When oil broke above $75, things started getting really crazy and the bulls were in full force. Taken together with S&P's break above the Lehman level of circa 1200, we had a nice run up that unfortunately did not last.
We've already broken below the key 1200 level on S&P and oil is hovering near $79. This week, I'm watching oil to see whether the $75 level can become/remain support.
If support becomes resistance, I'm going to look at some forex plays with the GOLs rather than doing anything major with stocks - because let's face it, my hands may be already tied, albeit with one of my Hermes scarves...
I'm reckoning GBP/CHF. What do you reckon would be the best play? Off for one more day in Hong Kong! So exciting!
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