Friday, November 27, 2009
Here We Go Again!
Market confidence has been hit hard by Wednesday's news that Dubai World, a government investment company, has asked creditors if it can postpone its forthcoming payments until May. That stoked fears, mainly in Europe on Thursday, of a potential default and contagion around the global financial system, particularly in emerging markets.
Is this the unwinding of the Dollar Carry trade?
I stated in a recent post that gold could correct and to start shifting into oil. Use this opportunity to buy Pride Int'l (PDE) or add to Transocean (RIG).
This coming week will be again pivotal as we get results from black Friday and Cyber Monday as well as Jobs Report on Friday. Along with the news from Dubai, so get out your wish list.
More over the weekend as things develop.