Monday September 20, 2010 - 13:26:25 GMT
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Forex Hound - www.forexhound.com
Stocks Rally after Irish Tensions Ease
stock-index futures are called higher this morning. After a closing price
reversal top on Friday, the December E-mini S&P 500 stands poised to
challenge last Fridayâ€™s high at 1132.75, but first must take out a Fibonacci
retracement level at 1128.00.
A failure to take out 1132.75 will mean the reversal pattern
is still intact. Taking out 1117.00 will confirm the reversal top and set up a
possible break to the 50% retracement price at 1103.00.
The catalyst behind the overnight strength is the news that Ireland may
have quelled concern that it will need financial aid from the European Union.
Over the week-end Irish Finance Minister Brian Lenihan the
country wonâ€™t need financial aid from the European Union as it prepares to sell
as much as 1.5 billion euros ($2 billion) in a bond auction this week.
On Friday, U.S.
equity prices reversed course late in the session following a breakout rally on
concern that Ireland
may need international financial assistance. A report by Barclays PLc on Friday
set off the late session break after it claimed that Ireland may need to accept external
assistance if there are additional financial-sector losses or the economy
The Federal Open Market Committee meets on September 21.
Look for the Fed to leave interest rates at historically low levels and for it
to leave its Treasury Bond buyback program unchanged.
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