The Trigger For The E-Minis
Today the futures opened down, and had the
rest of the markets following suit. After yesterday’s strong reversal from
very bearish to very bullish, there was some hope amongst traders that
today would have some follow through to the upside. The Fed Chairman Alan
Greenspan shared his opinion on the US economy, saying it is on
track to see more growth in the future, but the scandals in the Corporate
boardroom are damaging the confidence of the investors. The Sept.
Nasdaq 100 E-mini
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NQU2 |
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PowerRating) pulled back at the opening and then rallied to
break above the 50% retracement level. After putting in a high, the NQU2 fell and
dropped below the 1030 level and then closed lower at 1016, down 15.
The Sept S&P 500 E-Mini futures
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ESU2 |
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PowerRating) dropped off at the open and then began to rally back to make an
intraday high at 920. The E-minis formed a head and shoulders on the intraday
chart and then broke below the neckline at around the 910 area.
In the beans and wheat market, hot, dry
weather lifted futures sharply for a second straight day on the Chicago Board of
Trade. The September wheat
(
WU2 |
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PowerRating) shot up 10 3/4 cents or 3.32% to $3.34 1/2 a bushel. December corn
(
CZ2 |
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News |
PowerRating) rose 7 1/2 cents or 3.16% to $2.44 3/4. November soybeans
(
SX2 |
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PowerRating) gained 5 1/2 cents to $5.38 3/4.
In the precious metals, September silver
(
SIU2 |
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News |
PowerRating) lost 8.80 or 1.72% to end at $5.03 an ounce on profit taking.
August gold futures traded just below the $320-per-ounce level
again in relatively thin trade. August gold
(
GCQ2 |
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PowerRating) lost 2.39 to
close at $317.50 an ounce and September copper
(
HGU2 |
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News |
PowerRating) closed at 74.34 a
pound up .45.
Gasoline futures shot higher again today at
the New York Mercantile Exchange as rumors spread that four refineries were
having production trouble. August crude oil
(
CLQ2 |
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PowerRating) rose .66 or 2.44% to $27.73 a barrel,
August heating oil
(
HOQ2 |
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News |
PowerRating) added 1.50 cent or 2.16% to end at 71.04 a
gallon; August unleaded gasoline
(
HUQ2 |
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News |
PowerRating) rose 3.64 cents or 4.51% to
84.50 a gallon. And August natural gas
(
NGQ2 |
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News |
PowerRating) gained .07 or 2.73% to
2.85.