OMNI Trading Academy :: Forum

10/6/2009 3:13:26 PM 77 Posts: 0	the dollar is being hit by a report given wide and wider currency this morning in London’s The Independent, noting a meeting held by the Gulf States, China, Russia, Japan and France “to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese Yen, the Chinese Yuan, the EUR, gold and a new unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.” This is not new news of course, for such a change from dollar pricing to some other methodology has been discussed, rumoured, tossed about for months, but this time we note that Japan and France are involved in the meetings and that changes the tenor of the rumours entirely. Too, the addition of the Saudis and the Emirates AND Kuwait to the meetings adds further importance and seriousness to the threats. The article in The Independent becomes quite serious in that The Independent has not been given to such rumours in the past. This is not The Sun, nor the NY Post. The Independent is a reasonably credible news source and we suspect that the leaks made to the newspaper are to be taken quite seriously. Certainly the markets are taking it as such, and we should also. 8)
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10/7/2009 1:44:42 PM 77 Posts: 0	Nov Crude Oil: As is the case every Wednesday, watch for a breakout move around the inventory report time of 9:30. There’s trendline resistance at 71.86; I’d watch today’s low of 70.62 for a downside breakout point. 8)
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