Five Markets Coming Off Pullbacks
Crude oil and products futures at the NYMEX
had been moving higher due to supply concerns, but in today’s trade profit-takers and new supply data reversed the market,
pushing crude below $29 a
barrel. Regardless of falling demand and supply restrictions in Iraq and
Venezuela, U.S. oil imports in April rose nearly one million barrels a day from
the previous month, according to the latest industry data released Wednesday.
June
crude oil
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PowerRating) had been forming a cup-and-handle pattern on the daily
chart and broke out to move higher. Crude oil for delivery in June dropped 1.20
or 4.12% to $28.12 a barrel
in late-afternoon trading at the New York Mercantile Exchange.
June unleaded
gasoline
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June
heating oil
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cent drop. June natural gas
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The June S&P futures
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up and downside. At the open, profit-takers stepped in and took the S&Ps to
1093, the lows of the day. Then, when they were done, buyers stepped in and began
snatching up bargains. The S&P 500 rallied as high as 1094.60, before closing
at 1094.50, down 4.
The June Nasdaq 100
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continuing its move higher from its bottom. The NDM2 has three days of solid
gains, today gaining 8 or .61% to end at 1320.50.
Today in the currency market,
several foreign currencies had been pulling back from their highs and today had
positive days to the upside. The
June British pound
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the highs. The British pound rose 1.10 or .76% to 145.71. The
June Swiss franc
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June Canadian dollar
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chart. Today the Canadian dollar rallied .09 to 64.23 attempting to hit a new
high. The Japanese yen for June
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The June euro
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Today the euro closed at .91 up .01. After putting in two days of solid gains,
the June dollar
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In the metals,
June gold
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$306.50 an ounce. It didn’t stay there long, rallying back to close at $309.00
an ounce up 1.39 or .46%. July silver
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to end at 463.70. July copper
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up .25 to 74.75 a pound.
Rainy weather in key planting areas continues
to worry farmers and speculators in the soybeans and grains, as they
continued to move higher today. July corn
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$2.16 1/4 a bushel. July soybeans
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1.26% to end at $4.82 a bushel. And July wheat
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or 1.80% to $2.83 a bushel.