The Big Question Traders Are Asking Themselves
Another positive day in the market has brought
the broader index futures to key technical levels. Both the the S&P 500
futures and Nasdaq 100 futures have hit their 50-day moving averages. A break
above these key levels could signal further movement to the upside. However the
lack of volume in the markets due to vacationing traders leaves some skeptical.
Many traders leave town in the month of August, causing it to be one of the
worst trading months of the year. They all come back after the Labor Day
holiday, in just two weeks. So the question remains: Can this market
stay steady and continue to rise without the big-volume players? Stay tuned…
The Sept S&P futures for Sept.
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rallied to close near the the best levels of the day. SPU2 closed at 949 up
20.50 or 2.21%
The Nasdaq 100 for Sept.
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25.50 or 2.56% to 1020.50.
Crude-oil futures were higher for the eighth day
in a row. Earlier in the day, the contract hit 11-month highs. The reason for the
run up in crude prices is due primarily to the increasing possibility that
President Bush is getting closer to a decision on attacking Iraq.
On the New York Mercantile Exchange, September crude-oil futures
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recorded since July 2001. September heating oil
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cents to 73.39 cents a gallon, while September unleaded gasoline
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natural-gas futures
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1,000 cubic feet.
Trading at the Chicago Board of Trade (CBOT) dealt some of the grains a losing
hand today. November soybeans
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12 3/4 cents or 2.27% to end at $5.49 3/4 a bushel. The decline in prices was
due primarily to the onset of cooler, rainier weather in the Midwest.
December corn
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Wheat for September delivery
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On the Comex division of the New York Mercantile Exchange where precious metals
trade, December gold
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ounce. With the major equity indices perking up, some investors are exiting
their gold positions and putting their money back to work in the equity markets.
As usual silver followed gold’s lead and took a hit to the negative side as
well. Sept. silver
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$4.405 an ounce. Sept. copper
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.05.