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Alaron Currency Comment
CHICAGO - Oct 1/08 - SNS -- Following is the currency futures comment from Alaron Trading Corp.
Dollar Index (DXZ8):
The DX opened higher at 79.56 and slid to a morning Lo of 79.42, before rising to a morning Hi of 79.92 as pressure from foreign central banks buying DX continues. Prices retraced to 79.49 after a weaker than expected ISM Mfg. index showed the a drop to 43.5 vs 49.9 August. Prices slid to an afternoon Lo of 76.385, before ending the session at 79.53, up 17 tics. The s/t trend remains 'positive' w/ firm momentum indicators. Traders will focus on the 'possible' passing of Rescue Plan 2, which would help relieve the 'uncertainties' surrounding the credit markets. Longs need to tighten 'stops' or buy 'puts' to reduce exposure. A higher open should find Resistance at 79.95 and 80.37, while an open below 79.49 may find Support at 79.07 and 78.62.
Bob Kozak
Alaron Research Team
800.462.4691
bkozak.com
DISCLAIMER: Futures and options trading involve substantial risk. The valuation of futures and options may fluctuate, and as a result, clients may lose more then their original investment. In no event should the content of this website be construed as an express of an implied promise, guarantee or implication by of from the author(s) that you will profit or that losses can or will be limited in any manner whatsoever. Past performance is not necessarily indicative of future results. Information provided on this website is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Alaron Trading Corp. its officers, directors, employees and brokers may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report.
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