Good afternoon Andrew,
Reality finally overcame yesterday's euphoria as scattered profit taking trimmed some of Wednesday's gains....Traders got a bit nervous as today's Initial Weekly Jobless Claims rose to higher than expected 402,000, well above the estimate of 390,000, and casting doubts about tomorrow's all important Non Farm Payrolls Report....The Dow is currently down 32 points.....Crude sits at $99.38 off 98 cents per barrel.....Metals dipped with Silver closing the New York session down 15 cents at $32.75....Gold fell $11.00 to $1735.00....Palladium was our lone exception gaining $21.00 to end at $632.00.....Platinum finished unchanged at $1563.00 per ounce....Volume was moderate.....Meanwhile the Euro remains a shade higher despite a quiet day out of the European news rooms.....Last on the Euro $1.3472 up 3/10ths of U.S. cent.....In today's other economic news the ISM Manufacturing Index clocked in better than expected with a reading of 52.7 versus 51.....Construction spending was up .8%; also better than the estimates.....The key however remains the employment data....Traders are presently adjusting their respective market exposures in anticipation of tomorrow's Non Farm Payrolls Report....The current estimate calls for a total of 123,000 new public and private sector jobs, and a 9% rate of unemployment....The estimate is well below yesterdays ADP survey results that showed a gain of 206,000 private sector jobs...If the estimate proves to be accurate, it would mean a big drop in government employment occurred during November.....What are the odds of that?.......We'll know tomorrow morning at 8:30 AM Eastern....So with slow and murky progress in Europe, and with the U.S. employment numbers hanging over the market's head, that's it.....Have a good afternoon....
Peter R.....Southern Trust Metals, Inc...
Toll free 1-877-448-0080
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