Bobby's Corner-Market Open 5.12.2008

Monday May 12, 2008

Good Morning:

Speculation that the dollars losses were excessive and speculation that the Fed will pause in its interest rate reductions assisted the dollar in strengthening last night.  Also helping the dollar is the negative economic data being reported from Europe and Asia.

China hiked bank reserve requirements for the fourth time this year by 50bp to 16.5% to help stem inflation.

World stock indexes were higher as an oil discovery by Dana Petroleum in the North Sea, along with surging copper prices helped lift commodity companies profit forecasts.

Oil: $123.90

Gold: $879.70

No major economic data due today.

Have a GREAT DAY and GOOD LUCK