What Set Futures Up For A Down Day
After disappointing
numbers last night, Intel
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Futures took on a bearish tone, which set US stocks up for a down day, ending
the Dow’s biggest four-day gain in almost 70 years.
Also, the energy market, which had been
on an upswing due to war drums, fell on today’s news: The International
Energy Agency, which directs use of emergency oil inventories, expects
OPEC and other nations to meet any loss of supply, indicating it wouldn’t tap
oil stocks immediately.
Nov. crude oil
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continued to move down away from the $30 a barrel level, closing at $29.48 — down
.24. Heating oil for Nov.
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gallon. Nov. unleaded gasoline
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gallon and natural gas for Nov.
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Motorola
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profit estimates, and General Motors
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cut its credit rating. The Nasdaq Composite Index had its biggest loss in almost
three months.
The Nasdaq 100 futures for Dec,
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level. Support is at 900 on the daily chart. The Dec. S & P 500 futures
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The Treasuries recouped some of yesterday’s
losses. The Dec. 10-year note
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113.12 while the Dec. 30 year
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The grains were
mixed with Dec. wheat
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had a strong 15 1/4 cent move or 3.88% to $4.08 1/2 a bushel. After yesterday’s
big move in corn and soybeans, the two gave back a small portion of yesterday’s
gains. Nov. soybeans
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corn
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In the metals,
Dec. gold
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Phlx Gold & Silver Index
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sectors today. Dec. gold attempted to get up above the 315 resistance line, but
settled just below it at 314.60 up 1.19. Dec. silver
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gold’s lead climbing back above the 4.34 resistance level. Silver closed at
$4.37 an ounce up 4.70 or 1.09%. Dec. copper
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trade in the 66 to 68 range. At one point in trade, copper was above the .68
resistance level but then fell back, to close at 67.40 a pound down .25.
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