What Helped Move Indices Today
Traders had a great challenge on their hands
today. A small range with a little turbulence made for a bumpy market. When
the Future indices ended, the S&P 500 futures and Nasdaq 100 futures were in
the positive zone. The Sept. S&P 500
(
SPU2 |
Quote |
Chart |
News |
PowerRating) rallied up 12.50
or 1.36% to 930.50. The Sept. Nasdaq 100 futures
(
NDU2 |
Quote |
Chart |
News |
PowerRating) are rallying
from a 1,2,3 bottom and are challenging the 38.2% retracement line at 989.98. A
break above this level will have the NDU2 rallying towards its 50% retracement
at 1030.25. The Nasdaq 100 futures for Sept. closed at 988 up 21 or 2.17%.
After having a nice ride to hit new highs,
Treasuries gave back some of the recent gains that were accrued the last couple
of sessions. The Sept. 30-year bond
(
USU2 |
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Chart |
News |
PowerRating) dropped 1.12 or 1.01% to
110.06. The Sept 10-year note
(
TYU2 |
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Chart |
News |
PowerRating) closed at 112.53 down .70
In the metals, Gold helped move the equity
markets today. Dec. gold
(
GCZ2 |
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Chart |
News |
PowerRating) rallied up 2.60 to close at $316.10
a troy ounce. Sept. silver
(
SIU2 |
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Chart |
News |
PowerRating) followed gold’s lead posting a gain
of 2.50 to $4.483 an ounce; and Sept. copper
(
HGU2 |
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News |
PowerRating) rose 1.25 to
68.25 a pound.
Crude-oil futures advanced for the sixth day in a
row as traders looked to comments by the Nigeria for hints that the Organization
of Petroleum Exporting Countries won’t increase its quotas.
On the New York Mercantile Exchange, Sept. crude-oil futures
(
CLU2 |
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PowerRating) broke out to $29.00 a barrel, a rise of .85 cents. Sept. heating
oil
(
HOU2 |
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PowerRating) gained 2.56 cents to 72.70 cents a gallon, while Sept.
unleaded gasoline
(
HUU2 |
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PowerRating) rose 2.16 cent to 79.79 cents a gallon.
September natural-gas futures
(
NGU2 |
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Chart |
News |
PowerRating) were up 22 cents to $3.12 per
1,000 cubic feet.
At the Chicago Board of Trade (CBOT) where
the grains and beans are traded, Sept. wheat
(
WU2 |
Quote |
Chart |
News |
PowerRating) gave up some of
its recent gains. wheat closed down 6 1/2 cents or 1.82% to $3.50 1/2 a bushel.
Dec. corn
(
CZ2 |
Quote |
Chart |
News |
PowerRating) closed at $2.84 a bushel a loss of 3/4 of a cent. One bright
spot were the beans, November soybeans posted another positive close ending at 5.73
up 1.25 cents.
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