The Market with Ozzy
Market Statistics, News, Sectors of S&P 500, Fixed Income, Economic Calendar and more…Archive for Commodities
Before the Closing Bell
Oil prices climb to $72.70 a barrel, fresh 2009 highs after International Energy Agency forecasted the increasing demand for oil in 2009.
Gold and silver are trading higher today, up 0.27% and 1.45% respectively.
Stocks remain strong today although it seems to be stuck in the 950-953 range. It is up 12.78 points at 951.93 at this hour before the closing bell.
Business Inventories, an important indicator of the near-term direction of production, data came out worse than the consensus expectations. The consensus estimated a 0.8% decline in the inventories while the actual numbers came to 1.1% decline. Investors did not react to the data.
30-year bond action, which stopped at 1pm on the clock, showed a strong demand for the Treasuries. The awarded yield was 4.720%. Total amount: 11 billion.
There isn’t much to talk about tomorrows economical calendar. We have the import and export prices data coming out at 8.30am. Import and export prices are an indication of inflationary inclination for internationally traded products. Consumer sentiment, a survey conveyed by University of Michigan, which questions 500 households about their current financial conditions, will be releases at 9.55am.
Intraday
Almost all the Sectors of S&P 500 have fallen into the red territory. Energy and Utilities are still trading higher though, up 0.57% and 0.32% respectively.
Meanwhile, Crude oil is trading above $71 a barrel, fresh year highs. Gold and Silver futures, on the other hand, are trading with some moderate losses today. They are now quoted at 950.70, down 0.29% and 15.12, down 0.59% respectively.
The trading at the exchange is very quite today. Only 1.5 Billion share are changing hands.
S&P 500 advances 175, declines 319, unchanged 6.
Commodities
As the market advances, so do the commodities. Oil just rebounded to almost $62 a barrel. Gold also cutting some losses, advancing to 952 an ounce. It is still early though. Lately, we have been seeing a late sell-off.
