Energies Stop Slide
Marc Dupee will be out of the
office until October 9. In his absence this column will be written by
TradersWire’s Duke Heberlein.
Crude oil
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when word was received that that European Union refused to release oil reserves
and increase market supply to attempt to lower sky-high fuel costs. Speculation
is also occurring that Saudi Arabia will not unilaterally boost production,
despite claims to the contrary by its crown prince. Crude rose .50 per barrel
on the news to close at 30.84, with unleaded
gasoline
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Soup Plus One Buy signal). November heating
oil
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rose .0124, to end the session at .9256, and natural gas
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5.186, up .062.
Financial indexes all gave back the gains they made on
Thursday with the Dow futures
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end the day at 10770. NASDAQ 100 futures
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spoils from Thursday’s Turtle Soup Plus One Buy and then some, dropping 143 to
close the regular trading day at 3615, and the S&P futures
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20 to 1456.
The Euro
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not join the European Monetary Union, gaining .0003 to end up at .8854. The
Canadian dollar,
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List, continued its fall out of a pullback from lows, dropping .0016 to
.6660. The December dollar index futures
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from highs, losing .17 to finish at 113, propelling the Swiss franc
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(up .0007 to .5828) and the British pound
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1.4770) to the positive Friday.
October lean hogs
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PowerRating), off the Momentum-5
List, continued its climb upward, leading the meats and posting gains of .725
to 58.350. Live cattle
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to 69.075, while February pork bellies
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surge, triggering a Turtle
Soup Plus One Sell signal when it took out Thursday’s intraday low. October
live cattle
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trading, with lives adding on .225 to 69.075 and feeders adding on .175 to close
at 86.650.
In grains, wheat
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3/4 at 265, while December corn
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green, up 1 1/2 to 197 3/4. November soybeans
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up, falling 7 3/4 to 490 1/2.
The softs, in conclusion, were strong, with December
cocoa
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.65 to 71.45.