The horrible week has entered day two, as the FTSE is indicating yet another really weak opening. While inflation will be front and center today, the financial meltdown will sadly be the theme of the day yet again. The bankruptcy of Lehman brothers, while almost expected, sent all financial companies down by double digit percent and we expect the same losses on the FTSE. Currently the FTSE is set to open more then 1.75% down.
Oil had a busy Monday, finally breaking below the 100 dollars per barrel mark. Unfortunately it defiantly did not stop there, as it also broke below the 95 dollar level. Look for oil to be very volatile today especially around 2 pm EST, as this is when the latest rate decision from the FOMC is announced. There is potential for oil to break below the 90 dollars per barrel mark which will help out consumers and airline companies.
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