The “whatever” mentality regarding the congressional standoff in Washington D.C. is slowly shifting to a nervous laughter as we head into the second week

Good Morning,

 

The “whatever” mentality regarding the congressional standoff in Washington D.C. is slowly shifting to a nervous laughter as we head into the second week of the partial U.S. government shutdown and a looming debt ceiling that some in the U.S. government are touting as a somewhat apocalyptic situation. However ridiculous this whole thing is becoming – barricades around war memorials and the shut-down of websites including the AMBER alert system – there is a thick aura of uncertainty surrounding what the D.C. loony bin is going to do next and that is leading to some choppiness in the markets. The US government jobs data that was supposed to be released last Friday wasn’t and with the lack of important economic data it is hard to believe the FOMC will be able to make a sound decision regarding the future of QE. Then again, they don’t have to make that decision until December so let’s just hope this whole thing ends before then, or we’ll have more important problems to worry about.  The PGM half of the metals complex continues to be rather muted in response to the ongoing labor tensions in South Africa between Amplats and the AMCU.  The unions head, Joseph Mathunjwa, is not at all pleased with how recent negotiations, regarding the “retrenchment” of some 3,300 workers, have been going and may call for more strikes that would spill over into other parts of the mining industry. Platinum is little changed from Friday’s close at $1384.70 while palladium has dipped slightly below the $700 mark. There is not much on tap from an economic data perspective so market participants can continue to watch the happenings in Washington that are starting to look like a bad episode of the Jerry Springer show…ok, maybe not that bad. Have a great day!