What’s Keeping These Sectors Strong?

  • September 9, 2002
  • Paul Letourneau

What started out as a negative day turned out to be positive for the
futures. By 1:00 PM EST, the Sept. S&P 500
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retracement (890.172) and never looked back. SPU2 closed at 900.60 up 9.40.
TradingMarkets.com contributor Carolyn Boroden has some key support levels that
she is looking at on the SPU2. For Carolyn Boroden’s Futures Perspectives

click here.

The Nasdaq 100 for Sept.
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sector standouts, such as Biotechs
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Sept. Nasdaq 100 between the 70.7% retracement and the 61.8% retracement. NDU2
closed at 927 up 6.50.

In the Treasuries there was not much movement, with the Dec. 30-year bond
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At the Chicago Board of trade (CBOT) where grains and beans are
traded, Dec. wheat futures
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was due to ongoing weather-related problems in the US Plains states and in
Canada. In addition, Australia is also having its share of wheat crop problems.
Wheat futures prices set multi-year highs last week. Today wheat continued its
move higher. While the market is technically over bought, the fundamental news
on damaged crops could be associated wheat moving higher. Today wheat broke
and closed above the 161.8% retracement level at $4.15. WZ2 closed at $4.23 a
bushel up .13 or 3.17%. Dec. corn
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or 2.21% to $2.89 1/2 a bushel and Nov. soybeans
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1/2 cents to $5.70 1/2 a bushel a 1.88% move.

In the metals market, Dec. gold
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breaking out of an inverted head-and-shoulders pattern. Both gold and silver
helped make the Phlx Gold & Silver Index
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sectors on the day. Gold for Dec. closed at $322.60 an ounce up 1.10. Dec.
silver
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copper was also a winner closing at 69.79 a pound up 1.55 or 2.27%.

Many of the energies continued to move up in price in anticipation of a
US-led invasion of Iraq. Oct. crude oil
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close at $29.73 a barrel. Oct. unleaded gasoline
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a cent to 79.20 a gallon; Oct heating oil
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gallon up .31. Natural gas for Oct.
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3.39.