Personal Income Data Expected to Show Rise of .1%

Metals rose in the overnight trading sessions bolstered by further gains in the price of Oil and a 1 cent rise in the Euro. Silver jumped 29 cents to $14.50. Gold gained $6.00 to $952.00. Palladium edged up by $1.00 to$284.00. Platinum is $1242 up $5.00.

Crude gained another 76 cents with the last trade at $73.24. Most traders agree the gains of the past few days are being driven by the decline of the Dollar. Oil, just like Gold is traded in U.S Dollars. Last on the Euro $1.4367 up 1 cent versus or Dollar.

Over in the stock market traders staged a final hour rally lifting the Dow to a closing gain of 37 points with early indications calling for a another 37 point this morning. We find it amazing that the stock market ignores our Dollar.

As for today’s economic data Personal Income is expected to show a rise of .1%; up from last month’s decline of 1.3%. That helps. Spending on the other hand is expected to show a rise of .2%; less than last month’s gain of .4%. Spending is key to growing the economy. What drives spending?; confidence.

Today’s final report will be the revised and final University of Michigan Sentiment index of Consumer Confidence. Look for a reading of 64 compared to the preliminary reading of 63.2. Bad but better. On the geo-political front; Japan is poised for major political changes when their national elections take place this Sunday.

Today’s economic calendar:

U.S. Personal Income
U.S. Consumer Sentiment
Canadian GDP
German Employment