Well foreign markets are ripping tonight after the nice folks from Abu Dhabi have thrown their support towards their cousins in Dubai. I guess in hindsight it should be no surprise since the 2 are so intertwined and Abu Dhabi has a sovereign wealth fund in the hundreds of billions. In the scheme of things 60 billion is a small price to pay for the right to “own” your neighbor. Im sure over the years the people in the middle east have not been fond of the ongoing “modernization of Dubai. Dubai is going to have to make some concessions to get that cash my guess is there will be some financial and social changes. 6 months from now the Ukrianian prostitutes will even be wearing burkas in Dubai.
In the end the market will shake this off but it does raise some questions. When I look at the charts of the many indexes I follow I am seeing divergences across the board. Small cracks are starting to show. Having 1 piece of bad news we can shrug off but another one and your going to see the those cracks turn into waterfalls.
Tomorrow should be a good day for those that bought stocks Friday. Bob the bear and numerous others we shorting like crazy on that gap down on Friday. A lot of people will be caught with their pants down if we have nice opening.
Keen an eye on OIL or $uso its due for 2-3 day run along with the producers.
$lzb $nabi and $pwer look good for some quick trades
$crnt $cmfo decent swings
$sonc and $dtg setting up on the short side