Evidence The Big Players Are Back
An increase in volume finally entered the
broader markets today, giving some signs that big players are beginning to
enter the market. The lack of trading volume has taken its toll on the
markets and its players for the last couple of weeks. Today volume picked up and
helped give the broader index futures a positive closing.
The June Dow Jones Industrial Average futures
(
DJM2 |
Quote |
Chart |
News |
PowerRating) traded in a range between 9650 to 9695, then took a familiar drop
at the mid point of the day, before establishing a new range between 9600 and 9750. By the closing bell the June Dow futures were positive by 17.00 at
9700.00.
The June S&P 500 futures
(
SPM2 |
Quote |
Chart |
News |
PowerRating)
followed a similar pattern. Towards the end of the session it looked like it
could have patterned itself after yesterday’s big selloff, but the June S&Ps hung
in the green to close at 1041.50 up 2.50.
The June Nasdaq 100 futures
(
NDM2 |
Quote |
Chart |
News |
PowerRating)
held strong most of the day, helped by many of the tech sub-sectors such
as software, semiconductors, networking and storage. NDM2 closed up 16 or 1.37%
to 1181.
An overnight thunderstorm and wet weather that
swept through the Midwest caused soybean prices to move higher in today’s
trading session at the CBOT. The rain is helpful to the crops that are already
planted, but the stormy weather will most likely prevent farmers from completing
their planting, which is already behind. Soybean prices shot up at the
open Tuesday, reversing losses from the previous day. July soybeans
(
SN2 |
Quote |
Chart |
News |
PowerRating) rallied as high as 5.16 3/4, before pulling back to the closing price
of $5.09 3/4 a bushel, a gain of 4.25 cents on the day.
Wheat prices were higher in early trade, following Monday’s gains, but quickly
sold off to close lower. Wheat for July delivery
(
WN2 |
Quote |
Chart |
News |
PowerRating) fell 4 3/4
cents to $2.82 a bushel.
According to the Wall Street Journal, market analysts said the corn crop is off
to a late start and there could be a large acreage loss. Corn prices rose on the
news. July Corn
(
CN2 |
Quote |
Chart |
News |
PowerRating) moved up 1 cent to $2.10 1/2 a bushel.
In the energy futures, Crude oil for July delivery
(
CLN2 |
Quote |
Chart |
News |
PowerRating) was up 5
cents at $25.13 a barrel in earlier trade, then a small rally pushed crude oil
higher and it ended at $25.30 a barrel, up .22 or .88%. June
heating-oil futures
(
HON2 |
Quote |
Chart |
News |
PowerRating) rose 0.78 of a cent or 1.23% at 64.28 cents
a gallon, and June gasoline futures
(
HUN2 |
Quote |
Chart |
News |
PowerRating) closed higher at 75.34
cents a gallon, down .70. July natural gas
(
NGN2 |
Quote |
Chart |
News |
PowerRating) edged higher by .09
cents to $3.32 per million British thermal units.
The precious metals had another landmark day. August gold futures
(
GCQ2 |
Quote |
Chart |
News |
PowerRating) hit a session high at 330.69 after rumors circulated on the trading
floor that tensions had escalated between India and Pakistan. August gold rose
1.10 to $328.80 an ounce, a two-and-a-half year high. July silver
(
SIN2 |
Quote |
Chart |
News |
PowerRating) continued its impressive move to the upside in today’s session.
Silver ended the day at $5.125 an ounce up 4.50 or .89%. July copper
(
HGN2 |
Quote |
Chart |
News |
PowerRating) was also a winner climbing as high as 79.45 a pound before settling
out 78.59 up 1.05 or 1.35%.