Indices Hitting Important Levels
The Standard &
Poor’s 500 Index rallied to its best gain in five weeks, up 2.4%, with
General Electric contributing to the positive move. The S&P 500 rose + 20.36 to
839.65. The S&P 500 cash index
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a double top just before the close. It looked as if the S&P would sell-off at the
end of the market but it sustained the gains before closing. This gave some
heads-up traders some nice profits on the Dec. S&P 500 futures
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PowerRating). The SPZ2 ended at 841.50, up 20.69, a 2.52% gain.
The
Nasdaq rallied to a 3.2% increase on the day, the largest gain in three weeks.
The strong performance by Biotech, Semiconductor, and Networking
sectors were key players in today’s rally. The Nasdaq gained +40.10 to end at
1222.27. The Nasdaq 100
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close to hitting the 2.0 Volatility Band (850) before pulling back to close at
880.44. The NDX had a nice day today gaining 36.83. The Dec. Nasdaq 100
futures
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In the grains, there was profit taking going on
in the drought-driven grain and bean rally from yesterday’s impressive moves to
the upside. Wheat for Dec.
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$3.91 a bushel. Dec. corn
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bushel and Nov. soybeans
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In the energies, Nov. crude oil
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barrel. Oct. unleaded gasoline
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81.50 a gallon. Oct. heating oil
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gallon and Oct. natural gas
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In the metals, profit takers stepped in to bring
the Dec. gold contract
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ounce. Dec silver
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losing 1.39% or 6.50 cents to close at $4.60 1/2. Dec. copper
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managed to rise .50 to 67.70 a pound.