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Market Analysis October 29, 2008

By Soultrader, October 29, 2008 in Market News & Analysis

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Soultrader 12

Posted October 29, 2008

This is a continuation from this thread here.

Optimism followed through to the US markets, causing ES to rally hard in the afternoon session.

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Today Nikkei showed a bit of lack of demand once price gapped up. Morning session was rather dull with prices not attracting enough buyers. However, into the close, we had a strong rally to push price back into the upper portion of its range. We are seeing some institutional buying appearing into the late afternoon.

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USD/JPY rallied hard yesterday as well... still following through in today's Japanese market session. I am seeing alot of optimism in the markets and expect this to follow through intothe US. However, there is a little bit of pressure to the downside from Europe as I write so will need to observe a bit more. If Europe can hold and remain net change positive, I would expect another rally today in the US.

Happy trading

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