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Current Futures: Dow -28.00, S&P -2.80, NASDAQ +1.75
Global markets continue the rally, having the major Asian indexes advance for the seventh consecutive day. Earlier in the day, the U.S. cash markets closed in the green, even though the market saw some strong selling orders by the middle of the trading session.
Asian markets are trading slightly in the green, after earlier in the day, the major U.S. indexed closed higher for the seventh consecutive day. However, during the intra-day session, the S&P futures dropped 16 points from the intra-day high, as it hit the 955.00 resistance area. During the second part of the U.S. session, the market turned into the green once again and tested once more the 955.00 resistance area, which so far, has held. If the S&P futures break any higher, it will reach the highest valuation since November 2008.
Asian markets continue to advance on investor’s optimism on Tuesday. The biggest gains were seen in the technology sector, helped by better than expected results. On the other hand, the financial sector was the worst performing, as investors fear that banks are going to dilute the current shareholders stake by issuing new shares, to cover the credit crisis related losses, TheLFB-Forex.com Trade Team said.
Overnight, the Japanese Nikkei added 15.67 points (0.16%) to 9,667.69. The Australian S&P/Asx rose 14.00 points (0.35%) to 4,064.70
Crude oil for August delivery was recently trading at $65.10 per barrel, lower by $0.40.
Gold for August delivery was recently trading higher by $2.00 to $948.90.
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