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Stocks around the world are posting big gains led by the Nikkei, up 2.6%, following Tuesday's strength in the U.S. markets.
Hitachi announced that it would re-open it main plant next month, providing investors with optimism. The European markets are also trading higher, despite the costs of insuring Portugal's bonds, soaring to the highest level since 1999.
Standard & Poor's
trimmed Portugal's debt rating another notch lower to BBB-, which is barely above junk status. It also cuts Greece's rating two notches to BB-.
S&P futures are positive in early trading as investors anticipate the jobs number show a strong recovery in the U.S. economy.
Silver futures are up over 1.5% and gold is positive, as it looks to rebound following 4-straight negative days.
Silver Wheaton
(SLW)
trades close to 52-week highs, while gold stocks like
Newmont Mining
(NEM) - Get Report
and
Agnico-Eagle Mines
(AEM) - Get Report
continue to underperform precious metals.
Crude oil is down slightly ahead inventory numbers today coming at 10:30 a.m. in New York even as unrest in North Africa and the Middle East remains. Gadhafi's forces were able push back rebels forces from his birth city, Sirte and retake the oil port of Ras Lanuf. Energy stocks continue show relative strength, the
Oil Service HOLDRS
(OIH) - Get Report
closed at 52-week highs. Oil stocks like
Schlumberger
(SLB) - Get Report
,
Marathon Oil
(MRO) - Get Report
and
Halliburton
(HAL) - Get Report
lead the sector, as they sit at or near 52-week highs.
Industrials and materials groups also helped to push the market higher.
Cliff Natural Resources
(CLF) - Get Report
gained 2.66%, while
Caterpillar
(CAT) - Get Report
and
Massey Energy
(MEE)
are at 52-week highs. Rare earth stocks
Rare Element Resources
(REE)
,
China Shez Zhou Mining
(SHZ)
and
Avalon Rare Metals
(AVL)
all posted gains well over 10%, while
Molycorp
(MCP)
traded up over 7%. Internet and technology leaders include
Amazon
(AMZN) - Get Report
,
Baidu
(BIDU) - Get Report
),
Lululemon Athletica
(LULU) - Get Report
and
Sohu
(SOHU) - Get Report
.
Active investors should continue to focus on the U.S. recovery and stock leadership from energy, tech, industrials and materials, while the TV commentators worry about low volume moves.
Will the job number gives investors that fundamental confirmation of the U.S. recovery, that traders see in the markets?
Morning Call: Trading the Uptrend
Disclosures: Scott Redler is long JDSU, V, LEI, OIH, AIG, AMZN, GLD, DANG, SOHU, JPM, VLO, POT, LVS, NYX and short SPY. Jordan Kimmel is long AFOP, ASYS, AXK, COOL, CROX, GPIC, IRBT, JDSU, LDK, MCZ, MGIC, NXPI, OPLK, OVTI, POT, RES, SOL, SOLR, TEA, TIII, CIMT, LMLR, IRBT and short MCR, PVA, SGMS
This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.
