Shares sink on global economic worries; oil falls
Global stocks fell for a seventh day on Thursday after data showed the euro zone entered a recession in the third quarter and on fear of the U.S. "fiscal cliff," while oil prices declined despite a flare-up of violence in the Gaza Strip. The disappointing economic data overshadowed the news of a second day of fighting in the Gaza Strip, which sparked worries of an escalation that could ultimately disrupt oil supplies. A Hamas rocket killed three Israelis north of the Gaza Strip, drawing the first blood from Israel, as the Palestinian death toll rose to 15 in a military showdown lurching closer to all-out war and a threatened ... (full story)
- Eurozone in a recession, Stocks selling off big time, GU is down to flat for the week, AU has sold off this week...BUT the E/U has rallied for a 3rd day. What does that tell you? Look for a dip and buy e/u. I'm expecting a run up to 1.2850 +/- 10pips....maybe even 1.2900 before a pullback to 1.2700ish.
- And this is why I prefer not to trade on Fridays...you never know when the market will continue it's trend or if profit taking will take place before the weekend. You're guessing at best and that's never good when trading forex. Looks like what I was expecting won't happen so I'll call it a day&week. Have a good weekend!
- Posted: Nov 15, 2012 4:59pm
- Submitted by:Category: Fundamental AnalysisViews: 789Comments: 2