The FTSE currently indicates a very strong opening, as the global rally continues. The buying which started late in US trading and resulted in the SP500 to close up almost 11 percent, is poised to continue this morning in London. Although its too early to celebrate, traders are seeing signs that the credit market, which earlier this year paralyzed the stock markets, is easing up. While we are not certain if this was the bottom of the barrel, what we are certain of is that volatility will continue.
Commodity traders will be waiting until the inventory report by the US energy department is released before deciding the next short term direction for oil. While there are worries that a global slow down will cause the demand to fall faster, the OPEC cuts supplies for the near term oil should be helped by the cold weather that has hit the US this week. Look for oil to stay above 63 dollars until the inventory report is in.
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