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Friday, November 21, 2008

BetOnMarkets Morning Report

The FTSE is indicating a very weak open, while traders are thankful that this is the last day of the week. Most major indices have taken a beating this week, with the SP500 trading at levels not seen since 1997. Sadly we believe that the sell-off will continue into next week. The FTSE might shed another 15% before this round of sell-offs is over.

Oil continues its downtrend and the big question is not when, rather how many barrels of oil will OPEC cut from its daily output at its next meeting. With plunging demand and the crumbling economy, the price for oil is destined to keep falling. We might see oil close below the 45 dollar mark this week.