The Wrap 10/28/10


The dollar drove trade in precious metals again this session. Precious metals collectively rallied for a 1.9% gain as the dollar dove to a loss of more than 1%. Gold specifically gained 1.5% to finish at $1342.50 per ounce. Silver settled 2.3% higher at $23.88 per ounce. They set respective highs of $1346.20 and $24.04 per ounce, which came in late-morning trade. After the close MSFT, APKT, CEPH, CSTR, DECK, DDIC, FSLR, GNW, METwere the most notable names that reported.

Six of ten sectors were in positive territory, led by health care (+0.5%), consumer discretionary (+0.4%) and consumer staples (+0.3%).

Tomorrow morning before the open, two economic reports are scheduled to be released: GDP-Adv (Consensus 2.0%) and Chain Deflator-Adv (Consensus 1.9%) and 2) Employment Cost Index (Consensus 0.5%)

Tomorrow before the open of the many companies scheduled to report, some of the bigger names include: AGP, AIV, BPO, CSE, CVX, CNX, D, EIX, EL, LPNT, MNKD, MRK, NDAQ, SHPGY, and SNE.

3M Co.(MMM)  was the Dow’s worst performer, falling 5.9% after the consumer and industrial manufacturer narrowed its 2010 profit target due to the impact of acquisitions made in recent months. If you took MMM out of the equation things certainly would have looked better for the industrials.

No names tonight but keep your eye on BID & AIG. Both look good from the long side, earnings are next Wednesday for both.

Previous Post
The Wrap 10/27/10
Next Post
Weekend Linky Dinks: Election Day and More QE2 Coming Your Way

Recent Articles