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

Traders Twiddle Thumbs as Market Idles

The metals ended the trading day remarkably quiet as many participants continue to point to Wednesday’s Fed rate announcement and the accompanying statement as reason to thumb twiddle and wait.

In the currency markets the Euro roller coastered most of the day but is currently close to the morning levels at $1.4160 up 40/100ths of U.S cent.

With mixed signals from Oil and the Dollar, as well as uncertainty over tomorrow’s Fed announcement our markets might as well have remained closed today. Silver closed 4 cents lower at $14.34. Gold was up $2.00 closing at $946.00. Palladium finished the day unchanged at $275.00. Platinum slipped $8.00 ending at $1238.00. Volume was light.

In the energy markets traders spent much of the day on the sell side after OPEC announced lower oil demand expectations for 2010. Last on Crude $69.53 off $1.07 per barrel. Remember traders will also face the Weekly Oil Inventories tomorrow.

Stocks remain under water with the Dow currently down 82 points at 9255. Tomorrow traders will have the latest U.S Balance of Trade, Weekly Oil Inventories, and the FOMC results to guide their decision making.

In a final note of interest; Chevrolet announced that their new vehicle the Volt will get 230 miles per gallon. I expect you will see this story plastered all over tonight’s news broadcasts.