Tuesday Market Wrapup
July 21, 2009 by Trace
Filed under Trading in the Market
Metals ended the trading day on a subdued note after Fed Chairman Bernanke’s Capitol Hill testimony suggested the Fed was keeping vigilance over inflation. The Dollar recovered early session losses on the news with the Euro now trading at $1.4179 off 31/100ths of U.S cent.
Metals lost further support as the price of Oil slipped into neutral territory with the August futures contract set to expire today. Last on crude $64.02 up 4 cents. As a result Silver finished the New York session at $13.53 off 12 cents. Gold fell $4.00 ending at $948.00 per ounce. Palladium was our lone exception closing at $256.00 up $1.00. Platinum closed near the lows at $1175.00 off $14.00.
Stocks turned lower during the past hour as recent leaders such as financial and technologies came under profit taking. Traders figure that after 6 straight days of advance and with the pending release of Apple and Yahoo earnings due after the close; this might be a good time to step to the sidelines. As for tomorrow the calendar remains idle with the exception of the Weekly Oil Inventories.
