How To Make This Volatility Work For You
The S&P 500 waterfall continues.
Today traders were hopefully looking for a reprieve, but all they got was more
selling. The S&P 500 for September
(
SPU2 |
Quote |
Chart |
News |
PowerRating) dropped right at
the open, but then formed a 1,2,3 bottom reversal around 2:00 PM EST and tried to
make a rally. It stalled out and then continued south.
There was a lot of
volatility on the day, and if you keep close tabs on
Kevin Haggerty each day, you could have made some money if
you bought your tickets at the right time. The SPU2 closed at 795.50 down 24.30
or 2.96%.
The September Nasdaq 100
(
NDU2 |
Quote |
Chart |
News |
PowerRating)
formed a descending triangle on the intraday chart in early trade today. The
NDU2 dropped and then continued lower, then tried to re-group but failed.
The Nasdaq 100 futures closed at 903 down 40.50 or 2.29
Crude-oil futures continued to fall in price
today. In today’s news, Venezuela said that it has no intention of violating
production quotas set by OPEC. Yesterday, Nigeria, the fifth-largest producing country in OPEC, was
pondering a possible exit so that they could produce more oil outside of OPEC’s quota limitations.
However, the news that Venezuela would
abide by quotas did not help oil.
September crude oil
(
CLU2 |
Quote |
Chart |
News |
PowerRating) slid .39 cents to $26.30 a barrel on the
New York Mercantile Exchange; September unleaded gasoline
(
HUU2 |
Quote |
Chart |
News |
PowerRating)
fell 1.36 cents or 1.74% to 76.70 cents, September heating oil
(
HOU2 |
Quote |
Chart |
News |
PowerRating) fell 1.12 cent to 66.84 cents or 1.65% and September natural gas
(
NGU2 |
Quote |
Chart |
News |
PowerRating) fell 0.06 cent to $2.89 per million British thermal units.
Grain and soybean futures were lower on the Chicago Board of Trade, giving back
some of the gains made Monday. Wheat for September delivery
(
WU2 |
Quote |
Chart |
News |
PowerRating)
fell 6 3/4 cents or 1.99% to $3.32 1/2 a bushel; December corn
(
CZ2 |
Quote |
Chart |
News |
PowerRating)
fell 3 1/2 cents or 1.38% to $2.51 a bushel; November soybeans
(
SX2 |
Quote |
Chart |
News |
PowerRating)
fell 18 cents or 3.25% to $5.36 a bushel.
August gold futures
(
GCQ2 |
Quote |
Chart |
News |
PowerRating) had a big drop off, losing $11 to $312.50
a troy ounce on the Comex division of the New York Mercantile Exchange.
September silver
(
SIU2 |
Quote |
Chart |
News |
PowerRating) slipped 16.50 or 3.27% to $4.88 an ounce.
September copper lost .75 or 1.06% to 69.79 a pound.