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Wednesday, August 27, 2008

BetOnMarkets Afternoon Report

Market are on hurricane watch as tropical storm Gustav heads for Louisiana. Oil is currently approaching $117 and energy stocks are providing leadership. Fortunately, a better than expected durable goods report and dovish commentary by the FOMC member, Lockhart have helped offset the hurricane concerns and markets are currently showing modest gains. In the UK, despite the dramatic headlines, house builder Taylor Wimpey is down only slightly on yesterday’s close. The huge write down on the value of its land bank was largely expected for once, the write down wasn’t worse than expected. Volume is still light and many traders are keeping their powder dry as they await the full impact of the Storm approaching the South East US coastline.