Potential Fuel For More Positive Action
The June Dow broke
above 10,000 on strong volume. This was fuel for the fire that may lead to more positive action ahead. Armed with a positive earnings report and not-so-dreary news about the tech industry, Cisco Systems’
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John Chambers set the tone for today’s big rally in the markets. The June Dow
Jones Industrial Average futures
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yesterday and never looked back. Today’s move higher has been a long time
coming. With a large downtrend since March, today’s move to the upside was
welcomed by traders. The Dow futures closed at 10115.00, up 315 or 3.21%.
The June S&P futures
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higher as well, having its best day in several months, ending at 1086.50, up 39.10 or 3.73%.
A rally in tech fueled the June Nasdaq
100
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was the best closing in several months. The June Nadaq 100 closed at 1281, up
125 or 10.81%.
With the Equity Markets rallying, the
Treasuries suffered on the day. The June 30 year bond
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ended at 101.12 down 1.47 or 1.43%. The June 10-year note
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as well, closing down at .98 to 104.84.
The American Petroleum Institute reported late
Tuesday that crude oil inventory fell by a surprisingly large amount in the week
ended May 3. The U.S. Department of Energy reported an even larger decline
earlier in the session. This, coupled with fresh tensions
in the Middle East, caused crude oil and gasoline to rise in today’s trade at
the NYMEX. June crude oil
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a barrel. June heating oil
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unleaded gasoline
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at 78.77 up .49 and June natural gas
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June gold dropped 3.39 to fall below its
310.00 support line as profit takers stepped in. June gold
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ended the day at $308.50. June silver
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gold by falling 4.59 to 457.19 and June copper
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72.75.
The grains and beans were mixed today. July
corn
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to the wet weather that was hampering planting that was to begin soon. July wheat
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soybeans
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