Top Takes From RealMoney

The RealMoney contributors are in the business of trading and investing all day on the basis of ongoing news flow. Below, we offer the top five ideas that RealMoney contributors posted today and how they played those ideas.

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Dollar Mixed as Markets Await Tomorrow's FOMC

By Marc Chandler
06/23/09 7:23 a.m.

The U.S. dollar is mixed, with the euro and Swiss franc recouping yesterday's losses. Weaker-than-expected euro-zone PMI services data have had limited impact, but the single currency is now overextended and is likely to again fail to make a clear break above $1.4000.

The British pound continues to trade with a weak tone, hurt by yesterday's weak Rightmove HPI and concerns about the political situation with Prime Minister Gordon Brown's party slipping in the polls. The Japanese yen has extended gains against the dollar, but yen gains against the crosses have seen Japanese investors take advantage of the weaker crosses. The Scandinavian currencies are slightly firmer on the day, recouping overnight losses along with the antipodeans.

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Morning Prep

By Ken Wolff
06/23/09 8:45 a.m.

We have a weak gap up today, and that means we continue to get weak buying after yesterday's drop. The last four or five days of trading, when we saw a gap up, it was followed by early buying. A gap down was followed by early selling. Usually you will get a pop on gap downs, and a drop on gaps up, then the market goes in the direction expected. ... With the weakness yesterday, I am not expecting much buying this morning and will seek to short any pops. ... When and if the the buyers show up is not a predictable situation; we may remain very narrow until we get the feds behind us, although I doubt anyone is expecting any action from the feds that would stir the momentum pot. ... Good report on Boston Scientific(BSX Quote) by CNBC, and it has some momentum. ... I will be interested after a small drop...

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