There is new money coming into [oil trading] in the number of open-interest contracts, but this is not necessarily a sign of speculation,

There has been a rising floor underneath oil prices, ... Last year we were worried about $40 a barrel oil, and now $60 a barrel is the worry.

We were up on heating oil in the morning, but ended the day down closer to the levels some would expect given the data (on crude supplies),

It's simply new money, not hot money.

The dollar is a mess, interest rates appear to be on the rise, oil prices are going up and some earnings are looking weaker - it all adds up to bad news. I'm taking some profits on certain stocks, but it's not time to go running for the exits just yet.

Despite uncertainties on interest rates and oil prices during 2005, about 70 companies would be listed on the main board and the Growth Enterprise Market this year and funds raised could reach HK$192 billion.