Tuesday, October 12, 2010

Stock Market and Commodities Commentary For Tuesday Evening Oct. 12th

The U.S. stock indexes closed firmer again today in quieter trading. The stock index bulls still have the overall near term technical advantage as uptrends are in place on the daily bar charts. However, the uptrends have turned into more sideways price action recently, which is likely to continue in the near term. Stock index bulls have been very pleased with price action so far this autumn, a time which is normally not favorable to market bulls.

Crude oil closed down $0.56 at $81.65 a barrel today. Prices closed near mid-range today and saw more profit taking from recent gains. A firmer U.S. dollar index also put light pressure on crude today. Prices are still in a six week old uptrend on the daily bar chart.

Natural gas closed up 4.6 cents at $3.647 today. Prices closed near the session high today after hitting a fresh contract low early on. Tepid short covering in a bear market was featured. The bears still have the solid overall near term technical advantage.

Gold futures closed down $6.00 at $1,348.40 today. Prices today closed near mid-range and saw profit taking. A firmer U.S. dollar index also slightly weighed on the precious yellow metal today. The gold bulls still have the solid overall near term technical advantage. Prices are in a 2 1/2 month old uptrend on the daily bar chart.

The U.S. dollar index closed down 11 points at 77.54 today. Prices closed near the session low today. Bears still have the solid overall near term technical advantage. There are still no early clues to suggest a market bottom is close at hand.



Share

No comments:

ShareThis