Action remains choppy in afternoon trade. After making a sudden, sharp downturn, stocks struggle to move back to higher ground.
Trading remains without leadership. The flagging financial sector is down 5%. Earlier this session it fell to a new record low. The financial sector was down 70% year-to-date at that low.
Energy is performing the best this session. It is up 3.8% as investors find encouragement from rising oil prices. Oil is up 0.9% to $49.85 per barrel. Oil's advance marks a rebound from a three year low registered in the prior session.

Technical analysts at Barclays Capital say a close above its 200-week average of Chf1.1965 in dollar-Swiss (Chf1.2225) would be bullish in the medium term and suggest scope for a run-up to Chf 1.2505 and Chf1.3285 into next year. "A recent breakout area near Chf 1.1950/Chf1.2000 should now provide support, and while above here, signs of broad-based Swiss franc weakness elsewhere warns of further upside for dollar-Swiss," they say. Barclays says Chf1.2470 is a topside target for next week.

The stock market falls lower after dancing along the unchanged line. Weakness in large-cap tech names has the Nasdaq underperforming the S&P 500 and the Dow. Of the more than 3,200 stocks trading on the New York Stock Exchange, 831 stocks have hit new 52-week lows this session. The number of record lows shouldn't come as a total surprise since many stocks, like Citigroup (C 3.68, -1.03), extended the prior session's record losses in late-morning trade Friday. At this session's low, the stock market traded 1.5% lower.

The dollar was poised for a third weekly gain against the euro as a plunge in global stocks increased demand for the safety of U.S. government debt.
The yen increased versus the euro, the dollar, the Brazilian real and the Mexican peso on speculation investors will sell higher-yielding assets and pay back low-cost loans in Japan.

Stocks are climbing out of the red, but the tone remains mixed. Energy, materials, and utilities all trade with gains ranging from 2% to more than 3%, but health care and financials trade with losses ranging from 1% to nearly 3%.
Crude oil prices have taken a downward turn. After being up 3.4% in the early going, oil is now down 1% to trade below $49 per barrel. Crude was actually trading just above $48 per barrel recently, which marked a new record intraday low.

Wall Street rally falters, with recession concerns after Goldman Sachs said US GDP will decline 5% in the current quarter and expect this to be followed by declines of 3% and 1% in the next two quarters. Pharmaceutical stocks are sharply lower, with Novartis and Roche notable fallers. CAC-40 is down 65pts (-1.68%), Xetra-DAX is down 68pts (-1.60%) and FTSE-100 is down 60pts (-1.54%).

Pullback off European recovery highs found support/demand placed ahead of Y118.50 (50% Y116.45/120.53), basing around Y118.58 before bouncing back to currently trade around Y119.50. Resistance seen placed between Y119.50/60, currently under pressure, a break above to open a move on toward Y119.80 ahead of Y120.50.

Cable found support at $1.4950, with recovery failing to make the break back above $1.5000. A break below $1.4950 to open a deeper pullback toward $1.4900-$1.4880. Push above $1.5000 to open a retest on the area between $1.5050/60.

U.S. stocks looked set to rebound Friday from this week's sharp descent after a report said financial giant Citigroup is considering putting itself on the block.

- Will do whatever we judge necessary under circumstances

Traders also note market speculation of co-ordinated government/central bank action this weekend, in order to shore up economic growth. WTI Nymex crude oil is at $50.75, up $1.33.

-- Financial crisis no longer limited to advanced economies and affect emerging economies
-- Financial crisis has spilled over to the real economy.

The following data were published:
08:30 Germany PMI services (October) flash 46.2
08:30 Germany PMI (October) flash 36.7
09:00 Е15 PMI services (October) flash 43.3
09:00 Е15 PMI (October) flash 36.2
12:00 Canada CPI excluding food and energy (October) Y/Y 1.7%
12:00 Canada CPI excluding food and energy (October) -0.2%
12:00 Canada CPI (October) Y/Y 2.6%
12:00 Canada CPI (October) -0.1%

