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Monday, September 15, 2008

BetOnMarkets - Hurricane Ike missed

The FTSE currently indicates a very weak opening. The take over of Merrill Lynch is probably a contributing factor. Over the weekend yet another takeover has been orchestrated by the US government, where a top four investment bank, is now the property of Bank of America. Look for a small recovery when trading starts this morning, however we are probably going to spend the rest of day in the red.

Oil traders did not get the boost they were hoping for. As Hurricane Ike missed taking out the important oil fields and oil futures are now trading below 100 dollars per barrel. We are anticipating that the price of crude will keep falling, even as OPEC cuts productions by half a million barrels per day.