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Home / Futures Blog / Jobless claims rise, but equities, metals shrug off losses

Jobless claims rise, but equities, metals shrug off losses

November 4, 2010 by Daniels Trading

Commodities futures traders and brokers managed to shrug off a less-than-stellar jobless claims report on Wednesday morning, and both stock index futures and precious metals futures were looking bubbly.

For the week ending October 30, the advance seasonally adjusted unemployment claims figure rose 20,000 to 457,000, up from the previous week's revised figure of 437,000. That breaks a recent positive trend in the job market, where unemployment claims appeared to be falling – but with the Federal Reserve set to inject $600 billion into circulation by buying Treasury bonds, markets didn't appear to be bothered.

Just ahead of the open, Dow Jones Industrial Average index futures were up 87 points to 11,264, while S&P 500 index futures gained 10.2 points to 1,207.50 at 9:14 a.m. EST.

Nasdaq 100 index futures rose 18.50 to 2,182.75 – and the optimism crossed over to global indices as well. FTSE 100 index futures gained 116 points to 5,849, while Nikkei 225 index futures rose 50 points to 9,410. In Hong Kong, Hang Seng index futures surged 468 points to 24,533 at 5:08 a.m. EST, while Brazil's Bovespa index futures climbed 478 points to 73,290 at 9:19 a.m. EST.

Gold and silver traders also got their satisfaction today, after yesterday's QE announcement failed to generate much action in those markets. Comex December gold futures spiked $40.30 to $1,337.6 per troy ounce, while silver futures for delivery next month popped $1.059 to 25.495 per troy ounce.

Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

Filed Under: Archived News

About Daniels Trading

Daniels Trading is an independent futures brokerage firm located in the heart of Chicago’s financial district. Established by renowned commodity trader Andy Daniels in 1995, Daniels Trading is built on a culture of trust committed to the firm’s mission of Independence, Objectivity and Reliability.

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

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