What Makes Friday’s Action Encouraging
The index futures limped somewhat into the close but Friday’s session saw the
markets post a second straight net positive day, and gave an encouraging sign
for the upcoming weeks.
Dow Futures
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100 Futures
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adding over 30 to their total.
Bonds took it on the chin again, as 10-year Notes
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fell on the indices rally along with U.S. Treasury Bonds
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which dropped 1’14 in trading.
Gold
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on the other hand, did not suffer as badly as it did
Thursday, falling only 0.30 on the day. Silver
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managed to eke out a small gain, while Copper
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above the 50-day moving average after forming a double bottom over the past
week.
Energies rallied across the board, with Crude Oil
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rebounding off the 50-day moving average and Gasoline
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the same off its 20-day moving average. Heating Oil
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posted positive, albeit small gains at the close.
Is Cocoa
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back from its contract high today, forming a large-range outside day down. Orange Juice
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was the lone gainer of the group, up more than 2 points. Coffee
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and Sugar
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posted small losses, and Cotton
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triggered back to the downside out of a counter trend rally.
Grains were mixed, with Soybeans
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Friday’s range, with
Bean Oil
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Soy Meal
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sold off initially but recovered somewhat into the close and Corn
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continues its implosion.
In the meats, both Pork Bellies
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continue to rebound out of pullbacks to the 20-day moving average, but slipped a little into the close and ended the day weakly. Live
Cattle
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session higher and appear to be regaining some upward momentum following a tough
four week period which saw falling contract prices.
The US dollar
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closed the session unchanged, hurt in the
last half of the day as profits were pulled out of the indices. The Swiss
franc
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and the Canadian dollar
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managed to tack on some gains in the final day of trading, but the Japanese
yen
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and the British pound
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fell in the session.