Low volumes rising markets and robust volumes during falling markets continues to be the pattern, suggesting lack of conviction in the latest rally in equities. Dow futures +27 pts before ahead of S&P/Case Shiller home price index (13:00 GMT) expected -0.7%, previous -1.9%, followed by June Chicago PMI (13:35 GMT) expected at 39 from 34.9 and June consumer confidence exp 55.1 from 54.9. Cables sharp run-up to $1.6744 was quickly reversed partly due to bigger than expected revision in Q1 GDP decline. If cable closes between $1.6550s and $1.6580 then a shooting star candle would be validated, suggesting a retreat into Thurs and Fri towards $1.6470 and 1.6380. Ashraf's insights on the Madoff scandal on CNBC earlier today.
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