Where The Potential Positive Is…
In today’s trading, the S&P 500 and Nasdaq 100
futures were lower at the beginning of trade, and stayed that way for the
majority of the session. The September Nasdaq 100 futures
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were battered down by big tech titans such a Apple Computer
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Advanced Micro Devices
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dropped amid profit warnings and regulatory despair. The September S&P 500
futures
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futures closed at 1020.50, down 24.69, or 2.36%. One
potential positive was that the VIX
spiked up 2.38 points to 29.71. While that is
not a bullish signal itself, the fear that this indicates is entering the market
suggests that such a signal could be on the horizon. Keep your eyes on the Market
Bias page.
In Carolyn Boroden’s
column today Carolyn points out the recent trend in the S&P 500 futures.
Click here to read this interesting analysis.
With the September U.S. dollar
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in decline and another down day in the broader index markets, August gold
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PowerRating) re-entered the $320.00-an-ounce price range. Gold futures on the
Comex division of the New York Mercantile Exchange jumped at the open and traded
as high as 322.29 before settling to $320.30 an ounce, up .60. July silver
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PowerRating) was also higher early and touched four-day highs of $4.915
before falling back below $4.88 and closing lower by .30 to $4.84 an ounce.
July copper
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PowerRating) also lost ground today, closing at 75.75 a pound, down
.30.
In the energy sector, the U.S. Department
of Energy reported that a slightly less bearish scenario than expected is
occurring in the oil market. The DOE reported that crude inventories fell by a
half-million barrels on the week. This initially pushed crude oil up in price,
but by the end of the day August crude oil futures
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slightly negative to end at $25.57 a barrel, down .07. The rest of the energies
followed suit. Heating oil for August
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PowerRating) dropped .35 of a cent
to close at 65.84 cents a barrel. Unleaded gasoline for August delivery lost .81
of a cent to end at 77.04 cents a gallon and August natural gas
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PowerRating) lost .30 to end at 75.75 cents a gallon.
Grain and soybean futures were higher at the
beginning of trading at the Chicago Board of Trade. This was positive compared
to yesterday’s losses. Wheat for July delivery
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WN2 |
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PowerRating) rose 2.25
cents to $2.91 1/2 a bushel; July corn
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CN2 |
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a bushel; July soybeans were stronger on the day at $4.91 1/2 a bushel, up .50 a
cent.