Why These Two Metals Were Today’s Big Gainers
As the war with Iraq draws now
appears over the horizon,
investors holding the “war trade”–long gold, bonds,
oil, short US dollar, and equities–continue to leg out of this trade.
Equities
The equity markets saw plenty of green today, as
stocks surged higher in anticipation of a quick and successful end to any war
with Iraq. Like last Thursday’s move, today’s was led by the tech sector and
retail sectors. The Nasdaq June contract
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1073.50; the S&P contract
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Dow June contract
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Fixed Income
Treasuries, on the other hand, saw plenty of red
today. The 10-year contract
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30-year
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finished down by 0-165 to close at 113-025
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Metals
The industrial metals were the big gainers today,
in anticipation of a less negative economic outlook going forward–namely copper
and aluminum. Copper futures continued Friday’s gains, finishing up a strong
1.70 to finish at 77.15
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finished up a slight .60, to finish at 337.2
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Energy
April crude fell by another 1.27% to close at
34.93
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will counter any shortfalls in the oil market with a release of strategic
reserves. Natural gas continues higher, as the market now realizes that the
current shortfall in supply will continue for the forseeable future. The April
contract
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Currencies
The US dollar continues to follow through on
Thursday’s move, as the USD index
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The US currency made significant gains against the euro, finishing at 1.602
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