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Still jittery out there as economic stats continue to look downbeat

06.03.08

Once again the economic figures were mixed at best yesterday and you have to admire the resilience of US stocks given the dire outlook. Today is quieter on the stat front, and we wonder if there will be a rally towards the end of the session for the fourth day running.

Another volatile session in the US yesterday saw a slightly different pattern to proceedings. Initially there was a surge of buying which stalled at previous resistance, then there was another
move up on what was thought to be bullish news on Ambac, though this was not the case, and a sharp selloff ensued. Once again though late buying came in and we stick with our cautiously bullish view again on what may be a quieter session today.

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