Friday, November 20, 2009

Midday Briefing for November 20th: Range Trading Near the Lows

Here's an update to this morning's chart. You can see that we've neither taken out the overnight lows nor sustained an upmove into yesterday's range. Rather, we're trading within the overnight range as trade slows down ahead of a holiday. A nice tell that we'd have trouble sustaining the downside has been firmness of major currencies against USD and firmness among commodities. Once again, this appears to be a stock market correction, but not necessarily a revaluation of risk assets more broadly.