Tuesday, August 25, 2009

Commodity Roundup for August 25, 2009

During today's trading session the S&P 500 put a new a new intraday high in since the beginning of the rally, which began in March. The markets were not able to close near their highs as selling pressure entered into the energy sector bringing the broader markets down as well. Below is a sector heat map courtesy of finviz.com

XOM broke out of its symmetrical triangle to the upside and tagged the 200 daily moving average only to sell off afterward and closing back under resistance within the triangle. Traders should focus on the US Dollar Index and the Department of Energy numbers which will be released tomorrow morning as a good way to gauge commodity stocks which represent a sizeable portion of the S&P 500. Good luck trading.

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