After another negative session in Europe and the U.S, It looks like the equity markets have not fully completed their last bearish (negative) cycle. Today’s Asian session was not a positive one as well with the main Asian index dropping up to 1%.
Investors are waiting to hear for developments and decisions with regard to a bailout package in Europe from the coming European summit this Thursday. As expected Spain and Cyprus have each requested a loan from the European funds in order to support their banks which were over exposed to the poisonous assets which crashed at 2008.
Key fundamentals to watch today:
9:00 U.K Inflation report.
14:00 U.S consumer confidence.
14:00 U.S Richmond Fed index.
The Oil is reaching it long term support at 78.5$ and 76$ short term buying on this levels for expiries of 15 to 30 minutes could be considered on this levels.