Paulson Has Another Plan? WTF? Crude Shoots Down below $56 | Go Forex Trade

Paulson Has Another Plan? WTF? Crude Shoots Down below $56
November 12, 2008 by Thomas Howell /

Big banks and corporate entities are having a bittersweet moment, with facing the possibility that the wind has drastically changed for them.

Hank Paulson has mentioned that instead of buying bad debt, the $700 Billion bailout will actually buy stakes in banks, in hope of a resumption of normal lending practices. Honestly, this could really fuck things up for the major banks. Not having a direct emergency raft and not being bailed out, could put even more banks on the road to shutdown. Could we be in for way more trouble?

The dow dropped on the switch of plans to the tune of around 300 points, as of 3:05PM EDT. Oil similarly reacted and has dropped below $56.00. Time to get them SUV’s Polished and for the roadtrips!!!! 8 miles a gallon doesn’t seem so bad now, but where will the money come from to fuel these gas hogs?

If you are trading the asian markets tonight, this is what you should look for:

See if any sentiment has lingered in the asian market from the dovish remarks of Hank Paulson. the markets will probably trade in a downtrend, but if you do news:

New Zealand has Retail Sales Numbers flying out less than two hours from now. Also in the workings is business manufacturing Indexes.

Australia has Melbourne Institute’s Inflation Expectations around 4 hours from now.

Japan will release a revised industrial production number from previous month, and CGPI from previous year.

Trends:

EURUSD: Headed downwards earlier in the European Session, but now headed on a sideways course, slightly meandering around 1.25.

USDJPY: Just took a plumb shot right down the chart from the last two hours from 97 to 94.35 before retracing back to 95.08.

TRADE ON!!!