Oil Hangs On to Last Week’s Gains

Both of our day to day barometers are a shade higher with Oil hanging on to last week’s gain of $4.29 per barrel. Crude is presently up 18 cents at $74.07.  In the currencies the Euro is 11/00ths of U.S cent higher in a vacuum of fresh economic data. Last on the Euro $1.4328.

Metals are beginning the new trading week with Silver leading the way. Silver is 15 cents higher as traders lean towards an implied rise in industrial demand given last Friday’s optimistic outlook by Ben Bernanke. Last trade $14.35. Gold is down $1.00 at $953.00. Palladium is $286.00 up $4.00. Platinum slipped $22.00 to $1236.00.

In the stock markets; Both Asian and European markets closed or are trading solidly higher. On the domestic side the Dow ended the whole of last week with a gain of 184 points, and appears to be headed for a 36 points rise this morning.

On the geo-political front President Ahmadinejad is facing sharp criticism of his new cabinet nominees both at home and abroad as Iran’s internal turmoil deepens. On the other hand North Korea continues to show warming gestures to the west with the current meeting between the Koreas being extending from it’s scheduled length.

In a final note; Scotland is attempting to control the political damage from its decision to release the Libyan agent convicted of the Pan Am Lockerbie bombing. And Cash for Clunkers ends today.

Today’s economic calendar:

Canadian Retail Sales

Tomorrow’s economic calendar:

U.S. S&P/Case-Shiller House Price Index
U.S. Consumer Confidence