The yen declined as stocks rebounded on speculation that a sale of Citigroup Inc. will reduce risk in the financial system, stoking demand for higher-yielding assets financed with loans in Japan.
The yen also weakened against the Australian dollar, a favorite of so-called carry trades, after the Reserve Bank of Australia bought its own currency for at least the fifth time in four weeks. The dollar dropped versus the euro on speculation the Federal Reserve will cut interest rates and flood the financial system with cash as a recession causes prices to fall.
The Bank of Japan kept its benchmark rate at 0.3 percent today and said it will consider pumping more money into the financial system to prop up an economy that fell into a recession last quarter. Japan's rate compares with 6.5 percent in New Zealand and 5.25 percent in Australia.
The Fed's record injections of liquidity to stabilize the financial system have driven the overnight lending rate between banks to less than half the 1 percent target set by officials last month. The gap is shifting investor focus toward the amount of money in the system as a better gauge of Fed intentions.
EUR/USD having begun the European session by growth, the pair could not at once will be fixed above a level $1,2600 then has slightly decreased in area $1,2550.

- Global economic developments 'cause for concern'

CPI (October) Y/Y 2.6%
CPI excluding food and energy (October) Y/Y 1.7%
CPI excluding food and energy (October) -0.2%

The yen declined as stocks rebounded on speculation that a sale of Citigroup Inc. will reduce risk in the financial system, stoking demand for higher-yielding assets financed with loans in Japan.
The yen also weakened against the Australian dollar, a favorite of so-called carry trades, after the Reserve Bank of Australia bought its own currency for at least the fifth time in four weeks. The dollar dropped versus the euro on speculation the Federal Reserve will cut interest rates and flood the financial system with cash as a recession causes prices to fall.
``The main driver is the rebound in equity markets that are gaining on speculation Citigroup could merge or sell off,'' said Lee Hardman, a currency strategist in London at Bank of Tokyo- Mitsubishi Ltd. ``This is taking some of the steam out of the yen's recent rally.''
The yen has gained 17 percent against the dollar this year and 35 percent versus the euro as global recession concerns spurred a reduction in so-called carry trades, where investors get funds in a country with low borrowing costs and invest in one with higher interest rates.
The Bank of Japan kept its benchmark rate at 0.3 percent today and said it will consider pumping more money into the financial system to prop up an economy that fell into a recession last quarter. Japan's rate compares with 6.5 percent in New Zealand and 5.25 percent in Australia.
``There's strong possibility that the yen will continue appreciating as the global recession may deepen,'' said Tohru Sasaki, chief currency strategist in Tokyo at JPMorgan Chase & Co. and a former chief foreign-exchange trader at the Bank of Japan. ``It's an environment where losses in cross-yen currencies are likely to be even bigger than those in the dollar-yen.''
The Fed's record injections of liquidity to stabilize the financial system have driven the overnight lending rate between banks to less than half the 1 percent target set by officials last month. The gap is shifting investor focus toward the amount of money in the system as a better gauge of Fed intentions.

Resistance 3: Y98.50
Resistance 2: Y96.50
Resistance 1: Y95.70
Current price: Y95.05
Support 1: Y94.40
Support 2: Y93.60
Support 3: Y90.90
Comments: Tech on yen hasn't changed. The nearest resistance - level Y95,70 (61,8 % FIBO of decrease Y97,10-Y93,55). Overcoming of the given level will open road to level Y96,50 (МА (200) for Н1). Above is possible growth to level Y98,50 (38,2%FIBO falling Y110,65-Y90,90). The nearest support is located at level Y94,40 (low of the last week). Below possible falling to level Y93,60 (76,4% FIBO growth Y90,90-Y100,55) and further to a level of thirteen years low on Y90,90.

Resistance 3: Chf1.2575
Resistance 2: Chf1.2470
Resistance 1: Chf1.2285
Current price: Chf1.2208
Support 1: Chf1.2140
Support 2: Chf1.2000
Support 3: Chf1.1920
Comments: The pair has receded from the reached maxima and at the moment bargains in the field of a sessional minimum on Chf1,2200. The nearest support acts the yesterday's level of resistance Chf1,2140 (area of hugh of September of the last year and low of June and February of the last year). Below possible decrease to Chf1,2000 (32,8 % FIBO of growth Chf1.1550-Chf1.2285), and further to Chf1.1920 (50,0 %). The area of a session high on Chf1,2285 is the nearest resistance. Above is possible growth to Chf1,2470 (area of high of June 2008) and further to Chf1,2575 (area of high of 2007).

