| Dear Andrew,
Metals lost ground in overnight trading despite a bland and mostly unchanged statement from the Fed....We think the reaction expresses disappointment over the Fed's unwillingness to acknowledge the true depth of European economic problems, and the potential for global contagion....Essentially; the Fed is not being honest; in my opinion....Traders expected a more dovish tone to the post decision commentary........... Looking at late morning European trading we find Silver down 45 cents to $17.65 per ounce.....Gold slipped $11.00 to $1277.00.....Palladium eased by $7.00 to $792.00....Platinum is $1248.00 down $13.00.... In the currencies we find the Euro trading marginally higher against the Dollar at $1.1303 up 17/100ths of a U.S. cent......Meanwhile; Crude is trading quietly as traders digest yesterday's inventory driven volatility....Last trade: $44.52 up 7 cents per barrel..... In the stock market arena; Asia ended Thursday with losses of about 1% ....The losses were mostly in sympathy to yesterday's sharp stock losses in New York....The Dow fell 196 points; also in reaction to the milk-toast Fed commentary.....European issues are marginally lower across the board.....New York looks to open 42 higher ahead of the release of this morning's U.S. economic data.....The Weekly Jobless Claims are expected to be 301,000 versus last week's 307,000.....Pending Homes Sales (transactions not yet closed, but under contract) are estimated to be up 0.6% versus 0.8%......So; with 3 days to go before the Super Bowl; that's it....Have a good morning.....
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| Peter Rukrigl SouthernTrust Services, Inc. 145 Almeria Avenue Coral Gables, Florida 33134 Local 305-446-4800 Fax 305-446-4448 peter@southerntrustservices.com |
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