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Since: Nov 08
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September 30, 2009, 7:00 am ... The Standard & Poor's 500 index futures up 4.40 to 1059.20, as benchmark crude for November delivery was up 42 cents at $67.13 in electronic trading on the New York Mercantile Exchange after falling 13 cents yesterday. Oil support above $65 remains significant and indicates that the weak U.S. dollars controls its destiny and that of equities. Indeed, fundamentals suggest otherwise --- U.S. crude inventories for a third week, which suggests consumer demand remains weak. Crude stocks increased 2.8 million barrels while analysts had expected a jump of 2.1 million barrels.... Traders wait for the release of the government's September jobs report later this week, they may get a sense of what those numbers will show when the ADP National Employment Report, a private sector jobs tally, is released. They will also get a measure the Commerce Department's latest reading on second-quarter GDP. Both reports come out before trading begins.... Use 1067.40 as primary resistance for the Standard & Poor's 500 index and support at 1033.37. Maintain the narrow range for a better indicator to near term direction.
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