Tuesday, May 11, 2010

Fcpo wrap...defensive play at 2500...



Commodity mostly lower as US$ surged against Euro, +3%. CO leading the pack, -3%. SO mostly -1% for day long. Fcpo matched SO losses in quiet trade., stuck within 2500-2520, defending 2500 in PM session. For the past 7-day, the mkt stick to 2500-2550 like a magnet.
A break of 2500 support could see the mkt revisiting recent lows near 2450. Below SMAs, downward-bias.

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