Will This Double Bottom Pattern Hold?
Another below-average trading volume day took
the wind out of the sails of the first trading day of June. This morning,
better-than-expected economic reports came out, but the the rosy news was
clouded by Tyco International’s
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The June Nasdaq 100
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worst close in three months and dropped 43.50 or 3.60% to 1166.
The June S&P 500
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putting a double bottom which could be the start of a new rally if the
chart unfolds in the bulls’ favor. The June S&P 500 closed lower by 28.69 or
2.69% to 10838.79.
Crude oil for July delivery
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was down 23 cents at $25.08 a barrel. June heating-oil futures
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gasoline
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July natural gas
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3.24.
In the grains,
beans, corn and soybean futures
retreated on the CBOT following a weekend that did not have the rainfall that
was expected in the Midwest. Wheat for July
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cent or 1.59% to $2.86 3/4 a bushel to break out of its neckline on the inverted
head-and-shoulders pattern it has been forming on a daily chart. July corn
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fell 3 1/4 cents to $5.05 1/2 a bushel.
Many investors are still looking to gold and
silver as a safe haven, and are making moves into the precious metals. Today,
August gold
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positive at $327.70 up .20. July silver
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higher as well logging in a profit of 3.79 or .75% to 5.08. July copper
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