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terça-feira, setembro 08, 2009

Wakeup call 08.09.09

Buy on dips as long as credit markets is stable

The market is clearly dominated by irrational exuberance, but until we see credit markets deteriorate again, we have a buy-on-dips stance. This could continue for months.

· Silver already broke higher (now @ 16.50) and it looks like gold could test the 1006 level today. A break of 1006 should be quite bullish. The USD TWI is about to break lower as well. We are less than 1% from a major support. AUDUSD is already higher. EURUSD is clearly threatening to take out 1.4450. This could mark another sign of global optimism lead stocks and commodities higher, as the USD is negatively correlated to global optimism.

· Data-wise this is a quiet day, but watch out for the US consumer credit, which could have an impact on the late-session US trading.

· The market is clearly dominated by irrational exuberance, but until we see credit markets deteriorate again, we have a buy-on-dips stance. This could continue for months.

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