Futures Market Commentary

#12
Mina said:
Crude Oil - the July contract was already headed south when the Kuwaiti oil minister announced the projection of a 6 to 8 per dollar drop in crude oil prices over the next two weeks. The announcement just gave it a little nudge to lower territory. Only the next several trading sessions will tell us if that has already been factored into the market. One of my customers has been short since the May 19th. He could have cashed in last Thursday for a nice piece of the market and then sold again today for more profits. I bet he is kicking himself right now.

S&P 500, Nasdaq and Dow were fairly sideways for the day. It should be interesting to see what impact the unemployment claims, export sales, productivity & costs, and Institute of Supply Management non-manufacturing reports coming out tomorrow will have on prices.

For all you chocolate lovers, the good news of the day was an extreme sell off on the July Cocoa contract.

Unfortunately for Starbucks addicts, coffee merely tested yesterday's high, and rallied over 14 cents in the two weeks prior to the American Memorial Day holiday two days ago.

On the metals front, gold and silver continued the decline begun yesterday, and copper was precipitously off despite the recent rally over the past couple of weeks.
Hello Mina -

I was wondering since you are commenting on the U.S. market, are you based in Chicago as a trader. I am also in the U.S., Houston, Texas that is.