Dear Traders,
This week presents many trading challenges as the last month of 2009 begins. Leading off with big news from last Friday is the overseas giant Dubai World which is seeking to delay approximately $60 billion in debt payments. This sent gold in a downward spiral in a matter of minutes (about $50 dollars/oz. to be exact). The dollar and yen both gained strength across the board but is this move just temporary in nature? If you have been following our service for any length of time, you know that the correlation among the currencies, gold and oil is very tight and major news can influence these partnerships. We will have to wait and see how the markets absorb this news beginning Sunday during the Asian session. Don't forget that Friday is non-farm payroll which can begin a tug of war with the bulls and bears trying to speculate its outcome. As always 4xSummit will be looking for high probability trade setups, but will use more caution this week because of all the major fundamental announcements.
To the Summit,
4xSummit
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