After opening sharply lower, September
E-mini S&P 500 futures rallied from the opening, but failed to take out
yesterdayâ€™s high at 954.50. Traders participated in the long side up until the
time when Fed Chairman Bernanke began his testimony before the Senate Financial
Equity futures have been rallying lately
fueled by better than expected earnings.Problems may develop because of the lack of revenue growth however.Earnings have been going up because firms
have been slashing expenses.
New money has been coming into the markets
from the mutual funds but the current rally still does not look like anyone is
chasing prices higher.This usually
means higher markets to follow over the long-term.
Short-term, donâ€™t be surprised by a 50%
correction of the weekâ€™s range sometime today.This means a test of 945.00 in the September E-mini S&P 500 sometime
After a strong really yesterday, September
Treasury Bonds and Treasury Notes are feeling downside pressure from
yesterday regarding the Fed having the tools to control inflation is
potentially bullish news.
August Gold is the surprise mover of the
day.This market is currently posting a $5.00
gain despite Bernankeâ€™s testimony that inflation could be brought under control
once the economy begins to turn and the Fed begins to implement its exit
September Crude Oil is recovering losses
following an early morning set-back.Traders had taken a defensive position ahead of todayâ€™s inventory
report.New buyers came in once the
report showed that inventories were in line with estimates.
November Soybeans and December Corn
continue to face selling pressure.Ideal
weather conditions including decent temperatures and ample rainfall have led
traders to believe that the USDA will increase production estimates when it
releases its next report in early August.Soybeans are under pressure because China started to sell part of its
inventory on the domestic market.This
is leading to speculation that China will refrain from purchasing U.S. soybeans
for some time.
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