Weds Morning Market Update

Metal traders face mixed background signals with the Euro up a marginal 22/100ths of cent at $1.4201. The metals are trading flat to a shade lower over in mid session European trading with Silver 3 cents lower at $13.50. Gold and Palladium remain unchanged from yesterday’s close with the last trade at $947.00 and $257 respectively. Platinum is $1169.00 off $10.00.

In the energy markets the price of Oil ended the day up another 74 cents in reaction to Ben Bernanke’s cautious but optimistic economic testimony. This morning energy traders are a bit more nervous with the Dow indicating a 39 point lower open after yesterday’s 67 point advance. Last on Crude $64.80 off 81 cents per barrel. Traders are also facing mixed inventory expectations with Oil being estimated to show a 2 million barrel decline in supplies, but Gasoline an 800,000 rise.

In domestic matters; President Obama is wading deeper into the growing health-care debate having met with conservative democrats in an effort to persuade them to back his costly plan. The rift within the democratic majority seems to be growing. The President will try to drum up additional support in a prime time speech tonight. Mr. Obama addresses the nation at 8pm Eastern. California is on the verge of finally balancing it’s deficit riddled budget.

Tuesday Market Wrapup

Metals ended the trading day on a subdued note after Fed Chairman Bernanke’s Capitol Hill testimony suggested the Fed was keeping vigilance over inflation. The Dollar recovered early session losses on the news with the Euro now trading at $1.4179 off 31/100ths of U.S cent.

Metals lost further support as the price of Oil slipped into neutral territory with the August futures contract set to expire today. Last on crude $64.02 up 4 cents. As a result Silver finished the New York session at $13.53 off 12 cents. Gold fell $4.00 ending at $948.00 per ounce. Palladium was our lone exception closing at $256.00 up $1.00. Platinum closed near the lows at $1175.00 off $14.00.

Stocks turned lower during the past hour as recent leaders such as financial and technologies came under profit taking. Traders figure that after 6 straight days of advance and with the pending release of Apple and Yahoo earnings due after the close; this might be a good time to step to the sidelines. As for tomorrow the calendar remains idle with the exception of the Weekly Oil Inventories.

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