1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

BetOnMarkets Morning Report

Discussion in 'Market Predictions and Reports' started by Erik, Nov 20, 2008.

  1. Erik

    Erik BetOnMarkets Representative

    Joined:
    Jul 23, 2008
    Messages:
    0
    Likes Received:
    0
    The FTSE is currently indicating a very weak opening, as the global equity sell off continues. Traders are pinning their hopes on the UK retail sales numbers, while analysts are expecting a year over year growth of 1.4%; the numbers could come out higher. While this could be good news for the retail stores, we don't believe that it will have enough affect to get the FTSE back into the green.

    Oil prices continue to crumble with no end in sight, as world wide demand for oil and its by products evaporates. Analysts are now expecting oil to fall another 25%, even after taking into account that OPEC will cut an additional 2.5 million barrels a day before the year end. Oil is currently trading around the 53 dollars per barrel mark and will probably reach the 50 dollars mark by Friday.

    BetOnMarkets
     
  2. Erik

    Erik BetOnMarkets Representative

    Joined:
    Jul 23, 2008
    Messages:
    0
    Likes Received:
    0
    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.

    BetOnMarkets
     

Share This Page