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EJ's Blog

Technical traders saved the day

Posted by EJ on August 26, 2010 at 12:02 AM

Last night's price action in the US stocks have more to do with  tech trader short covering rather than the fundamental boost. The data was as weak as expected and may continue to remain so for this quarter. Mkt will remain choppy untill next set of data comes out in black or white i-e we r talking about a recovery or continuation of lower trend. Asia mkts just tracked the US mood and shorts were covered. However if one notices the lack of strength in commodity basket , recovery appears muted in near term. CRB looks further down with one exception; GOLD. There is many factors those are chasing gold right now. One of the bigger reason is in our own backyard; India. Good harvest and a festive season will increase the demand. USDINR is expected to remain firm so as gold price in INR.

 

Watch out for today's job data in the US for more clues.

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