Gold Prices Surge From Early Lows

Gold contracts have surged off their session lows, as traders look for a partial hedge amid aversion to risk. Gold is last priced at $1,191.25 per ounce, gaining more than $15 from the session lows near $1,175.

Equities Markets Remain Off Session Lows

Despite earnings misses by Goldman Sachs, Texas Instruments and IBM, equities markets remain well off their session lows, though still lower across the board. The Dow and Nasdaq are each lower by over 0.70% while the S&P 500 is lower by 0.50%.

Equities Markets Slightly Higher On Weak Trade

Equities markets are slightly higher at this hour, following Friday’s violent selloff of riskier assets. The Dow, S&P 500 and Nasdaq are each higher by around 0.20% after briefly flirting with negative territory earlier in the session.

Crude Oil Dips Below $75; Support Nearby

Crude oil is trading below the $75 per barrel mark at this hour, last priced at $74.80. Upcoming support at $74.39 will be key if further rallies are to follow in the short-term. Upward resistance will be found near $76.50.

US Equities Slightly Lower

The major US indexes are slightly lower at this hour, as investors take profits from the recent run up in share prices. The Dow is lower by 0.26% while the S&P 500 and Nasdaq are each lower by by better than 0.40%.

Jobless Claims Decline to 454,000

Weekly jobless claims fell by 21,000 over the previous week to 454,000 claims. Analysts had been expecting claims to fall more modestly to 460,000.

JP Morgan Stressed on EU Stress Tests

JP Morgan is voicing its doubts as to the integrity of the EU stress tests, viewing the 17% haircut on Greek debt as a joke. The firm believes that the haircuts across the board reflect an overly optimistic outlook: http://bit.ly/91fQol

Equities Trading at Session Highs

US equity indexes remain at session highs this hour, as short covering and risk demand take hold. The Dow, S&P 500 and Nasdaq are all gaining nearly 2% on the session. Retail sales numbers to be issued tomorrow will determine whether the rally can continue into the weekly close.

Intraday Double-Dip for Equities

The charts are clear as far as equities indexes are concerned and we are headed toward session lows in the final stretch. There is nothing to be bullish about in these markets heading into the Jobs Report tomorrow. Shorting risk ahead of the numbers is the best strategy.

Spain on Watch for Possible Downgrade: Moody’s

Moody’s has its eye on Spanish debt, putting the country’s credit rating on watch for a possible downgrade from AAA. The ratings agency noted that economic conditions have deteriorated. Of course, one might argue that the present rating is a joke, as are the ratings agencies in general.