Two Turnaround Stories…
The September S&P 500
futures ended a
waterfall of red, as the S&Ps for September
(
SPU2 |
Quote |
Chart |
News |
PowerRating) closed positive for the
first time in four sessions. The SPU2 closed at 927.29, up 8.30.
Traders were looking for more losses today as
another accounting scandal reared its ugly head. This time it was drug maker
giant Bristol Myers Squibb
(
BMY |
Quote |
Chart |
News |
PowerRating). The Sept. S&P slid down on negative
internals, but by the mid session, the S&P has shaken off the news and reversed
from a 1,2,3 higher bottom. The rally went all the way to the close, giving the
S&Ps their first positive closing in four sessions.
The Sept. Nasdaq 100 futures
(
NDU2 |
Quote |
Chart |
News |
PowerRating)
had a turnaround story as well. Right around the time the S&Ps turned, the
Nasdaq followed suit and had a nice afternoon rally. The Nasdaq 100 futures rose
37 or 3.84% to 1000.
In the grains, corn prices fell down after the
U.S. Department of Agriculture raised its estimate of U.S. corn production by
140 million bushels. Smaller-than-expected weekly export sales also weighed on
the market. Corn for December delivery
(
CZ2 |
Quote |
Chart |
News |
PowerRating) fell 2.10% or 5 cents to
$2.33 1/2 a bushel. The selloff in corn limited wheat prices from moving higher,
despite bullish data from the USDA report. Wheat had initially jumped to a
14-month high after the government agency forecast the lowest U.S. wheat crop in
nearly 30 years as well as a drop in world supplies. September wheat
(
WU2 |
Quote |
Chart |
News |
PowerRating) lost 4 1/4 cents to close at $3.21. In the November soybeans
(
SX2 |
Quote |
Chart |
News |
PowerRating) market, market-watchers suggested that the forecasts of lower supplies
had already been factored into prices. Soybeans rose 4 1/4 cent to $5.19 1/2
In the energy complex, crude oil for August delivery
(
CLQ2 |
Quote |
Chart |
News |
PowerRating)climbed 8
cents at $26.85 a barrel on the New York Mercantile Exchange. August heating
oil gained
(
HOQ2 |
Quote |
Chart |
News |
PowerRating) .33 of a cent to 69 cents a gallon and August
unleaded gasoline
(
HUQ2 |
Quote |
Chart |
News |
PowerRating) rose .81 of a cent at 79.79 cents a gallon.
August natural gas
(
NGQ2 |
Quote |
Chart |
News |
PowerRating) lost 1.01% to close at 2.83.
In the Precious Metals, August gold futures
(
GCQ2 |
Quote |
Chart |
News |
PowerRating) spent much of the
time below the 10-day moving average around $315.20. One reason for this is that
the September dollar
(
DXU2 |
Quote |
Chart |
News |
PowerRating) held strong against the euro and other
currencies. Gold ended up rallying from the 315 levels to close at $317.50 an
ounce up 2.39.Sept.silver
(
SIU2 |
Quote |
Chart |
News |
PowerRating) rallied up to 24-day highs at $5.09
per ounce up 4 cents. And copper for September
(
HGU2 |
Quote |
Chart |
News |
PowerRating) lost .80 to 75.04 a
pound.