Dark Days for Dubai

Late last week saw some major, major news from Dubai with DP World asking for a 6 month reprieve from their loan repayments. This has huge ramifications for Dubai and the rest of the Gulf region. They decided to make the announcement after the DFM (Dubai Financial Market) had closed for Eid so the major selling of Bank shares and Construction shares will start tomorrow. I personally think DFM will sink to 1,800 or so from its current 2090 level. It will be very interesting to see. It’s also getting a lot of press worldwide with some reports suggesting that if DP World default, it could bring on a double dip recession; strong words indeed. This is also bad news personally as I have interests in a Geotechnical company that is owed a lot of money from Nakheel which is under the DP World umbrella. Payments are already 6 months late and this latest news is utter heartache. I’ll be watching very closely the next few days.

Forex wise, Friday was very quiet for me, I made a quick 10 pips on the initial plunge on GU but apart from that I was a spectator and a bored one at that. I knocked off early as I wasn’t in the frame of mind to watch sideways movement and I wanted to clear my head. Keeping fresh is extremely important to me and my approach to trading.

I’ve had a fair few emails regarding the Zulutrade setup and thanks to Stevetrade, he’s given me a few more options to look at as we are both aware Zulutrade does have it’s weaknesses. I’ll keep everyone up to date for those who are interested in following my trades. November has seen me have incredible highs and incredible lows, to say it’s been tough would be an understatement. However, I feel I am still moving forward with my learning and trading and hopefully I’ll continue to grow into the New Year.

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