The Message The Market Is Sending
Today was a turnaround day for the broader
index futures. The Markets were down most of the day and it looked liked
despite the holiday tomorrow and a half day on Friday, traders came in at the
end of trade and began to push the markets to a patriotic rally to close
positive. The S&P 500 futures
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Traders were looking for the 950 support level to be
violated. The
Nasdaq 100 for September
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trailing lower in earlier trade that looked like low volume and a lack of
interest would force the NDU2 lower.
It wasn’t a fireworks show in the energies
today, even though the American Petroleum Institute (API) again shows that
summertime demand is explosive. The API showed inventory in unleaded and
distillates at a time when refinery operations went ballistic. The only thing
that may slow the March inventory in crude based products is an increase in
imports. August crude oil [CLQ2|CLQ2[ gained .08 to $26.85 a barrel;
August heating oil
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August unleaded gasoline
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August natural gas
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The Grains were mixed today. December corn
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meal
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In the metals, August gold
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lost 1.60 to $311.60 an ounce. September silver added .50 to close at $4.955 and
ounce. September copper lost .75 to close at 75.50 a pound.
The September dollar
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trading in a possible Turtle Soup Plus One Buy Setup, and today rallied higher
to 107.54 up .031.