Fading The Majority
One day before the 4th of July holiday, metals, energies and
softs and fibers are not trading and other markets are running on a shortened
schedule.
As the first trading day of the second half of 2000 begins,
the grains are tumbling to either contract lows or their lowest levels of the
year. The US Department of Agriculture’s crop report on Friday was bearish after
showing that a larger-than-expected number of acres had been sown. Monday, the
market is getting a jolt from the Commitment
of Traders report, released after Friday’s close. The report shows that
large traders shifted from net short to net long and that small traders are
still holding a net long position. This morning’s Pre-Opening
Outlook provides a summary analysis of the COT and the market is
fading the reporting majority.
As I am writing this, the Sep Nasdaq 100 futures are breaking
to their highest level of the session with JDS Uniphase
(
JDSU |
Quote |
Chart |
News |
PowerRating) leading the
way among the largest cap Nasdaq 100 stocks, +6 to 125 7/8. Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) is
also green, + 2 1/16 to 135 3/4 and Applied Materials is a trading at the top of
its range.