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Oil and the Dollar
12:30am (eastern US time) - consolidation seen on almost all majors since the NY close. Extremely tight range. Dollar is ”assumed” to be under pressure, and I suspect that to be the primary cause of the historic spike in Oil yesterday.
Assumptions with the market can often be wrong - especially in the short term. What you expect to happen may be right - but the market may take the long road getting there.
Hedge Funds may be next major issue as redemption’s are reported to be increasing.
Do you think Paulson and Bernanke have addressed the Hedge Fund Issue within their $700 Billion request? Bernanke and Paulson are scheduled to be addressing the Senate Banking Commitee Tuesday and Wednesday. Get your popcorn out, this should be good as Barney Frank gets ready to grill. It’s hard to feel sorry for them - they should have seen this coming - alot of people should have seen this mess coming…
All the Central Bankers and the IMF know full well the implications of the hedge funds, and the G-X meetings communiques would almost always have a standard mention addressing hedge funds as a potential “issue”. I sure hope they have a handle on it.
Safe Trading - or standing on the sidelines