Higher Prices At The Pump Ahead?
With the lack of any market-moving news
and
light volume, the broader index futures gave in to some profit-taking. Both
the Sept. S&P 500 futures and Nasdaq 100 futures retested their 50-day moving
average, a key support level. The Sept. S&P 500
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by 9.30 to 939.70 just above the -1.0 Volatility band. The Nasdaq 100
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above the 50-day moving average.
Some of the currencies for September, the Swiss franc,
Canadian dollar, British pound, and Japanese yen, are showing signs of weakness,
trading at or just below their 50-day moving averages. The Sept. dollar
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up as it trades right at its 50-day moving average. The dollar closed at 107.48,
down .23.
At the Chicago Board of Trade (CBOT), the grains
got clobbered again, due to weather and some profit taking. Dec. wheat
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December
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and Nov. soybeans
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lost 15 3/4 cents or 2.86%.
In the energies, October crude oil
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sessions. Crude oil is getting closer to the $30.00 a barrel range it has not
seen since May 2001. Crude oil for October delivery closed at $28.75 a barrel
down .05. Oct. heating oil
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gallon. Oct. unleaded gasoline
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gallon and Oct. natural gas
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3.23.
On the COMEX, some of the precious metals
registered positive gains. The December gold
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back above the $310.00 an ounce level. Dec. gold closed at $310.30 a troy ounce
a gain of 2.86. December silver
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ounce and Sept. copper HGU2|HGU2] added .75 or 1.11% to end at 68.20 a
pound.