Thursday, January 27, 2011

Fcpo wrap....bulls & bears fighting for remote control


-firmer within 3710-20 in a very quiet AM. Major activities starts in PM as technical bears launches attack at 4 pm, the first and last attack for the day after 3700 support broken. The assault lasted for like 1 hour.

-but SO +ve net gains provide moral support for bulls to fight back from –ve territory. I guess everyone is just content with a sideways mkt, 3600-3750, till after CNY.

-SO sharply off AM's highs, from near +2% to +0.5% in mid PM as US$/Euro surges against the yen after S&P dwgraded Japan’s long term debt. Since recover back to +1% in late PM.

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