Trendy Futures
The leading stock on the Momentum-5
List, is continuing to new highs. An unusually strong ADX
Reading of 66 and three upsignals on the
Futures
Trend Matrix are evidencing the commodity’s forceful up trend, the strongest
among the most closely followed futures.
Reports from the International Energy Agency that higher prices have eased
demand for oil may take the pressure off OPEC to raise production at its June 21
meeting in Vienna. Any delay in raising output would be constructive for
energies. Venezuela’s oil minister Rodriguez said OPEC has no
"timetable" for implementing the cartel’s price band, where the group would automatically increase production by 500,000 barrels a day when the 20-day moving average of the price of OPEC crude rises above $28. Unleaded
gasoline, another Momentem-5 List member, is the best performer in the
group.
T-bond and 10-year note futures held near highs after
Friday’s PPI report which came in as expected. The report provides additional
evidence that inflationary pressures are contained and relieves some of the
pressure on the Fed to continue its year-long program of raising interest rates to slow the economy. Still the interest futures have pulled back on the news and are trading near the bottom of Friday’s range.
Here are the highlights around noon Eastern time:
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Stock Index and Bond Futures |
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Currencies |
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Energies |
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Metals |
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Grains |
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Meats |
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Softs and Fibers |
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