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Tuesday, July 22, 2008

BetOnMarkets Morning Update

Even low oil prices are not helping the FTSE this morning, which is indicated sharply down. Some can be attributed to the increase in UK companies that are experiencing financial problems. With no economic news in UK until Wednesday, traders are back to buying on rumours and selling on the news. Watch for some traders to be squaring trades ahead of tomorrows BOE meeting minutes release.

Oil was quiet yesterday, and we are expecting the same this morning. This is mostly a technical analysis, as it seems like oil needs to consolidate here before trying to attempt another shot at the summit put in place last earlier this month. Gold is moving higher again, we are looking for 1,000 dollars per ounce before the Labour day.