Good morning Andrew,
Markets are under selling pressure this morning amid ongoing wobbly negotiations surrounding Greece's debt .....Private creditors have drawn a line in the sand and refuse to accept anymore than a 70% haircut on their current holdings....They want the remaining principal to a 4% coupon....Greece is looking for a 3.5% cost....Close yet still no cigar....Technically Greece has until March to come to a deal and avoid a legal default, but traders remain impatient and expect a solution now....Looking at the currency markets we find the Euro trading at $1.2997 off 30/100ths of cent against the Greenback....Crude Oil traders; in knee jerk reaction are taking profits on the stalemate.....Last on Oil $99.07 down 51 cents per barrel .....Likewise, metal traders are stepping to the sidelines.....Silver is down 36 cents at $32.06.....Gold is $12.00 lower at $1666.00.....Palladium sits at $681.00 down $9.00.....Platinum slipped $17.00 to $1551.00 per ounce....Euro-zone stockas are down by about 1% while the Dow is being called to open 54 points lower....Stocks might improve as we approach the open given today's full slate of corporate earnings....The Street is looking for results from Apple, Yahoo, Johnson and Johnson, and McDonalds.....In other matters; the President will be giving his State of the Union Address tonight, with the Fed deciding on interest rates tomorrow....Keep in mind traders will be listening for any hints at further economic stimulus (QE3) in the Fed's post decision comments.....That's it.....I'll be back in the afternoon with a wrap up......Call to receive the informational package you requested through the web.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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