Good afternoon everyone,
Metals finished the trading day as they began, flat to lower........The only bit of market changing news was a better than expected Italian bond auction which helped give the Euro a small bounce....Last on the Euro $1.2894 up 19/100ths of U.S. cent......
As for the metals, Silver ended the session 9 cents lower at $34.07......Gold finished at $1764 down $1.00.......Palladium lost $7.00 after China announced disappointing auto sales....Last trade $653.00 per ounce.....Platinum fell $16.00 to close at $1678.00......Volume was light......
In the meanwhile, Oil remained marginally lower, and close to the morning levels on continued profit taking.....Last trade $91.79 down 60 cents per barrel...
In stock market activity the Dow is down 118 points as the quarterly earnings season kicks off with two disappointments....Alcoa and Chevron are casting a negative sentiment over the stock market as their earnings fell well below expected levels......Traders have been expressing worries over third quarter earnings for quite some time already......
In about twenty minutes the Fed will release its Beige Book giving traders more insight into current business conditions throughout the U.S......
When we return tomorrow the economic calendar moves along with the week's Initial Jobless Claims....Given last Friday's contentious unemployment numbers, traders will be keeping an extra close eye on tomorrow's weekly data, looking for inconsistencies....That's it.....Have a good afternoon......
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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