Good morning Andrew,
U.S. stocks closed sharply lower on Tuesday and appear to be headed for a marginally lower open today in the aftermath of yesterday's worrysome comments made by Senate Majority Leader Harry Reid, pertaining to the fiscal cliff.....According to Reid; "little progress has been made in negotiations"....Here we go again with both sides dragging their feet.....As a result the Dow lost 89 points on Tuesday, and is being called to open 19 points lower today.....The opening would have been worse, but traders are playing it close to the vest until we get today's U.S. economic data.....
As for the data; New Home Sales for October are expected to be 388,000, about 1000 less than September......More important will be today's release of the Fed Beige Book where traders will get an anecdotal compilation of business condition throughout the Federal Reserve's 12 business districts.....
As of the metals; we find prices marginally lower on the back of a firmer U.S. Dollar.....Given the looming cliff, it makes me wonder why the Dollar would show any signs of strength.....That said, Silver is 14 cents lower at $33.89 per ounce.....Gold is down $5.00 at $1738.00......Palladium is $662.00 off $9.00.......Platinum is $11.00 lower and changing hands at $1608.00.......
In the energy markets, the price of Oil is down 50 cents per barrel as traders express nervousness in advance of today's Weekly Oil Inventories, and anxiety over the looming cliff, which carries serious recessionay implications....Last trade $86.68 per barrel.....
Meanwhile; the Euro currency is down some 40/100ths of a cent against the Dollar at $1.2904.....Profit taking in the aftermath of the Greek deal, along with worries in advance of upcoming Euro-zone economic data are the catalysts.....
In other news; Clashes in Cairo continued today between police and several hundred Egyptian protesters following Tuesday's massive demonstration against Egyptian President Mohamed Morsi......Meanwhile; the tenuous cease fire between Israel and Hamas continues to hold........That's it....
P.S. don't forget to buy your Powerball Lotto ticket today.....The grand prize is currently $1/2 billion dollars......
Peter R.....Southern Trust Metals, Inc.
Toll free 1-877-448-0080
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