Energy Futures Are A Bit Higher
BILL O'GRADY, A.G. Edwards, St. Louis (3:10 pm ET): Crude oil futures rose 17 cents to $20.09 in short covering rebound from oversold condition... there is some hope OPEC will do something next week about cutting production to bolster prices... but longer term it is hard to be bullish...however, situation could change if something dramatic happened in war on terrorism... Kuwait daily newspaper said US demanding Iraq open up to weapons inspections or face military action... Inventories reports not market friendly.
Gold Is A Bit Higher But Rocky Road Ahead
RON GOODIS, Equidex, Guttenberg, N.J. (1:40 pm EST): Dec. gold up $1.10 to $281.30 as dollar falls bit against euro... but gold open interest has been dropping since early October...money moving to sidelines even though interest rates extremely low... at least the money is safe there... gold not the place to be right now...commodities prices in a big deflation right now due to lack of demand in the economic recession...and economic conditions going to get worse.