Morning All
Thanks AM crew
SPI -6 @ 5745
Overnight U.S. equities were mixed in choppy trade Thursday as investors got ready for key employment data.
The Dow Jones industrial average fell 15 points, with IBM contributing the most losses. The S&P 500 traded just below breakeven, with real estate falling 1 percent to lead decliners.
The Nasdaq composite declined 0.1 percent.
"This is a market that has encountered some buying exhaustion," said Mark Luschini, chief investment strategist at Janney Montgomery Scott. "I think it's gotten to the point where, to keep going up, you need to keep getting surprised or put a down payment on what the future holds."
The February nonfarm payrolls report is scheduled Friday
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A feature in the world marketplace at present is the sharp drop in crude oil prices the past two days—the steepest decline in months. Nymex crude oil futures slumped to a three-month low of $48.79 a barrel Thursday. Price action in crude Wednesday scored a big and bearish downside “breakout” from a sideways and choppy trading range that had been in place on the daily bar chart. That significantly bearish chart action in crude oil Wednesday suggests more downside price potential in the near term. Given that crude oil prices are arguably the leader of the raw commodity sector, the now-bearish chart posture for oil is also a big negative for the raw commodity sector.
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Oil $49.51 -77c
Copper - 1.3%
Gold and silver futures markets were ending the U.S. day session lower Thursday, as their price downdrafts continue. Gold notched a five-week low today and is closing in on the key $1,200.00 support level. Silver scored a six-week low and is poised to drop below solid chart support at $17.00. Plunging crude oil prices have sent bearish shudders throughout the entire raw commodity sector.
Gold $1202
HUI - .9%
AUD Gold $1600
AUD .7511
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