A Lesson From Today’s E-Mini Action
The Broader Index Futures ended mixed today and down for the week. The September S&P 500 futures
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The Sept S&P 500 e-mini
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negative University of Michigan Consumer Sentiment Numbers. It then rallied up
to form a 1-2-3 lower Double Top. The break below the 930 point was an excellent
opportunity for shorts and put players. The ESU2 fell 15 points lower, then closed at 917.25, down 9.75.
The Nasdaq 100 futures for September
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PowerRating) squeezed out a gain today. The good news on Dell Computer
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offering better numbers guidance overnight, gave Dell and other tech stocks
some breathing room, which helped the Nasdaq stay in the positive zone.
Biotech
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PowerRating) and the Semiconductors
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contributed to the gain. The Nasdaq 100 e-mini
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Traders will be looking forward to next week when
earnings season will be at full strength. Over 300 companies are scheduled to
report their results. Equities were pretty weak-looking in June, known as a
period of negative pre-announcement.
In the energy markets, strong upside gains pushed
oil and petroleum products above their resistance levels. August crude oil
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PowerRating) broke out and closed above the 27.00 level. This is the resistance
point on the daily chart. August oil closed at $27.48 a
barrel a .64 or 2.38% increase.
August heating oil
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PowerRating) also
penetrated its resistance line in a positive fashion. Heating oil closed
up by 1.59 cents or 2.31% to 70.54 cents a gallon. This was a move above
the 70 cent resistance line. August unleaded gasoline
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HUQ2 |
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PowerRating) gapped
above 80 its initial overhead resistance line, than rallied and closed above
its secondary resistance line of 82. August gasoline closed at 82.43 a gallon up
2.67 cents or 3.35%. August natural gas
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PowerRating) was the only loser,
giving up .04 to 2.78.
The grains and beans were mixed today. Wheat
for September
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PowerRating) lost 4 cents or 1.24% to $3.18 1/4 a bushel.
December corn
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soybeans rose 2 cents to $5.21 a bushel.
Gold for August
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PowerRating) lost 1.70 to end at $315.89 an ounce.
September silver
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SIU2 |
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