Where Demand Is Picking Up
U.S. Treasuries gained for the first day in
three as the government went on heightened alert for terrorism a day before
the first anniversary of the World Trade Center and Pentagon attacks.
Demand for the safest investments
picked up after the Navy warned that Osama bin Laden’s al-Qaeda network, which
carried out the Sept. 11 attacks, may hit oil tankers in the Persian Gulf and
Red Sea. The Dec. The Dec. 30-year U.S. Bond rose .59 to close at 111.21. The
Dec. 10-year note rallied up .34 to 113.04.
All of the pre- 9-11 Anniversary
talk and warnings made for a volatile market in the equities. I’m not sure if
this is a good Omen, but the Sept. S&P 500 futures
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911 a positive close by 10.40. This close was just above the 38% retracement
level (908.84) drawn from the Aug/Sept. downtrend.
The Nasdaq 100 for Sept.
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Chip equipment sectors. The NDU2 is getting close to hitting its 20-day
moving average. Today the 23.50 positive move pushed the Nasdaq 100 futures to
951.50 a 2.48% gain.
In the grains and bean markets, the recent gains
in wheat have boosted the Dec contract to five-year highs. Today profit takers
stepped in to force December wheat
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bushel. December corn
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gain and close at $2.87 1/2 a bushel. November soybeans
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bigger winner in today’s trade gaining 1.09% or 6 1/4 cents to $5.77 1/4 a
bushel.
The energies were mixed today with crude oil and
heating oil hitting fresh 20-day highs. Crude oil for Oct.
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rallied up .02 to $29.75 a barrel. Oct. heating oil
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of a cent to 79.25 a barrel. Oct. unleaded gasoline
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.01 cent or 1.27% to .80 cent a gallon. And Oct. natural gas
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closed lower by .03 to 3.35.
December gold fell victim to profit takers today.
December gold
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(neckline) from an inverted head and shoulders pattern, but today profit takers
stepped in to take some of their money off of the table. Dec. gold lost 3.39 or
1.05% to end at $319.39 an ounce. December silver
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2.79 cent to end at $4.578 an ounce, while Dec. copper
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1.14 or 1.65% to 70.90 a pound.