This Will Give The S&Ps A Big Lift
For the second day in a row the June Nasdaq 100 futures
(
NDM2 |
Quote |
Chart |
News |
PowerRating) closed up.
Today the June Nasdaq 100 closed at 72.50 or 5.85% to 1312.50. The Big push
in the NDM2 came from a large contribution from Biotech and Semiconductor
issues.
The June S&P 500 index futures
(
SPM2 |
Quote |
Chart |
News |
PowerRating)
this week have now pushed up to the trend-line resistance from a two-month-old
downtrend line seen on the daily bar chart. If the S&Ps can push above that
trend line, and then see follow-through strength the next trading session, that
would negate the downtrend line and give the S&Ps a big lift. Trading activity
the rest of this week will be especially important for the S&P Futures for June.
Crude oil and products futures at the NYMEX
continued higher today. Once again crude closed at the highest levels in 8 months. June
crude oil
(
CLM2 |
Quote |
Chart |
News |
PowerRating) had been forming a cup and handle pattern on the daily
chart and has broken out to move higher. The reason for today’s move in oil was
due to the U.N. Security Council’s vote to tighten sanctions against Iraq. The
new sanctions are receiving criticism from officials within Saddam Hussein’s
administration.
Crude oil for delivery in June gained .98 cents to $29.36 a barrel
in late-afternoon trading at the New York Mercantile Exchange. June unleaded
gasoline
(
HUM2 |
Quote |
Chart |
News |
PowerRating) rose 2.90 cents to 82.63 cents a gallon and June
heating oil
(
HOM2 |
Quote |
Chart |
News |
PowerRating) climbed 2.23 cents to 71.68 cents a gallon. June natural gas
(
NGM2 |
Quote |
Chart |
News |
PowerRating) added 0.070 cent to $3.55 per million British thermal units.
June gold futures
(
GCM2 |
Quote |
Chart |
News |
PowerRating) were pushed to eight-day lows at $307.60
down 3.30 or 1.06% today on the Comex division of the New York Mercantile
Exchange. July silver
(
SIN2 |
Quote |
Chart |
News |
PowerRating) followed gold lower, but actually
rallied to close unchanged at 460.700. July copper
(
HGN2 |
Quote |
Chart |
News |
PowerRating) gained 1.02% or
.75 to 74.500 a pound.
After wet weather hampered planting schedules for corn and soybeans, the markets
reacted positively. Today July Soybean futures
(
SN2 |
Quote |
Chart |
News |
PowerRating) dropped lower,
giving back some of the previous session’s gains. Grain prices were mostly flat
on the session. Wheat for July
(
WN2 |
Quote |
Chart |
News |
PowerRating) delivery was lower at 2.78 1/4 a
bushel, down 1/2 a cent. July corn
(
CN2 |
Quote |
Chart |
News |
PowerRating) was trading at $2.15 1/4 a
bushel up 1/4 and July soybeans fell 2 cent to $4.75 a bushel.
Â