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Trend Trading S&P 500 Index Options Bulls vs Bears August 2011 Crash & Massive Counter Rally. A rebound in equities pressured precious metals today. In turn, December gold settled lower by 1.8% at $1751.50 per ounce for its first loss in five sessions. Futures have since extended their pullback in after-hours trade, notching fresh lows at $1734.50. One theme at hand, the CME hiked margins again on the gold contract, but that news had little effect on futures in overnight action as prices climbed to a new all-time high at $1817.60 per ounce.
September silver shed 2.0% to close at $38.67 per ounce after they had rallied off their lows of $37.94. Silver prices had been probed the $39 level in intraday trade.
September crude oil settled higher by 3.4% at $85.72 per barrel. Crude spent most of the day rallying off of its low of $81.03. Buying accelerated into the close of pit trade, helped along by an extension of gains by the equity market. Crude set a session high of $85.90 per barrel along the way. The advance this session makes for crude oil’s first back-to-back bounce since the commodity started to slide from the $100 area.
September natural gas finished 2.7% higher at $4.11 per MMBtu. This morning’s inventory data, which showed a smaller-than-expected build, helped futures hit a seven-session high of $4.14 per MMBtu before pulling back. DJ30 +497.01 NASDAQ +119.52 SP500 +58.48 NASDAQ Adv/Vol/Dec 2135/2.32 bln/459 NYSE Adv/Vol/Dec 2844/1.16 bln/254
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