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Still Improving but Dangers are Everywhere

December 1, 2009 – 5:33 pm

On Friday the Dubai financial crisis impacted the market. Dubai needs billions to refinance their loans. The blush is off their huge building projects rose and since the world has become much more risk adverse refinancing is not nearly as easy as it used to be, thus the problems facing Dubai.

Frankly, with their wealth in oil they will likely find a white Knight to loan them the money they need. It will be a matter of what they have to give up to get those loans. China needs oil and they have lots of U.S. dollars they would like to invest in something other than more U.S. dollars. It seems to be a match in desire and need.

On the home front this morning the Chicago PMI, a measure on manufacturing in the Midwest, showed more strength than expected with a reading of 56.1 with expectations to be 54.2. Anything over 50 means economic expansion and below 50 means contraction.

Later this week we will see October construction numbers, third quarter productivity, and on Friday, the big number will be the November jobs report.

It will be a busy week.

Good Trading
Steve Peasley

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