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Italian Prime Minister Says the Emperor Has No Clothes

Daily Recap

Markets were cautious in front of the US monthly jobs report (released tomorrow), which could help identify economic strength or weakness.  That, in turn, could affect Fed interest rate decisions and also future moves in all sorts of markets.

Today we saw the private ADP employment report, which showed more jobs were created than analysts expected.  That lifted the dollar slightly, but didn't do much for US stocks.  European exchanges finished higher today, but 30 minutes before the NY close, the Dow is down 50 points, though other indices are mixed.

Profit taking finally hit the precious metals today, yet they rallied as the day went on.  Near the close, gold is down only $4, silver 34 cents lower.  Platinum is actually up a couple bucks.  XAU is 3 points lower, but still well above 100.

Crude oil got hammered, down more than $2/bbl. and dragging our energy shares south with it.



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