Hong Kong stocks managed to end the quarter on an up note overnight while the Shanghai market managed to break an extended losing streak with a gain last night. European stocks were also positive this morning and in the process some measures reached up to the highest levels in over a week. Clearly seeing a surprise move to reduce borrowing costs for Italy and Spain provided the enthusiasm to lift share prices this morning. The US scheduled report slate today will bring forth personal income and spending, Chicago PMI and a University of Michigan sentiment reading. Expectations for most of the reports today call for weak data, but it would seem like the weakest report reading is expected to come from the consumer sentiment report.
Following in the foot steps of gold and silver, platinum is also into what seems to be a technical short covering bounce. However, platinum is probably garnering a measure of buying interest off hopes that economic conditions might be set to improve slightly. In the face of better overall sentiment, it is possible that platinum could gain some fresh buying interest off old news of past South African mine closures and it might also make some gains off recent evidence of better than expected US auto sales and what appears to be a minor improvement in the standing of the US housing sector. It is also possible that platinum might be set to see some lift from talk of increased Indian platinum demand. Near term resistance is seen up at $1,421.90 and a rise above that level today could bring on an additional wave of short covering buying.