20110506 Weekend

Dow 12,638.74 +54.57
Nasdaq 2,827.56 +12.84
SP500 1,340.20 +5.10
30-yrBond 4.30% +0.01

Euro and dollar had little movement, in relation to wdespread commodity pullback. Watching dollar to see if it confirms commodity sell off with rising dollar.

Precious metals sharply lower (though rose into the weekend). Silver pummeled. In past two weeks, COMEX made multiple moves to raise silver margin requirements 80%. (Approximately) per contract from $11,000 to $21,000. Many brokers have increased margin requirements even higher. Silver is still in backwardation (indication of severe physical supply problem for immediate delivery). Pullbacks during backwardation are buying opportunities. Gold is not in backwardation.

Oil lower which put strength in the airlines. Will the airlines remove the ticket price fuel surcharge quickly or slowly?

Friday jobless numbers were presented as positive, though overall unemployment increased. The birth/death model continues to be used to manipulate employment numbers.

Treasury Department exempts forex markets from regulation. Didn't we learn in 2007 that derivatives contributed to the financial meltdown?

GLD 145.30 +1.83
SLV 34.48 +0.75
PTM 20.93 +0.25

XLE 74.80 +0.33
XLF 16.11 +0.08
VXX 24.84 -0.51

ECUXF 0.74 +0.04. ECU SILVER MINING.