Day 25
Situation:
U.S. Markets: Ended the week down up to 2% despite BoA taking over Countrywide Financial. Over the weekend speculation about new capital inflow for financial institutions from SWFs. Chinese and Arab buyers lining up, especially for Citibank and Merill Lynch. (pls. read my posts here) and here 
Rumours fly about the possible write offs, Citibank up to 20 bln$, Merill up to 15 bln$ and UBS up to 8 bln CHF.
Asian Markets: Japan closed, Taiwan up on election, for the others a slow start into the week.
Commodities/Currencies : Oil below 93$, Gold back below 900$ at 893$ until the Europe start … now Gold at 906$ and Oil back above 93$. Euro firming at close to 1,49
Events: US … no figures due Europe … UK PPI, House prices
Ideas/Strategy: Wait and see so far as picture is quite unclear. Favoring the upside.
supports: 7740 … 7720 … 7700
resists: 7780 … 7805 … 7835 … 7860 …7895 … 7925 … 7940/50 … 7980 … 8000/8005 … 8040
Tags: China, Citibank, daily outlook, financials, Merill Lynch, UBS
