Just been confirmed by Tony Blair. I would expect the market to love this temporarily, but to have no great effect in the longer term. Not as much as the arrest of Osama Bin Laden would have.
There may be the mother of all gaps up on Monday, but I would expect that by then all the negativity surrounding the capture would perhaps be starting to hit home.
After all, now he's been captured, there's the problem of what to do with him, when, where, why, and how.
Looking at the Dow, there's a nice channel formed and we're nearly at the top, so perhaps a nice breakout up, failure, then a helter skelter down.
"The president is delighted at the arrest of Saddam Hussein.
This is a major event which should strongly contribute to the democratisation and the stabilisation of Iraq, and allow the Iraqis to once more be masters of their destiny in a sovereign Iraq."
Funny, now I'd have thought the loathesome Jaques might have applied to UN to bail his old chum from Tikrit. But, maybe, he'll ask his chum Dominique to pen an ode to "Joy", instead!
I think the arrest would prove more symbolic than important in d long run. Does anyone think it would have a significant impact on tomorrow's numbers? personally i think, not as much as, if the markets were open today but maybe a brief rally early in d session.
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