Good morning Andrew,
We have a strange mixed bag of shells this morning....Asian stocks closed lower by .7-2.3%....European issues are essentially flat ......U.S. stocks as measured by the Dow Jones Industrial Averages appear to headed for a 35 point higher open.....Go figure......
In London metals trading we find more to scratch our heads about...... The metals complex is trading lower despite a weaker U.S. Dollar......Silver sits at $32.55 off 19 cents....Gold is down $7.00 at $1678.00.....Palladium is $9.00 lower at $659.00.....Platinum is changing hands at $1639.00 off $22.00 per ounce....Meanwhile; the Euro currency is up 28/100ths of cent versus the U.S. Greenback......Traders are pointing to yesterday's expiration for current gold contracts for the distortions.....Again I say go figure.......
In the energy markets the price of Oil is down 96 cents at $106.37 per barrel in the wake of a 3.6 million barrel surge in yesterday's API Oil Inventories....The more closely followed EIA version of supplies will hit the tape this morning at 10:30 AM Eastern......
In other economic matters; Durable Goods will hit the news wires this morning where current Street estimates call for a jump of 2.8% versus January's sharp decline of 3.7%....That might be the justification for this morning's Dow futures.....
Last but not least; the Supreme Court will hold its final day of arguments relating to the constitutionality of the Obama Affordable Health Care Act.....The administration's Solicitor General seems to losing the battle so far.....That's it....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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