Where Today’s Exciting Ride Is Leading Us…
Today was an exciting ride on the Dec. S&P
500 futures
(
SPZ2 |
Quote |
Chart |
News |
PowerRating). SPZ2 rallied to make a positive end in the regular
session and grabbed 6.79 points, closing at 898.29, just below the
resistance level of 900.00. The Dec. Nasdaq 100
(
NDZ2 |
Quote |
Chart |
News |
PowerRating) futures
were even more exciting, as it rallied 19.00 or 1.95% to 992.50. This close is
right above the 78.5% retracement level.
In the early part of trade, the futures
pointed towards a lower open, and that was confirmed when the indices gapped
lower, tried to rally and collapsed. Then towards the end of the trading
day, stocks steamed ahead, shaking off the earlier decline as investors snatched
up companies like semi giant Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) on hopes for a sustainable
upturn in the market.
The futures languished in negative ground much
of the session before rallying late in the day. The futures were negative on
Tuesday after their dramatic turnaround in the past two weeks from a slump to 5-year
lows. Investors are debating whether the rise is a short-lived rally in a bear
market or the start of a new bull run.
Crude oil and the energy commodities rose today
on news that the US is ratcheting up pressure on the UN as talks are
deadlocked over Russian and French concern that the resolution would allow for
the automatic use of force if Iraq fails to comply with inspections. This was
according to Bloomberg.com. Dec. crude oil
(
CLZ2 |
Quote |
Chart |
News |
PowerRating) rose .11 to
$28.18 a barrel. Dec. unleaded gasoline
(
HUZ2 |
Quote |
Chart |
News |
PowerRating) followed crude into
positive territory on the day, closing at 75.88 cents a gallon up .82 cent or
1.09%. Dec. heating oil
(
HOZ2 |
Quote |
Chart |
News |
PowerRating) lost .04 of a cent to end at 76.48 a
gallon and Dec. natural gas
(
NGZ2 |
Quote |
Chart |
News |
PowerRating) climbed .12 or 2.90% to 4.440.
In the beans and grains, Dec. wheat
(
WZ2 |
Quote |
Chart |
News |
PowerRating) dropped below its 4.00 support level. WZ2 lost 5 1/4 cents or 1.31% to
$3.96 1/2 a bushel. Dec. corn
(
CZ2 |
Quote |
Chart |
News |
PowerRating) broke below its 2.52 support
level to close at 2.50 1/4. This was a loss of 3/4 of a cent. Nov. soybeans
(
SX2 |
Quote |
Chart |
News |
PowerRating) had a strong move today, gaining 8 cents or 1.46% to close at $5.54
1/2.
In the metals, Dec gold
(
GCZ2 |
Quote |
Chart |
News |
PowerRating) gave
up a dollar to close at $312.60 a troy ounce. Dec. silver
(
SIZ2 |
Quote |
Chart |
News |
PowerRating)
fell back to $4.406 an ounce down .70 and Dec. copper
(
HGZ2 |
Quote |
Chart |
News |
PowerRating) dropped
.25 to 69.45 a pound. At one point copper was above the key resistance level of
.70, but closed below that level.