Tuesday, June 2, 2009
Markets Hit New Multi Month Highs
The U.S. stock indexes closed firmer today in quieter trading. The indexes hit new multi month highs as the bulls are "climbing a wall of worry" in the market place. Do not be surprised to see a more consolidating trade in the stock indexes, heading into the summer months, when traders focus more on family vacations and outdoor activities.
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August gold futures closed up $1.90 at $981.90 today. Prices closed near mid range again today. The market got some more support from a weaker U.S. dollar today. However, the gold market bulls may be getting exhausted as prices approach $1,000.00 an ounce. Gold bulls still have the near term technical advantage. Prices are in a seven week old uptrend on the daily bar chart.
Today’s Stock Market Club Trading Triangles
July crude oil closed up $0.15 at $68.73 a barrel today. Prices closed near the session high and hit another fresh 6 1/2 month high today. Crude oil bulls have the solid near term technical advantage. The "money game" in the commodity markets continues, whereby funds are flowing into commodities with crude oil leading the way. A six week old uptrend is in place on the daily bar chart.
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