Why Tomorrow’s Market Could Be Improving…
Traders were looking for a turnaround in the
second half of trading, but it never came. In fact it only got worse. The first
half of trading for the S&P 500 and Nasdaq 100 futures was plagued by negative
economic reports. What traders were looking for was what happened the past
two sessions — markets affected by bad economic reports ended
up rallying in the second half. They did not get it.
The Sept S&P 500 futures
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to the 884 support area, which was the -2.0 Volatility Band level (885) on the
S&P 500 cash Index. SPU2 closed lower at 884.79 down 26.69 or 2.93%.
On the Sept. Nasdaq 100
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Software
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917 down 47.50 or 4.92%.
Once again traders were waiting for the
weatherman to deliver news of temperature and weather at the outset of the
session open. The Weatherman reported forecasts of continuing heat, which pushed
prices on soybeans and grains higher at the Chicago Board of Trade (CBOT)
Nov. Soybeans
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reported that hot and dry conditions were forecast through mid-August, the same
news that rallied soybeans higher on Wednesday. According to forecasters, nearly
half of the soybean belt will see crop pressure associated with the extreme heat
and the drier areas will see some crop losses. Soybeans for Nov. rose 4 1/2 to
$5.41 a bushel.
Dec.Corn prices
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dry weather, but some relief was expected as strong thunderstorms hit parts of
the corn belt earlier today and scattered showers were forecast through tomorrow
(Friday). Dec. corn rose 1 3/4 cents to $2.58 1/4 a bushel.
Sept. Wheat futures
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Energy markets at the NYMEX continued lower today. September crude oil
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CLU2 |
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heating oil
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September natural gas [NGU2|NGU2 dropped .10 cents or 3.52% to $2.85 per
million British thermal units.
At the Comex Division of the New York Mercantile Exchange where precious metals
are traded, December gold futures
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GCZ2 |
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around $300.30 an ounce and then rallied to the $304.80-$305.20 range. Gold
closed up .70 to $305.89 an ounce. September silver
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able to duplicate gold’s movement as it sometimes does. Silver fell to 13-week
lows at the $4.55-$4.60 range and closed at $4.58 an ounce down 1.80 cents.
Sept. copper
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