Intraday Market Thoughts

Archived IMT (2009.12.10)

by Ashraf Laidi
Dec 10, 2009 1:56

HIGHER LOWS & LOWER HIGHS in oil remain the prevailing pattern but oil shorts must be careful in avoiding a potential reversal after the 8-week downtrend, which proves similar to the prior 2 slides (as warned in the Nov 19 article). As long no rebound occurs above $74.50, crude may run the risk of calling $67 as the next target. We long warned used oil as the LEADING SIGNAL for the downturn in risk appetite, therefore remain alert of any stabilization that could signal a rebound of global appetite. For now, the DAILY downtrend remains intact. Stronger than expected Australian job figures and a hawkish RBNZ policy statement fuelled both currencies against the USD and JPY, but the lower highs continue to dominate, The DUBAI FALLOUT has yet to unfold as stakes are being increasingly sold by the various entities of Dubai World.


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