Tuesday, 14 July 2009

Goldman Sachs upgrade boosts stocks

We had a fairly massive turnaround in stocks as an upgrade on Goldman by superwoman Meredith Whitney sparked the buying interest, and turned around stocks to finish strongly higher with bank stocks leading the way. With Goldman due to report earnings later today, and an expected blow out quarter, any dissapointment what so ever could see us head back down very quickly.
Bunds have reversed the ascent upwards with 122 broken to the downside. The upward trend in the bund has also been broken as can be seen below.

With the break of the trend, Bunds are likely to test 121.50 before making any further attempt at making a new leg upwards.
Euribor spreads continued there narrow range for much of the day as lack lustre volumes continue to make trading difficult. Opportunities are very thin but with a busy day scheduled today, hopefully it will present some good opportunities.
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