Good morning Andrew,
Markets are mixed and anxious in advance of this morning's Capitol Hill economic testimony by Fed Chairman Bernanke.....The world is expecting to hear Mr. Bernanke say something about future economic stimulus.....How are the markets reacting?....
Metals are trading lower as profit taking in the wake of Wednesdays broad advances are locked down in advance of this morning's Fed testimony.....Silver is off 30 cents at $29.30 per ounce......Gold is $17.00 lower at $1617.00.....Palladium sits at $627.00 down $5.00......Platinum is $1465.00 off $6.00.....
Meanwhile the Euro currency remains flat after better than expected results in the latest Spanish sovereign debt bond auction.....Last on the Euro $1.2579 up 2/100ths of U.S. cent......
In Oil trading we find the price of Oil slightly lower at $84.78 down 24 cents per barrel....Once again it feels like profit taking or side stepping in advance of Mr. Bernanke's testimony.....
In stock market activity we have Eurozone issues up about 0.5%......Asian issues closed mixed.....U.S. stocks are indicating a flat open with Dow futures up 10 points......
Let me not forget today's slate of economic data which can have a big impact on trading direction.....The Weekly Initial Jobless Claims are expected to be 375,000, down from last week's 383,000.....Consumer Credit is expected to have contracted sharply with a reading of $12.7 billion versus $21.4 billion....That's not good......Last but not least we get the latest U.S. trade deficit.....Imports exceeded exports by $49.7 billion....Last month that deficit stood at $51.8 billion ....Better but not by much.......
So; with all eyes looking towards the 10:00 AM Eastern Capitol Hill Bernanke testimony, that's it.....
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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