Resistance 3: $1.5220
Resistance 2: $1.5060
Resistance 1: $1.5000
Current price: $1.4967
Support 1: $1.4655
Support 2: $1.4555
Support 3: $1.4280
Comments: The rate has overcome a mark $1,4870 (23,6 % FIBO from falling $1,5880-$ 1,4555) and has encountered resistance in the field of МА (200) for Н1 on $1,5000 (also the important psychological level). Above are located levels $1,5060 (38,2 %) and $1,5220 (50,0 %). As the nearest support acts the area of Friday's and Monday's low on $1,4655. Below is lokated the level of last Thursday's low on $1,4555 (the level $1,4530 is area of low of June 2002). Further decrease in area $1,4280 (low of April 2002) is possible.

Resistance 3: $1.3050
Resistance 2: $1.2880
Resistance 1: $1.2670
Current price: $1.2597
Support 1: $1.2425
Support 2: $1.2385
Support 3: $1.2330
Comments: The pair bargains in the field of $1,2600 and continues to keep a positive spirit. The nearest resistance is the level $1,2670 (23,6% FIBO of falling $1,3765-$ 1,2330). Further growth to $1,2880 (38,2 %) is possible. Above is located the level $1,3050 (50,0 %). As the nearest support acts the level $1,2425 (a line of support constructed on low of October 28th and low of November 13, and also area of a session low). Overcoming of the given level will open road to $1,2385 (area of last Friday's low). Below possible falling to two years low on $1,2330.

EUR/USD $1.2550, $1.2650, $1.2800
USDD/JPY Y95.50, Y95.00, Y94.00, Y96.70, Y97.00, Y92.50
USD/CAD C$1.3100

Extends slippage to stg0.8407, with rate expected to meet demand interest on the approach to stg0.8400, with talk of stops positioned on a break below the figure.

The following data were published:
03:30 Japan BoJ meeting announcement 0.3%
06:00 Japan BoJ monthly economic report (November)
08:30 Germany PMI services (October) flash 46.2
08:30 Germany PMI (October) flash 36.7
09:00 Е15 PMI services (October) flash 43.3
09:00 Е15 PMI (October) flash 36.2

The yen declined against the dollar and the euro as a rebound in Asian equities revived demand for higher-yielding assets financed with loans in Japan.
The yen also weakened against the Australian dollar, a favorite of so-called carry trades, after the Reserve Bank of Australia bought its own currency for at least the fifth time in four weeks. The dollar dropped versus the euro on speculation the Federal Reserve will cut interest rates and flood the financial system with cash as a recession causes prices to fall.
The MSCI Asia-Pacific Index of regional shares gained 2.9 percent, after earlier sliding as much as 2.3 percent. U.S. stock-index futures climbed, pointing to gains after the Standard & Poor's 500 Index yesterday closed at an 11-year low.
The RBA bought a record A$3.15 billion in the market in October, it said yesterday, as the Australian dollar touched 60.10 U.S. cents, the lowest level since 2003. An RBA spokesman confirmed the bank bought Australian dollars this morning, ``providing liquidity as on previous occasions.''
The yen still headed for a third weekly gain against the dollar and the euro as U.S. lawmakers held off taking action on a bailout requested by the nation's automakers, spurring a reduction in so-called carry trades.
U.S. Democratic congressional leaders said yesterday they will delay action at least until next month on government support for General Motors Corp., Ford Motor Co. and Chrysler LLC as the three companies haven't yet made a case for the help.
The Bank of Japan kept its benchmark rate at 0.3 percent today and said it will consider pumping more money into the financial system to prop up an economy that fell into a recession last quarter. Japan's rate compares with 6.5 percent in New Zealand, 3 percent in the U.K., 8.25 percent in Mexico and 4 percent in South Korea.

EUR/USD having begun the session in the field of $1,2425, the pair has become stronger above a level $1,2500.

Japan's benchmark stocks ended Friday's session higher, having rallied over 500 points, or nearly 7% from session lows. The benchmark Nikkei 225 was up 207.75 points, or 2.7%, to stand at 7910.79. The broader-based TOPIX was 20.41 points higher at 802.69.

