Market Outlook 16th August - 20th August

Foreign Exchange
Dollar/yen:
the pair stands within a ST bearish channel and is challenging its support as the RSI is badly directed. SHORT @ 88.8 with 83 or even 80.50 in sight.
Market Outlook - WALL STREET:
Worries about world economic recovery found more substance in Asia, Friday & this morning with both Hong Kong & Japan GDP 2Q growth estimations falling short of expectations while 1Q were revised lower. Gold prices reached their highest level since July First. US Indices ended the week in the red territory like they did during all the week, except Monday. Automobile, Semi conductors & Technology stocks retreated more than 7% during the week after Cisco missed sales expectations. Only Telecom Services ended the week positive. From a technical point of view, on the S&P 500, as long as 1056 is not broken down, we favour an up move with 1150 and then 1177 as next targets. Alternative scenario: below 1056, expect a direct drop to 1010. - EUROPE:
European indices fell last week...