The FTSE is currently indicating a flat opening, with traders analyzing what the disastrous HBOS offering means for the market sentiment. A few are worried that investors are getting smarter and are not just handing over their money to these struggling banks. We believe that as we get closer to the open, the FTSE will dip lower and open in negative territory.
Commodities got hammered last week as the US dollar showed some strength, especially with oil giving back more then 10% from its intraweek high. This morning oil is higher, indicating that the optimism of the US dollar strength was over done. We are looking for oil to be back north of 135 before the end of the week. Gold was actually a winner last week, and looks to continue its trip back to the peak its set early this year.
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