Why Gold Looks Good
The futures were
negative going into the open and
negative going out of it. The Dec.
Nasdaq 100
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the Phlx Semiconductor sector
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positive bias. But it wasn’t enough to give it the final thrust to the upside.
NDZ2 closed at 849, down .50. The Dec. S&P 500
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of the day. In the last half-hour of trade the S&Ps tried to stage a rally from
the -1.0 volatility band, but time ran out and the futures ended lower once
again at 820.79 down 13.40 or 1.61%.
Federal Reserve
policy makers, in an unusual 10-2 vote, held interest rates steady, citing a
weak economy, and suggested the prospects of war with Iraq may hinder an
economic recovery. Treasuries rose after the Federal Reserve said weakness
remains the biggest threat to the economy. The Dec. 10-year note
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30 year bond
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In the metals, Dec. gold
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uncertainty in the earnings from corporations and the war drum beating, some
traders are diversifying their money into gold. Dec. gold is setting up for a
turtle soup sell setup. Today gold closed at $327.19 a troy ounce, up 3.20. Gold
hit a high at 329.30. Dec. silver
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gold. Silver closed at $4.67 an ounce up 1.70 cent and Dec copper
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Energy markets were
mixed today with, but crude-oil futures rose for a fifth session after U.K.
Prime Minister Tony Blair demanded United Nations action against Iraq, saying
the Persian Gulf oil producer has plans to deploy weapons of mass destruction.
Nov. crude oil
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heating oil
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gasoline
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Oct. natural gas
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At the Chicago Board of Trade (CBOT) where grains
and beans trade, there were rallies from key support zones. Dec. corn
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the Sept. high. Corn closed at $2.59 3/4 a bushel up 5 1/2 cents or 2.16%.
Dec wheat
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Wheat broke above the 20-day moving average (394.35) to close at $4.03 1/2 a
bushel. And Nov. soybeans
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20-day moving average. Beans closed at $5.61 3/4 a bushel up 8 1/2 cents or
1.54%