New York Session |
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The buck was bid in NY trading as a massive unwinding of flight to safety trades in the latter part of the session helped propel the greenback higher. News of the US government potentially devising an RTC-style plan (Resolution Trust Corporation was set up during the early 90s to liquidate failing S&L corporations) to bail out financial markets was the clear catalyst in the upswing in stocks. The Dow Jones reversed a whooping 600+ points into a close just above 11k, while the S&P
Filed under: Technical
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