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Friday, October 31, 2008

BetOnMarkets Morning Report

The FTSE currently indicates a lower opening, as a worse then expected consumer confidence report has thrown ice water on the recent rally. The survey shows that consumers are spooked and are delaying major purchases. This is not good news for retail stocks, which are expected to open weaker this morning. There is a chance that the FTSE will incur a case of profit taking today to close out the week

The boost that oil received on Tuesday after the interest rate was cut, was short lived as crude oil finds itself trading below 65 dollars per barrel again. The end of the month will mark the biggest single month drop since trading started in 1983. We expect a quiet day to end out the week.