The Good News…
There was good news and bad news in the
broader index futures today. First the bad. Not since May of 1997 have we
closed at these levels on the S&P 500 Index ($SPX.X). The SPU2 dropped 30.50 or
2.48% to 845. The good news, is if you knew how to short the SPU2 or the S&P 500
E-Mini futures (ESU2), you could have made a nice profit on the declines.
A great way to better understand the futures
markets and how to take advantage of days like today, is to take the online
course with Lewis Borsellino.
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to take it.
The Nasdaq 100
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$NDX.X |
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PowerRating) pulled back
at the open and touched its -1.28 Volatility band at (966.40) it then began to
rally from that point, but still continued bearish into the afternoon. The Nasdaq 100 has been able to stay above the 950 support level, but a break below
this level could give way to the 933 secondary support level. Overhead
resistance is at 995 and secondary resistance is at 1007. The September
Nasdaq 100
(
NDU2 |
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PowerRating) and the Sept Nasdaq 100 E-Minis
(
NQU2 |
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fell to the -1.28 Volatility Band. What traders will be looking for Monday is
maybe some bargains, that may help push the indexes back upwards. STAY
TUNED……
In the precious metals, Gold and Silver on the
Comex division of the New York Mercantile Exchange was where nervous
investors ran to to take cover from the plunging equities. August gold
futures
(
GCQ2 |
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PowerRating) gained $6.79 or 2.14% to $323.89 a troy ounce, while
September silver
(
SIU2 |
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PowerRating) rose to three-day highs of $5.18 an ounce
before ending at $5.75 up 7 cents or 1.40%. Sept. copper
(
HGU2 |
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PowerRating) dropped
1.30 to 71.95.
Unreliable weather forecasts pushed grains and soybean prices lower on the
Chicago Board of Trade, but by the end of trade on wheat was the loser. Wheat
for September delivery
(
WU2 |
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PowerRating) fell 2 1/4 cents to $3.31 1/2 a bushel;
December corn
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CZ2 |
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PowerRating) climbed up 2 cents to $2.44 1/2 a bushel;
November soybeans
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SX2 |
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PowerRating) rallied up after being down early in the
session. Soybeans rose 2 1/2 cents to $5.36 a bushel.
Oil prices held steady Friday despite a forecast
by the Organization of Petroleum Exporting Countries (OPEC) for reduced demand.
Crude oil for August delivery
(
CLQ2 |
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PowerRating) gained 28 cents to $27.85 a
barrel, August unleaded gasoline
(
HUQ2 |
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PowerRating) inched up to 0.45 cent to
83.79 cents a gallon and August heating oil
(
HOQ2 |
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PowerRating) lost 0.02 cent to
70.15 cents a gallon.