Possible Double Bottom Forming
Gold did it again today, this time aided by
short covering. At today’s opening June gold fell victim to profit taking, dropping as low as $315.60. Then short covering took over about mid-day to run
June gold
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$322.80 an ounce up 4.50 or 1.41%. Gold influences the movement of silver, and
today was no exception. July silver
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close up nicely by 7.20 or 1.49% to 491.19. July copper
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up at 73.59 a pound up .80 or 1.10%.
Late in the second half of the trading day the
broader markets got a boost from buyers. The June Nasdaq 100 futures
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built a nice base around the 1240 area. Then at about 2:00 p.m. ET, the NDM2
broke out above the 1240 resistance level, and rallied to close at 1290 a gain
of 25.30.
The June S&P futures
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like they were going to suffer a negative close. With the three day holiday on
its way, buying and volume usually dry up going into the weekend. By today’s end,
buying picked up and rallied the S&P 500 futures to close higher at 1097 up
11.90.
In the grains and beans today,
July corn
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weather report forecasted warm, dry weather next week in the eastern cornbelt region. This will allow farmers to get out in the fields and begin
planting their crops, analysts said. July corn ended unchanged on the day at
$2.07 1/2 a bushel. Corn could be developing a double bottom on the chart.
July wheat
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July
soybean futures
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ending at $4.91, down .02.
In the energies, crude oil dropped below
the 50-day moving average, today.
July crude oil
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to end the session at $26.15 a barrel. Other energies were lower as well.
Heating oil for July delivery
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a gallon. July unleaded gasoline
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gallon down .86 of a cent. And July natural gasoline
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.006 to close at 3.515.