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Friday, March 6, 2009
ENERGIES
April Crude Oil broke on Thursday following the news that China would not initiate a new economic stimulus plan. Although the market gave back some of its gains from Wednesday, the short-term uptrend remained intact leading to speculation that crude may take another shot at an upside breakout.
Overnight news that China’s first stimulus plan is helping the economy to recover may provide support this morning. A worse than expected U.S. Non-Farm Payrolls Report may be bearish as it will be a sign that the economy is headed for a lengthy recession.
This news will likely lead to another decrease in demand.
METALS
April Gold and May Silver are stronger overnight as the U.S. Dollar is trading sharply lower. Speculators have been buying the precious metals this week as an alternative to the falling stock market. Traders will be watching the U.S. Non-Farm Payrolls Report carefully this morning. A bad report will tank the stock market which should lead to more buying in gold. A better than expected number will be bullish …
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