Where The Momentum Is
The broader index futures
lack a real
conviction to move anywhere but lower. June Dow futures
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lows of the day and remain below the 10,000 level. With semiconductor and chip equipment makers
suffering from pullbacks, so does the tech-heavy June Nasdaq 100
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PowerRating). The June Nasdaq futures closed at 1218.50 down 34 or 2.71%. The
June S&P 500 futures
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closed near their lows today at 1067.79, down 8.80.
Today on the CBOT,
a government report confirmed that 83% of the U.S. corn crop has been
planted. The crops look to be poor due to rainy
weather and partial flooding in the region. This sent July corn futures
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PowerRating) higher by 4 cents to $2.11 1/2 per bushel. In other grains, wheat
for July delivery
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bushel; July soybeans
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The energy commodities had a positive day at the
NYMEX. Earlier in the session the energies were having trouble staying
positive, but the tide had turned by the end of the day. July crude oil
(
CLN2 |
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PowerRating) rose .49 or 1.94% to $25.76 a barrel. July heating oil
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gasoline
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barrel and July natural gas
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In the precious metals, gold continued its
rise to highs it has not seen in two years, all the way to $327.30 an ounce.
While the plug could get pulled any time, this is where the momentum is for the
time being. June gold
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GCM2 |
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PowerRating) ended at $325.50 an ounce up 1.39.
July silver
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PowerRating), which
often follows the movement of gold, was higher on the day up 6.29 or 1.29% to
4.945. And July copper
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PowerRating) dropped .60 to 75.09 a pound.