Four Markets Building Momentum
With signs of better conditions
in the
Middle East, oil prices pulled back once again in today’s trade. In fact,
downside momentum appears to be building in the energies. At NYMEX, where the energies are traded, the decline in June
crude oil
(
CLM2 |
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PowerRating) prices spilled into the energies as a whole. June
crude fell .51 or 1.9% to $26.24 a barrel. June heating oil
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gave back 1.35 or 2.00% to close at 66.07. Unleaded gasoline for June
delivery
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HUM2 |
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PowerRating) lost 1.99 to finish at 78.49 and
June natural gas
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NGM2 |
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Today in the currency market, with the
exception of the British pound, several of the foreign currencies lost
against the dollar. As stated yesterday, the reason for the foreign currencies’
recent run to
newer highs is that investors in foreign markets must
have their dollars exchanged to that country’s currency. Some investors feel
that some countries will rebound from their economic slowdown faster than the
US.
Today, the June British pound
(
BPM2 |
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PowerRating) attempted to break out of the
52-week high range of 146.00 before settling down to 145.93, an increase of .02.
The June Swiss franc
(
SFM2 |
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Canadian dollar
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CDM2 |
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on a daily chart. Today the Canadian dollar tried to take out its Dec. 16 2001
high at .64040, but was not successful closing at .63.98 down .05.
The
Japanese yen for June
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JYM2 |
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Yesterday’s big story of the day was the June euro
(
ECM2 |
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PowerRating) closing
above .90 and taking out the highs set earlier this year. Today the euro stayed
neutral and closed unchanged at .90. The dollar
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DXM2 |
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the day to close at 145.93.
In the grains and soybeans today, July wheat
(
WN2 |
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PowerRating) gave up all of yesterday’s gains to close at $2.66 1/2 a bushel.
This decline was a loss of 7 1/4 cents. July corn
(
CN2 |
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PowerRating) followed in
wheat’s foot steps dropping 2 1/2 cents or 1.23% to end at $2.00 1/2 a bushel
and July soybeans
(
SN2 |
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PowerRating) lost .50 to close at $4.63 3/4.
In the Treasury market both the 30 year bond and
the 10 year note lost. The June 30 year bond
(
USM2 |
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PowerRating) dropped .53 to
102.15 and the June 10 year note
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TYM2 |
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PowerRating) edged lower by .41 or .39%
to 105.40.
Today, the June S&P 500 futures
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SPM2 |
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PowerRating) had a trading range from 1079.29 to 1091.79. The June S&Ps
closed at 1084.59 down 3.79. Bouncing off of the 1080.00 level was a positive
move for the upside.
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