Today’s Only Winner…
The markets traded in dull
ranges after the
US indicated that it may delay its decision to invade Iraq. The
financials, the indices and gold inched lower amid the continued lack of clarity
resolution regarding the matter. Energy futures also dipped lower, but as a
result of expected warmer weather and OPEC’s announcement that it would provide
stability to the oil markets in the event of a supply shortfall. The only winner
today, barely, was the US dollar.
Equities
Equity futures will continue to feel pressure as
long as the Iraq situation is resolved. The S&P futures
(
SPH3 |
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6.8 points to finish at 801; the Dow
(
DJH3 |
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PowerRating) down 32 points to finish at
7528 and the Nasdaq
(
DH3 |
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PowerRating) down 7.50 to finish at 959.
Fixed Income
Treasuries finished lower across the curve today
amid a lack of economic data or geopolitical news. The 10-year contract
(
TYM3 |
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PowerRating) finished at 116-090, down 0-75, the 30 year
(
USM3 |
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115-08, down 0-03
Metals
Gold was also lower amid a lack of negative news.
Gold
(
GCJ3 |
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PowerRating) finished down 4.2 at 350.6. While silver
(
SIK3 |
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PowerRating) was up 1.0
at 469.0
Energy
The natural gas April contract
(
FF03U |
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PowerRating)
finished lower by .571 at 5.944 on the back of better-than-expected weather in
most of the US. And, Crude oil
(
CL03J |
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PowerRating) closed lower by .55 at 36.72 on the
back of the OPEC comments.
Currencies
The US dollar was gained against the Swiss franc,
European euro and Japanese yen, on the back of profit taking. The US dollar
index
(
DX03H |
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PowerRating) was up .17 to finish at 98.53.