It was a busy morning in the energy sector, with both Nat Gas and Crude Oil inventory data on tap.
Crude Oil futures, which ended lower by 1.6% at 84.23, saw a muted reaction to the inline inventory data. Futures did come back to the flat line in afternoon trade, but after failing to take out the overnight highs, they pulled back to below the 85 mark.
Nat Gas, which posted gains of 1.2% to finish at 3.53, fell following inventory data. Futures put in lows at 3.45, their lowest levels in just over 1 yr. Futures managed to bounce off those lows to end with modest gains on the session.
It was another quiet session for the precious metals complex after their initial move lower in overnight trade.
Gold finished lower by 0.8% at 1668.50 per ounce, and Silver declined 3% to close at 31.66 ox.
Neither metal saw much of reaction to news that Slovakia passed its vote on expanded EFSF fund.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.