The Influence Of Positive Economic News…
The Dec S&P 500
futures
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rallied to
close at 854.50, up 13 or 1.54%, greatly influenced by positive economic news:
The US economy showed signs of strength for the first time in two weeks as
claims for unemployment benefits fell the most in two months; orders for durable
goods declined less than expected; and new home sales increased.Â
In a mixed market today
in the equities, the Nasdaq Composite
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territory. Part of this was due to some profit-taking after the strong morning
and yesterday’s positive gains. The fall in the Semiconductor Index
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also added to the fall in the tech-heavy Nasdaq. The SOX was one of
the leading sectors yesterday but retreated today. In the early session of
trading the Dec. Nasdaq 100
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900 level, but retreated back to close at 872 down 11.50 or 1.30%. For support
and resistance zones on the NDZ2
click here for Carolyn Boroden’s Futures Perspectives.
Treasury securities
dropped after the government reported the number of jobless claims decreased
24,000 last week, the biggest drop since mid-July, and durable goods orders fell
0.6%. Economists had expected August orders to decrease 3%, based
on the median of 59 forecasts in a new home sales unexpectedly rose to a
record rate of 996,000 last month. The Dec. 30-year bond
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dropped ‘2 to 113’000. The Dec.10-year note
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positive at 114 225 up 005.
In the energy markets, Dec natural-gas futures
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increase in US inventories of the fuel. US supplies of gas in underground
storage rose by 67 billion cubic feet, or 2.3%, to 2.991 trillion cubic
feet last week, the US Energy Department reported. Analysts expected a gain of
71 billion cubic feet. Natural gas for Dec. closed at 4.09, up .07 or 1.79%.
Nov. crude oil
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below the key $30.00 a barrel level. Nov. crude closed at $28.89 a barrel, down
.24. Oct. heating oil
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Oct. unleaded gasoline
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cent.
Profit taking continued today in gold with the
Dec. gold
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Today gold dropped 2.10 to $321.50 a troy ounce. Gold has setup a possible
Turtle Soup Sell pattern. Dec. silver
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profit takers. Silver lost 7.50 cents or 1.63% and tested its support level at
4.50 before closing at $4.525 an ounce. December copper gained .15 to 67.84 a
pound.
At the Chicago Board of Trade (CBOT) grains and
beans built a rally from their support to trade positive. Dec. wheat
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