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-$0.08 (-0.31%)
02:34AM (15 mins delay)
Nov 06, 2009 - 3:51 PM EST
Matthew Bradbard submits:Well, it looks like we only loss 190,000 jobs last month but the unemployment rate ticked above10% to its highest level since April of 1983. What recovery? I don’t see a recovery; just because prices of stock and commodities have moved up we’re NOT back on track. As for the markets, with more people out of work I guess the demand for Crude oil is perceived to shrink?? Oil fell almost 3% today. Who know from here; I’m getting mixed signals. Natural gas prices ended lower by 4% today and 8.5% on the week. We hold January call spreads for clients and expect a push higher very soon. We have yet to pick a bottom in futures but are getting close.
Stocks could go either way though I was impressed by this week’s action. If forced to pick a direction I would say up but it will be with out my clients. Gold did print above $1100 but we will settle below. I feel there is much more upside but do not rule out a healthy correction in the short run. Clients remain long silver; we would like to see a probe to $18 next week. On a pullback that holds $16.20 on a closing basis we would suggest adding to the position.
Source: Seeking Alpha (Nov 06, 2009 - 3:51 PM EST)
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