This May Keep Interest Rates Low…
The June S&P 500 futures
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rallied today to close near the highs of the day. Stocks rallied higher
Tuesday after market bellwethers like Texas Instruments
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recovery in corporate profits.
New economic data indicated a strong upturn in the long-suffering manufacturing
sector, while inflation remained weak, giving the Federal Reserve room to delay
any potential increase in interest rates.
The June S&Ps broke out of a downtrend channel
and closed at 1129.700 up 25.400 or 2.30%. This close was above the key area of
1125, which
Lewis Borsellino was talking about earlier in the day.
The news is good, but it’s earnings season and
anything can happen. Support is at 1100.00 and secondary support is at 1076,
this is the February low. A close below this level would suggest a possible leg
down. Resistance is at 1180.00 and a close above this level would be bullish.
Crude-oil futures at the New York Mercantile Exchange opened slightly higher
today as traders awaited weekly inventory data, expected to show
drawdowns that reflect a strengthening economy.
In morning trade, June crude oil futures
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barrel. Its low was 24.69 and then it closed at $25.01 a barrel up .21. June
unleaded gasoline futures
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gallon, and June heating-oil futures
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64.15 cents a gallon.
Gold and Silver drop off: June gold
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positive bias by staying above its 300.00 support level. Today gold closed below
the key $300.00 an ounce level. Gold settled at 299.50 down 1.19 or .40%. May
silver was clobbered yesterday, and today was no better. May silver
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The grains were positive today. May wheat
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closed at $1.97 3/4 a bushel up 1 3/4 cents, and June soy beans
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rallied 8 1/4 cents or 1.80% to $4.67.