Intraday Market Thoughts
Archived IMT (2009.11.25)
by
Nov 25, 2009 13:52
STRONG US FIGURES (jobless claims fell to 466K from 500K, Pers spending 0.7% vs. exp +0.5% from -0.5%) but durable were weak. Considering oils deteriorating fundamentals despite USD weakness, oil would likely be among the first victims of unwinding carry trades from equities and profit-taking from metals. The 15:30 GMT release of EIA inventories is expected to show +1.5 mln barrels of crude oil. Yesterdays release of the API oil inventories showed +3.35 mln barrels. The post-hurricane replenishment in inventories could be critical in dragging down oil towards the $75.37 support. Follow us on twitter for short term trades. Twitter/alaidi.com
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