Bonds Beat Economic Woes
Marc
Dupee will be out of the office for today. In his absence, this column will be
written by Daniel Beighley.
The economic troubles of
Argentina sent investors scrambling to the shelter of U.S. bonds. The 30-year
bond (USU1)
was up 6/32 at 101 7/32 , a shot a way from its next resistance point of 102
24/32. The Treasury 10-Year Note (TYU1)
was up 3/32 at 104 4/32, with its next resistance is at 105 5/32.
Heating Oil (HOQ1),
up .08 at .7067, halting its three-day decline and putting on a strong rally
into the close. Unleaded Gasoline (HUQ1),
up 22.5 at .7533, also rallied into the close. Light crude (LCQ1)
ended up down .31 at 26.80 in an attempt to halt its four-day decline with a
strong rally into the close. Natural Gas (NGQ1)
finished up .063 at 3.428 making a five-day high.
Gold Coin (GCQ1),
down 1.60 at 267.10, is continuing to trade within its range. Silver (SIU1),
up .008 at 4.268, also traded with in its range.
Lean Hogs (LHQ1)
were down 47 1/2 at 67.80 making a five-day low. Pork Bellies (PBQ1)
were up 1.275 at 86.225, rallying for a .50 retracement of its May 23 low. Live
Cattle (LCQ1)
finished down .125 at 73.850 closing near its daily lows. Feeder Cattle (FCQ1)
closed .425 lower at 89.975 making an inside day.
Corn (CU1),
up 10 at 234 1/4, continued its eight-day charge out of bear territory. Soy Beans
(SQ1)
is up 17 at 527 for a 20-day high. Bean Oil (BOQ1)
is up at 18.19 in a range expansion to make a 20-day high. Soybean Meal SMQ1,
up .35 at 17.97, matched yesterday’s 20-day high and closing strongly. Wheat (WU1),
up .17 at 289 1/4, is in an expanding trading range making a 20-day high. All
grains have been on the TradingMarket’s Momentum
5 List.
Orange Juice OJU1
closed up .30 at 82.50 forming a pennant.
All stock market futures were
up on a positive outlook from Microsoft and Yahoo. S&P 500 Futures (SPU1),
up 27.96 at 1214.20, fell short of its 20-day moving average. Nasdaq Futures (NDU1),
up 101.50 at 1761.50, crossed its 20-day moving average and closed near its
high. Dow Futures (DJU1),
up 2.67 at 10552, closed right on its 20-day moving average.