Tuesday, September 14, 2010
Stock Market and Commodities Summary For Tuesday Sept. 14th
Crude oil closed down $0.41 at $76.78 a barrel today. Prices closed near mid range today and saw a corrective pullback from recent gains and were also pressured by some weak economic data coming out of Germany. Bulls still have the slight near term technical advantage. The next near term upside price objective for the bulls is producing a close above solid technical resistance at $80.00 a barrel.
Natural gas closed up 1.7 cents at $3.955 today. Prices closed nearer the session high today and hit another fresh three week high on short covering in a bear market. The bears still have the overall near term technical advantage. A three month old downtrend is still in place on the daily bar chart.
Gold futures closed up $24.90 at $1,272.00 today. Prices closed near the session high today and soared to a fresh contract and all time record high. A sharply lower U.S. dollar and some fresh safe haven investment demand boosted gold higher today. A dour economic report coming out of Germany today spooked the markets in Europe, and that added to buying interest in gold. Now, look for price volatility in the gold market to heat up in the near term, with bigger daily price movements likely, both on the upside and on the downside. Gold bulls still have the strong overall near term and longer term technical advantage.
The U.S. dollar index closed down 72 points at 81.46 today. Prices closed near the session low again today and hit another fresh four week low. Bears have the near term technical advantage and gained more downside momentum today. Bulls' next upside price objective is to close prices above solid technical resistance at last week's high of 83.31.