The U.S. stock indexes closed solidly lower today on profit taking and amid a “risk-off” day in the world market place The U.S. appears poised to take military action against Syria, possibly within 48 hours, after the Syrian government regime used chemical weapons against its citizens. World stock markets sold off Tuesday on the jitters regarding Syria. There are worries any U.S. military intervention in Syria could escalate into further instability and violence in the already volatile Middle East. Emerging country financial markets and currencies also saw strains Tuesday amid the risk aversion in the market place. The Indian rupee hit another record low versus the U.S. dollar Tuesday.
October Nymex crude oil closed up $3.04 at $108.97 today. Prices closed nearer the session high today and hit a fresh contract high. Syria tensions have pushed oil sharply higher following U.S. Secretary of State Kerry's harsh condemnation of Syria Monday afternoon. Crude oil bulls have the strong overall near term technical advantage. Prices have now seen a bullish upside “breakout” from the choppy and sideways trading range at higher price levels.
December gold futures closed up $26.50 an ounce at $1,419.70 today. Prices closed nearer the session high and hit a nearly three month high today. Safe haven buying was featured, along with fresh technical buying interest. The key “outside markets” were also bullish for the gold market today, as the U.S. dollar index was lower and crude oil prices were sharply higher. The gold market bulls have the near term technical advantage. A two month old uptrend is in place on the daily bar chart.
October natural gas closed up 2.4 cents at $3.577 today. Prices closed near the session high. The nat gas bears still have the overall near term technical advantage. However, the bulls have gained a bit of upside momentum.
The September U.S. dollar index closed down .271 at 81.170 today. Prices closed near the session low. The greenback bears have the overall near term technical advantage. Prices are in a seven week old downtrend on the daily bar chart.
And you just have to know that we can't resist talking about coffee. December coffee closed down 110 points at 116.65 cents today. Prices closed near the session low today as prices hover near the recent contract low. The key “outside markets” were fully bullish for the coffee market today as the U.S. dollar index was lower and crude oil prices were sharply higher. Yet, the coffee market bulls could get no traction, which is another bearish clue for coffee. The coffee bears have the solid overall near term technical advantage.
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