Good afternoon everyone....Sorry to be late....
Markets ended the shortened trading day on a mixed note....The Dow finshed the session well off the morning lows ending the session with a loss of merely 25 points....Traders took their cue from the Europeans markets which actually closed higher on the day....With Europe having been beaten up all week, traders took the opportunity to cover short positions in advance of the week-end...Who knows what news might unfold between now and Monday......The same can be said for Oil; which rebounded today as well....Last trade $96.95 up 78 cents per barrel....Metals remained under pressure from the Dollar....Silver closed 88 cents lower at $31.16.....Gold fell $15.00 to $1681.00.....Palladium finshed the session at $568.00 off $23.00.....Platinum ended at $1536.00 down $21.00 per ounce....Volume was very light with volatility exaggerated due to a lack of participation.....Let me not forget the Euro currency which is still down 1.33 cents against the Greenback at $1.3229.....Apparently Eurozone traders ingored the stock market rebound, and instead continued to focus on the bond markets news....Near the end of the session reports began circulating that Greece was willing to issue replacement bonds for their outstanding debt....The offer calls for swapping a current $1000 bond for a new $350 bond and then offer an additional $150.00 in cash....The response so far seems to be mixed at best....We will know more Sunday night when the Asian markets reopen....Anyway you cut it; its a big loss to the global banks and other investors to accept...So; that's it.....When we return next week the U.S. markets will be bracing for it's latest employment report; as well as more news out of the Continent....It seems for the most part we have forgotten about the rest of the world; especially the Middle East....Have a good week-end......Turkey sandwiches anyone?
Peter R.....Southern Trust Metals, Inc....
Toll free 1-877-448-0080
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