This is going to be big news tomorrow morning, if they raise rates oil is going higher and the dollar is going lower, on top of that we have the job data tomorrow. This is going to be a very volatile day, if the ECB raises rates and tomorrows job data is worse than expected I think the DOW could dip below 11k.
I think this is dead on the money. Trichet has kinda painted himself into this corner and for credibility sake for the 10 y.o. Euro currency there will be a 1/4 point rise. It will be interesting to see the Q & A afterward to pick up any signals as to whether or not this is it. That being said, I have gone long crude and long Euro and Swissy. I think both 145 on crude and 160 on the Euro will be taken out tomorrow.
I'm still curious how much of this is already priced in though.....everyone is expecting the ECB to raise so I'm thinking there might be a decent chance that we might rally on the news at least for the short term. We're pretty oversold so we may get the dead cat bounce after the raise....... Damn and I won't have access to the internet tomorrow!! Damn small towns with no broadband access!
It's late but posting this for the future reference since the decision always comes at this time. Time of release: 12:45 GMT, 07:45 EST