These Three Factors Are Key For Market…
Traders will look for
more volatility this week, ahead of some more important economic reports.
According to the Wall Street Journal, traders’ attention is now mainly focused
on the Middle East as speculation grows that the U.S. is preparing to launch an
attack on Iraq. The market also waited for clarification following a report
Tuesday that Iraq was gathering troops at the Kuwaiti border, and that Kuwait
was in a state of heightened alert.
In the early going part of trading, the Sept.
S&P 500-stock index futures
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some profit-taking and a worse-than-expected consumer confidence number. Then, by
the mid point of trading, the SPU2 shook off the bad news and rallied into
positive territory.
Traders familiar with the Kevin Haggerty reversal strategies
could have made some nice trades today. Even though Kevin is on vacation
in the Grand Canyon, I’m sure he was able to pull some trades off. The SPU2 ended
positive up 11.50 points or 1.29% to 905.50.
The Nasdaq 100 for September
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gained 19.00 or 2.03% to close at 980.50. Some of the sectors that helped push
the index were semiconductors, semi equipment, PCs, utilities, wireless,
biotech, and cable.
In the energies today, crude-oil futures and gasoline rose higher on the
New York Mercantile Exchange as tension between the United States and Iraq
heated up once again, while word of refinery trouble in Saudi Arabia supported
prices.
September crude oil
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CLU2 |
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Sept. unleaded gasoline
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gallon, Sept heating oil
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gallon and Sept. natural gas lost .01 cent to $2.89 per million British thermal
units.
The whipsaws continued in the soybean and grain markets at the Chicago
Board of Trade (CBOT). An improved crop outlook helped propel November
soybean
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bushel. December corn
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to $2.45 1/2 a bushel. Wheat for September delivery
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a cent to $3.26 a bushel.
In the metals today, Dec. gold futures
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New York Mercantile Exchange Sept. silver
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cents higher to $4.66 an ounce, and Sept. copper
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by .60 to 69.25 a pound.