On Friday we wanted to know how the US would react to the Dubai crisis. We acknowledged that ‘usually’ the US shrugs off international issues. Whilst the US is still not on full power after its Thanksgiving break, we do seem to have an answer – that is, they shrugged it off. Europe rallied hard on Friday, as did all ‘risk’ instruments and markets, including the ASX. The UAE Central bank stated over the weekend that it would stand behind and provide liquidity and support to Dubai and banks exposed. All in all it appears the maelstrom from late last week has been an over reaction and we’re now left with debris to clean up. Stops on shorter term trades were triggered (I lost my gold position) and confidence has been eroded once again. Perhaps the seasonal Christmas rally can occur after all.
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Suite 1/ 21 Sleepy hollow Drive
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