Monday May 24, 2004 - 16:47:17 GMT
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Oil Talk No Action
The market was some what on the quiet side today until oil prices surged late morning. The oil price popped $1.50 and the after opening on a positive note the DOW took a turn for the worse and headed south. What this meant for the market was a strong dollar early in the morning based on the positive DOW but a stronger euro once oil prices jumped. The national price for gas has now jumped to $2.10 today; that is a .14 cents jump in just two weeks. There was no news data out today in NY session, so the market has focused purely on the DOW as well as the oil prices. The rest of the week is loaded with upcoming news data so we should have some busy sessions before the weekend holiday and quiet trading sets in. Talk also today of NY attorney General Elliot Spitzer going after former NYSE chief Richard Grasso, for what is believed excessive pay for his duties. This has led to a weaker dollar as well as the market remains jittery. It was hoped that there would be a settlement and that it would not have to go to the courts but Grasso nor Spitzer will back down.
Technically Speaking: The euro was range bound for most of the day as we stayed in relatively option related ranges 1.1930-1.1995. The euro does look well supported at the 1.1930 area just ahead of reported option ay 1.1925 and stops loom below at 1.1920. The slow stochastic is reading 55.33 and the RSI 51.54 looks to be in a giving a positive tone for now.
Gain an Edge: We look to buy euro on a dip to 1.1940 with a stop below 1.1920, our take profit will be 1.2135.
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