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Morning Intuition
Not disputing any of your points, but having been awake from about 2am watching the indices, the correlation with the shift from static POO to an increase of $3-odd by the close could not have been more clear. At 2am the DOW was moving into positive territory and looking reasonably strong, with Lehmans among others helping the sentiment look somewhat rosier.
Although a significant fall in the POO to say $110 is probably required for a major lift upward in the indices out of these technical bear levels, I suspect any drift lower in the POO will at least halt the slide.
Will certainly be interesting...
Cheers
CJ