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Bobbys Corner-Open Market-Sept.8.2011

Good Morning:

A fairly uneventful overnight session ahead of today’s busy schedule of policy news and speeches. 
We start with rate announcements by the BOE and ECB (both rates were left unchanged).
This will be Trichet’s farewell press conference, and traders are looking for any signs of a change in policy.  This will be followed by speeches today by Fed Chairman Bernanke and this evening by President Obama. 
President Obama will outline his new $300 billion jobs program.  Let’s all hope that this speech has some real “punch” to it-and is not a political campaign speech. 

US unemployment claims rose this week-as yet another sign of the struggling US labor market.  With the global and US economy at risk for a double-dip recession, firms are looking to cut their labor costs, and are slow at ramping up production.

Equity markets and Futures are lower.
Gold is higher-Oil fairly stable at $88/bar.