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Oil Weakness May Intensify
Oil sluggishness may risk turning into a faster selloff, especially as the fuel fails to gain on recent USD losses.
Oh yeah, and WEATHERMEN ANALYSTS pounding the table for higher euro and cable trash, aussie, kiwi, gold, cad. WEATHERMAN out on the wires trying to dupe the public.
Here's the deal. I am relatively flat as this week is VERY light on the economic calendar/ Ashraf shrewdly pointed out USDGBP only goes down on economic news, or in sympathy with something else.
With the only thing happening this week being Bernanke testimony, which will probably reiterate trying to separate FED FUNDS tightening from DISCOUNT RATE tightening, usdx is in consolidation period here.
Let the PPT, RBA and GOLDman do their things, then take advantage of it. Sounds like you have a good plan. Trying to figure out my entry points for shorting eur, kiwi, aussie, gbp and gold. Looking for USDCAD below 1.0400 again so I can go long.
Fools talking of oil in 90s. Wed will be entering the second leg of the recession here, so who in the right mind would be ADDING risk to their portfolio?
Again, all we are seeing is a short-covering rally inspired by confidence from the PPT intervention in the stock market on a daily basis. When it turns, it will get U - G- L - Y, as Mr. and Mrs. Jones will ONCE AGAIN be cuight holding the bag.
Ashraf
the dollar has dropped quite a bit and has pushed the Eur/Usd & oil up. With all the talk that the Eur will pullback further, I'm thinking Dollar may drop a little more thus pushing the oil prices.
I might be wrong, but thats me thinking