Market Action Overnight

It is interesting that markets had another slump over night and today. Nikkei fell over 10%, ASX 200 is down from 4300 to 4000.

Oil is trading below $70. Heading down. If it falls further, the expectations are that it will go all the way to $50. The forecast for the 2009 is that it will trade under $100. So much for all the talk about fuel efficient vehicles. :)

Yet, gold has not moved much. And instead of going up it also fell today.

Interesting development. Since the ASX 200 level is so close to recent low the next couple of days will be very important. But, also, they might not. :)