What Traders Are Looking At For Monday
The questionable economy continues to create a
choppy
yet tradable market for traders. Both the Sept. S&P 500
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today.
SPU2 closed at 894.50 up 11.50 or 1.30%. Tech
stocks helped fuel the fire today in the Nasdaq 100. Among the strongest
sectors on the day were Biotech
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Semiconductors
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revised its outlook, now in line with prior expectations. The Sept. Nasdaq 100
closed at 920.50, up 28, a 3.14% increase.
The unemployment rate
dropped unexpectedly to 5.7%, lowering expectations of a Fed rate cut at the
next FOMC meeting on Sept. 24. Prior to this morning’s employment report, a
September rate cut was given 46% odds.
Treasuries suffered their biggest losses in two weeks. The Dec. 10-year note
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dropped 1’18 to 110^20. Both treasuries have set up for a possible Turtle Soup
Sell Setup.
President Bush is looking for a strong commitment from the US allies with regard
to removing Saddam Hussein from power. This has traders wondering how an attack on Iraq
would affect the world’s oil supply.
October crude oil
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a barrel mark, then pulled back to close just above its former resistance at 29.
Crude oil for October delivery closed at 29.60 up .62. Oct. unleaded gasoline
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oil
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Oct. natural gas
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loss.
At the Chicago Board of Trade (CBOT), grains and
beans rallied stronger once again ending the week on a positive note. Wheat was
a big winner once again, hitting five-year highs. The reason for the big move in wheat is
that the US, the
world’s largest exporter, has been hampered by drought. Other big exporters of
wheat, Canada and Australia, have also suffered crop losses and this has led to
a tightening of world supplies. In addition, some traders fear rainy weather in growing
regions will damage spring wheat.
December wheat
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of .18 cents. December corn
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3/4 cents, and Nov. soybeans
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bushel.
December gold
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rally out of an inverted head-and-shoulders bottom. Dec. gold closed above
another key resistance level (321.00) at $321.39, a troy ounce up 1.60.
December silver
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dropping .50 of a cent to end at $4.54 an ounce. December copper
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Turtle Soup Plus One Buy setup.