Wall Street poses a modest rally ahead of the promise of a bail out. Commodities are still fairly weak after yesterday’s liquidation. Many large firms are closing down ther commodities operations. UBS, included, having just laid off 2000. The only reason for this type of activity is the expectation of a prolonged global recessionary environment. The dollar trade is mixed, as foreign exchange markets gyrate back and forth after a massive dollar rally back to major resistance around 80 on the US dollar index. We still favor fading the equity index rallies in this environment.
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