CL Redux

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Nigeria’s Ruling PDP Party Takes More Than Half of Governor Races Declared
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By Elisha Bala-Gbogbo and Ardo Hazzad - Apr 28, 2011 8:43 AM PT


Nigeria’s ruling People’s Democratic Party won more than half of the April 26 elections for state governors declared so far, while the states of Bauchi and Kaduna started voting today after delays caused by sectarian violence.

The PDP took 15 of the 22 states declared and is leading in the central Taraba state, according to the electoral commission in Africa’s top oil producer. The Action Congress of Nigeria captured Lagos, which includes the commercial capital, as well as Ogun and Oyo in the southwest, the party’s stronghold.

Under the federal system in Africa’s most populous nation, state governments control a significant share of national revenue, more than 80 percent of which comes from oil exports, and make their own laws. The state vote is the last stage in an election process that local and international observers said has been the fairest since military rule ended in Nigeria in 1999.

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While there were cases of irregularities including ballot snatching, said Jibrin Ibrahim, director of the Abuja-based Center for Democracy and Development, “the results show a substantial progress in the integrity of the elections.”
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Election monitors said voter turnout in the April 26 state elections in northern states was low compared with presidential vote held 10 days before due to fear of violence and disappointment that former military leader Muhammadu Buhari, a Muslim from the north, lost to President Goodluck Jonathan.
 
http://www.bloomberg.com/news/2011-...1-months-on-signs-of-slowing-fuel-demand.html

By Ben Sharples - Apr 28, 2011 11:28 PM PT

Oil is likely to <b> extend its gains next week </b>as the Federal Reserve’s pledge to keep interest rates in the world’s biggest economy near zero weakens the dollar, boosting the appeal of commodities priced in the currency, <b>according to a Bloomberg News survey of 35 analysts conducted this week</b>.


OPEC Supply

The Organization of Petroleum Exporting Countries will cut exports by 1.2 percent in the four weeks to May 14 because of a seasonal decline in demand, tanker-tracker Oil Movements said.

OPEC, responsible for 40 percent of global supplies, will ship 22.75 million barrels a day in the four weeks to May 14, down from 23.03 million barrels a day in the period to April 16, the consultant said yesterday in a report. The data exclude Ecuador and Angola.
 
one day old report , but good summary
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Economy in U.S. Grows Less-Than-Forecast 1.8% as Government Spending Drops
By Timothy R. Homan - Apr 28, 2011 1:58 PM PT
http://www.bloomberg.com/news/2011-...orecast-1-8-as-government-spending-drops.html

Gross domestic product rose at a 1.8 percent annual rate from January through March after a 3.1 percent pace in the final three months of 2010, the Commerce Department said today in Washington. Economists projected 2 percent growth, according to the median estimate in a Bloomberg News survey. Another report showed rising gasoline prices depressed consumer confidence last week.

To spur the economy, Federal Reserve Chairman Ben S. Bernanke said yesterday the central bank would maintain record monetary stimulus after ending large-scale bond purchases in June. Job growth and income gains suggest consumers will keep spending in the face of higher fuel costs.

“We’ve sputtered a bit here,” said Sam Bullard, a senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina, who accurately forecast first-quarter growth. “Consumers are going to continue to spend. Growth should pick up toward the 3 percent level” later this year, he said.

The first- quarter pace was the slowest since April through June of last year. For all of 2010, the world’s largest economy expanded 2.9 percent, the most in five years, after shrinking 2.6 percent in 2009.

Slower first-quarter growth explains why Fed policy makers trimmed their 2011 forecasts to a range of 3.1 percent to 3.3 percent, according to its latest so-called central tendency, released yesterday. In January, central bankers projected 3.4 percent to 3.9 percent expansion.
 
Silver
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As you guys posted on silver today some stats on it ...

http://www.marketwatch.com/story/silver-fever-is-about-to-break-and-break-badly-2011-04-29

It’s happened with lightning speed. Last summer, before the most recent market rally began after Federal Reserve chairman Ben Bernanke announced a new round of quantitative easing (QE2), silver was still gold’s poor cousin, trading below $20 an ounce .

Since then, it has rocketed more than 150%, and has soared 50% in 2011 alone. Gold, meanwhile, has plodded along with the stodgy old Standard & Poor’s 500 index this year, though it’s up nicely from last year’s lows, too.

In recent weeks, silver fever has reached, well, fever pitch. <b>Silver prices have shot up nearly 20% in April alone,</b> as retail investors piled into the markets and the pros moved en masse into the futures and options pits.

<b>Trading volume of silver futures at CME hit an amazing 319,205 contracts Monday — more than 50% higher than the previous record last November </b>— and this month the contract’s average daily volume has tripled from last year, the Wall Street Journal reported.
 
This could be one of the reasons you have so many problems with trading.

Having a stop = to your target is not a way to succeed. Instead if you are long for example at 112.88 and your stop is at 100 which means you are willing to lose 12 points, your target should be at least 122.00 not 100. This way at least you are getting equal risk vs reward.

Also, if you trade with real money, your front end would give you an error if you try to make stop and target at the same price.

Quote from oilfxpro:

LONG 112 .88 STOP 100 TARGET 100
More...
 
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