another new high at 1.3455, has since been 1.3415-1.3445. The greenback has faired a touch better since the morning reaching a high of just about 1.1400 before some good offers there capped the rally. The DOW was slightly lower today and crude oil was off just a touch as well with no news to break the ranges we could be stalled for while. There was breaking news of an earthquake to hit Japan this morning which seemed to give USDJPY a lift off its lows to make a high just short of 102.80. There are plenty of traderís still short dollars and even if stops are taken out we should see most be happy to re-establish short dollar positions until we see a shift in the long term outlook of global positioning.
Technically Speaking: We see good support in euro on the dips into 1.3410 and the figure, but stops are looming below at 1.3380. The slow stochastic is reading 39.70 on the hourly and 54.63 on the RSI. There is rumored large option related offers in front of the 1.3500 level.
Gain an Edge: We look to sell euro on the rally to 1.3470 with a 1.3510 stop and a 1.3310 take profit. We also like selling the break of 1.3380 if done a stop at 1.3400 and a 1.3230 take.
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