Gaining Steam
A reversal of fortune hit the markets in later
trading today, pushing the March futures to close near the highs of the day.
Stocks gained steam late in Wednesday’s session, with the Dow more than
reclaiming the steep losses it suffered during the previous session when
investors feared the worst about magic accounting tricks.
In late-afternoon trading, the March S&P 500 futures
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close at 1101.000 up 17.300. The March Dow futures
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just the same, closing at the highs of the day. The Dow powered through both of
its Resistance Pivot Points to close at 9974.00 up 236.00. The March Nasdaq 100
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Crude oil and petrol products futures at the New York Mercantile Exchange closed
lower Wednesday, following weakness in the previous session. Russia seems not to be cutting back its production as it had originally agreed. OPEC has called on
Russia to extend its agreement until the end of June. Analysts said the
expiration of the March crude contract could add volatility to the market, but
short covering appeared to have been exhausted after Tuesday’s correction from
last week’s run-up in prices. April crude oil
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its 20.50 support line at 20.43 down 69.
More cold weather in early March might lend some support in the short-term to
heating oil, but analysts agree the heating oil season is pretty much finished. Heating oil inventories could see a slight draw on inventories on last week’s
cold weather in the Northeast U.S. March heating oil
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at 33.090, down 1.31. March unleaded gasoline
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support level of 58 and closed at 57.440 down 1.81.
In the Softs, May coffee
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Today, coffee for May delivery shot up and closed above its resistance line of
48. Coffee ended the day at 48.700 up 2.100. May cocoa
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been pulling back from the highs and had support at around 1400. Today, May cocoa
broke down and closed below its support. Cocoa ended the session at 1393 down by
39.00.
Grain and soybean futures moved slightly higher in relatively quiet early dealings on the Chicago Board of
Trade. March corn
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its resistance at 207.00 before pulling back and closing at 206.750 up 1.0. Dry
conditions in winter wheat-growing areas undermines the March wheat
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market. March wheat closed right at its resistance at 280.00 up 2.25. March
soybeans
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445 resistance line.
In precious metals, April gold
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Tuesday when prices dropped on dip buying and trade short covering. Selling was
also sparked Tuesday by a statement from German Central Bank officials that they
might liquidate some gold reserves and move cash into income-producing financial
instruments. April gold closed at 292.300, down 1.300. Gold has initial support
at 290.00 and secondary support at 286.60. March silver
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closed just below its 440.000 support at 439.500 down 7.500. Â March
copper
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down .050.
Â