Jobless claims rose for one of the largest disappointments to consensus in memory. Stocks taking a hit, despite that Goldman is trying to makes excuses and brush this miss aside. If it is all due to "seasonal adjustments", then why didn't the consensus take that into account also? And ECB President Trichet is sounding dovish, sending the Dollar higher and Euro plunging. Meanwhile, the True Finns party, who just took power, is saying that Greece must default and is refusing any more bailout to the EU.
Results:
Dollar -- much higher
Euro -- much lower
Stocks -- moderately lower
Commodity -- significantly lower
Gold and silver -- significantly lower
Also: commodity margins have been raised by exchanges over and over again over the past few weeks and months. Silver has been raised four times in less than two weeks. One silver contract on May 9th will require a margin of about $38,000 -- for ONE contract!