Japanese stocks slumped, sending the Nikkei 225 Stock Average below 8,000 for the first time in four weeks, as the deepening global recession eroded earnings at insurers and prompted the fastest drop in exports in seven years.
Tokio Marine Holdings Inc., Japan's largest casualty insurer, plunged 15 percent after it and six listed peers cut profit forecasts as shareholdings plunged. Isuzu Motors Ltd., which generates a third of its sales in Asian markets, lost 17 percent after slashing payrolls to cope with lower overseas demand. Mitsubishi Corp., Japan's biggest trading company, plummeted 13 percent as commodities retreated.
The Nikkei 225 dropped 570.18, or 6.9 percent, to close at 7,703.04 in Tokyo, the lowest since Oct. 28 and the 10th steepest decline since 1970. The broader Topix index slid 45.15, or 5.5 percent, to 782.28.

European stocks slumped, sending the Dow Jones Stoxx 600 Index to the lowest level since 2003, after the highest U.S. jobless claims since 1992 heightened concern corporate profits will crumble as the global recession deepens.
BHP Billiton Ltd. and Royal Dutch Shell Plc sank more than 5 percent as the unexpected rise in filings for unemployment benefits and retreat in a gauge of leading U.S. economic indicators dragged oil below $50 a barrel. Deutsche Bank AG and ING Groep NV dropped more than 8 percent after Citigroup Inc.'s plan to buy troubled investment-fund assets fueled speculation of more bank writedowns.
The Stoxx 600 declined 3.6 percent to 186.75, the lowest closing level since April 2003. More than $32 trillion has been erased from the value of global equities this year as the financial-market turmoil pushes countries from the U.K. to the U.S. and Japan into recession.
Shell, Europe's largest oil company, lost 5.4 percent to 1,508 pence. Total SA, the region's third-largest, retreated 4.4 percent to 37.335 euros.
Crude for December delivery fell as much as $3.87, or 7.2 percent, to $49.75 a barrel in New York, dropping below $50 for the first time in almost two years.
Rio Tinto Group, the world's third-largest mining company, dropped 10 percent to 2,022 pence. BHP, the biggest, slid 8.7 percent to 752.5 pence.
Copper fell 3.1 percent in London on concern supply may outpace demand as a global economic slowdown damps demand for raw materials.
Deutsche Bank, Germany's biggest, dropped 9.4 percent to 19.37 euros. ING, the largest Dutch financial-services provider, slipped 8.9 percent to 5.72 euros.

U.S. stocks swung between gains and losses as prospects that lawmakers will agree on a plan to rescue the auto industry offset a jump in jobless claims.
General Motors Corp. rallied as much as 43 percent, reversing a 39 percent slide that sent the largest U.S. carmaker to its lowest price since 1938, after an aide to Democratic Senator Carl Levin said a compromise has been reached. Ford Motor Co. jumped 21 percent for its steepest advance since at least 1980.
Stocks climbed from their lows of the day after the S&P 500 dropped to 776.76, matching the lowest close during the bear market that followed the dot-com bubble. The benchmark index for American equities lost 43 percent this year, with the earlier decline leaving it poised for its worst year ever.
The earlier retreat today came after jobless claims jumped to the highest level since 1992 and costs for protection against corporate defaults surged to a record on concern one of Detroit's automakers would be forced into bankruptcy.
GM jumped $1.16 to $3.95, while Ford added 52 cents to $1.78. JPMorgan Chase & Co. and Citigroup Inc. pared declines of 18 percent and 25 percent in half.

Resistance 3: Y98.50
Resistance 2: Y96.50
Resistance 1: Y95.70
Current price: Y95.20
Support 1: Y94.40
Support 2: Y93.60
Support 3: Y90.90
Comments: The yen declined against the dollar and the euro as a rebound in Asian equities revived demand for higher-yielding assets financed with loans in Japan. The nearest resistance - level Y95,70 (61,8 % FIBO of decrease Y97,10-Y93,55). Overcoming of the given level will open road to level Y96,50 (МА (200) for Н1). Above is possible growth to level Y98,50 (38,2%FIBO falling Y110,65-Y90,90). The nearest support is located at level Y94,40 (low of the last week). Below possible falling to level Y93,60 (76,4% FIBO growth Y90,90-Y100,55) and further to a level of thirteen years low on Y90,90.

