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Friday, November 14, 2008

BetOnMarkets Morning Report

The FTSE currently indicates a very strong opening, as traders look for value amongst the rubble of the recent sell off. While there is no economic data from UK this morning, analysts will be paying close attention to the US retail sales for indication if consumers are still spending money. Retail stocks are going to be the most sensitive today, as they are entering the most important two months of the year.

Oil continues to be the victim of the sinking economy, as retail and manufacturing indicators show that the economy has gone into a full fledged recession. Yesterdays 3 dollar per barrel bounce seems to be just an oversold bounce and it seems like it will be short lived. We expect oil to end the week below the 60 dollars per barrel level.

Predicted opens as of 06:00 GMT
FTSE: 4328 (+158.79)
CAC40 3400 (+136.00)
DAX30 4851 (+198.2)
DOW: 8757 (-120)
SP500 898.78 (-10.50)
Gold: 725.85 (+0.70)
Oil: 57.89 (-0.32)