Why Natural Gas Is Bucking The Trend In Energy
Yesterday’s move continued in
the oil and currency markets, as oil
continued lower and the dollar moved higher. The equity, metal, and fixed
income markets, on the other hand, finished mixed, as some investors will need
more news about the Iraq situation to continue Thursday’s move.
Equities
The equity futures finished slightly higher today
after an abysmal reading in the Michigan Consumer Confidence number took the
momentum out of yesterday’s move, reminding investors not to get too ahead of
themselves. The Nasdaq March contract
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the near month S&P futures
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Dow March contract
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Fixed Income
The treasuries took back a small portion of
yesterday’s losses after the poor Consumer Confidence numbers. The five-year
note finished up by 0-080 to close at 113-190
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PowerRating). The 10-year
contract
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finished at 114-06, up 0-12.
Metals
With the exception of aluminum and silver, the
metals all finished higher. Copper futures took back half of yesterday’s losses
and inched up by.25 to finish at 75.45
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PowerRating).Gold was up a mere .60, to
finish at 336.6
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Energy
April crude oil continued yesterday’s move,
falling by 1.75% to close at 35.38
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was up 1.310% as the market realizes that supply constraints may continue to be
an issue. The April contract
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Currencies
The US dollar again closed higher, as the USD
index
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PowerRating) was up .44 to finish at 100.51. The greenback closed below
the critical 1.0764 level against the euro, signaling a weekly reversal.