Where The Breakouts Are Happening
Today in the currency market, several foreign
currencies put in highs that have not been seen in quite some time. One
reason for the foreign currencies’ current run to newer highs is that when
investors enter foreign markets, they must have their dollars
exchanged to that country’s currency. Some investors feel that some countries
will rebound from their economic slowdown faster than the United States will.
Today the June British pound
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attempted to break out of its 52-week high range of 146.00 before settling down
to 145.92, an increase of .57 or .40%. The June Swiss franc
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rallied to a 52-week high to 62.45 up .47. The June Canadian dollar
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Today, the Canadian dollar tried to take out its Dec. 16 2001 high at .64040, but
was not successful, closing at .64030 up .28 or .45%. The Japanese yen for
June
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to close at 78.65.
The big story of the day is the June euro
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closing above .90 and taking out the highs set earlier this year. The euro
closed at .90 up .01 or 1.12%. The dollar has now dropped from 118.19 on April 1
to 114.79, today’s close.
In the Treasury market both the 30 year bond and
the 10 year note were fueled higher by the not-so-rosy economic news that was
released in early trading. Traders said the lower-than-anticipated reading
sparked some buying in Treasuries. The June 30 year bond
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.41 to 102.71 and the June 10 year note
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The June S&P 500 futures
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pulled a reverse today, opening lower and falling down. The S&Ps formed a cup-and-handle pattern on the intraday chart and broke out to close in positive
territory at 1088.40 up 11.19 or 1.04%. For more insight on the S&Ps, read
Lewis Borsellino.
In the energies, U.S. Oil Inventories increased
last week after imports rose to a sixth month high. This increase was
unexpected, and caused a slide in June crude oil
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oil closed at $26.75 a barrel down .54 or 1.98%. June heating oil
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lost 1.77 to close at 67.42. June unleaded gasoline
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.84 or 1.03% to 80.48 and June natural gas
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down .06 or 1.58%.
In the grains, it looks like July corn
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bounced and rose to the upside by 2.50 cents to close at $2.03 a bushel. July
corn is a
possible Turtle Soup Plus One buy Setup. Like corn, July wheat
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is forming a possible Turtle Soup Plus One buy setup. Wheat had a nice gain
today to the upside. July wheat ended the session at $2.73 3/4 a bushel up 5
cents or 1.86%. July soybeans
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gave up 2 1/4 cent to end at $4.64 1/2 a bushel. Soybeans look to be forming the
downside of a double top pattern.