Resistance 3: Chf1.2575
Resistance 2: Chf1.2470
Resistance 1: Chf1.2285
Current price: Chf1.2239
Support 1: Chf1.2140
Support 2: Chf1.2000
Support 3: Chf1.1920
Comments: The dollar continues to become stronger against franc. The area of a session high on Chf1,2285 is the nearest resistance. Above is possible growth to Chf1,2470 (area of high of June 2008) and further to Chf1,2575 (area of high of 2007). The nearest support acts the yesterday's level of resistance Chf1,2140 (area of hugh of September of the last year and low of June and February of the last year). Below possible decrease to Chf1,2000 (32,8 % FIBO of growth Chf1.1550-Chf1.2285), and further to Chf1.1920 (50,0 %).

Comments from BOJ with policy announcement.
- The BOJ added it will inject more funds ahead of year end.
- May consider Japan corp debt as collateral for market ops.
- To activate more CP buying under repo ops
- Japan inflation rate may fall further
- Japan economy likely to stay sluggish for now

Resistance 3: $1.5220
Resistance 2: $1.5060
Resistance 1: $1.4870
Current price: $1.4862
Support 1: $1.4655
Support 2: $1.4555
Support 3: $1.4280
Comments: Pound's growth against yen supports GBP/USD. As intermediate resistance acts the level $1,4870 (23,6 % FIBO of falling $1,5880-$ 1,4555). Above are located levels $1,5060 (38,2 %) and $1,5220 (50,0 %). As the nearest support acts the area of Friday's and Monday's low on $1,4655. Below is lokated the level of last Thursday's low on $1,4555 (the level $1,4530 is area of low of June 2002). Further decrease in area $1,4280 (low of April 2002) is possible.

Resistance 3: $1.3050
Resistance 2: $1.2880
Resistance 1: $1.2670
Current price: $1.2523
Support 1: $1.2425
Support 2: $1.2385
Support 3: $1.2330
Comments: The pair has receded from the low reached today and continues to strengthen the positions. The nearest resistance is the level $1,2670 (23,6% FIBO of falling $1,3765-$ 1,2330). Further growth to $1,2880 (38,2 %) is possible. Above is located the level $1,3050 (50,0 %). As the nearest support acts the level $1,2425 (a line of support constructed on low of October 28th and low of November 13, and also area of a session low). Overcoming of the given level will open road to $1,2385 (area of last Friday's low). Below possible falling to two years low on $1,2330.

High Low Close
EUR/USD 1.2593 1.2432 1.2452
USD/JPY 96.23 93.53 93.69
GBP/USD 1.4995 1.4710 1.4724
USD/CHF 1.2282 1.2100 1.2245

EUR/JPY 121.15 116.37 116.68
EUR/GBP 0.8501 0.8332 0.8453
GBP/JPY 143.86 137.67 138.01
GBP/CHF 1.8184 1.7965 1.8033
Change % Change Last
Nikkei -570.18 -6.89% 7,703.04
Topix -45.15 -5.50% 782.28
FTSE -130.69 -3.26% 3,874.99
DAX -133.89 -3.08% 4,220.20
CAC -107.47 -3.48% 2,980.42
Dow -444.83 -5.56% 7,552.45
NASDAQ -70.30 -5.07% 1,316.12
S&P -54.14 -6.71% 752.44
10yr Note -2.4700 -0.728% 3.144%
NYMEX Crude Oil -4.45 -8.23% 49.65
Gold +12.70 +1.73% 748.70

03:30 Japan BoJ meeting announcement 0.3% 0,3% 0,3%
06:00 Japan BoJ monthly economic report (November)
08:30 Germany PMI services (October) flash 47,6 48,3
08:30 Germany PMI (October) flash 42,1 42,9
09:00 Е15 PMI services (October) flash 45,8
09:00 Е15 PMI (October) flash 41,1
12:00 Canada CPI excluding food and energy (October) Y/Y 1,7%
12:00 Canada CPI excluding food and energy (October) 0,4%
12:00 Canada CPI (October) Y/Y 3,4%
12:00 Canada CPI (October) 0,1%