This Could Boost Techs Tomorrow…
Nice sunny weather that is perfect for soybean
crops in the Midwest was out today. This caused soybeans to retreat in
price. At the Chicago Board of Trade (CBOT), July soybeans
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5.25 cents, or 1.05%, to close at $4.93 a bushel. Despite the positive weather in
the Midwest for the grains, July wheat
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1/4 of a cent gain to $2.89 1/2 a bushel, and July corn
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upwards by 1/4 of a cent to $2.06 3/4 a bushel. Good weather makes it possible
for the farmers to finish their planting and field work for the crops. This news
is negative for soybeans and grains. If the crops are healthy and grow, it
increases the supply and soybean, corn and wheat prices will decline in price.
The broader index futures have set up a countertrend rally. The September
S&P 500 futures
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closed positive to 1045, up 8.4.
The Nasdaq 100 futures
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1.73%, to close at 1174. More signs that the tech sector may be waking up came
after
the bell. Oracle offered news that it beat its earnings estimate and was up over
18% in afterhours trading. This may just blast
the market out of today’s trading range tomorrow morning.
Another suicide attack in the Middle
East did not cause crude oil prices to rise. In midday trading, crude oil for
August delivery
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the New York Mercantile Exchange. At the close of trade, crude had lost .69,
or 2.62%, to $25.64 a barrel. One reason for the drop could be that investors are
taking profits ahead of the weekly inventory reports. August heating oil
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unleaded gasoline
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pulling up off of the lows, August natural gas
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retest its 20-day moving average at 3.363. NGQ2 closed at 3.37 down .06, or
1.94%.
At the Comex division of the New York Mercantile Exchange (NYMEX). August
gold futures
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level. According to the Wall Street Journal, dealers at the Exchange said
that the upturn in the U.S. equity markets gave investors something else to look
at besides the precious metal. Gold closed at $319.69 an ounce, a gain of 1.60.
July silver
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higher at $4.85 an ounce, a gain of 2.70 cents. July copper
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lost .10 to 76.00 a pound.