Indices Paving Way To Higher Prices?

Stock index futures had buyers coming out in droves
following a strong open and a slow middle of the day. Contracts were bolstered
as traders boosted the Dow futures
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up 170 points to 9930, and
S&P futures
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rose as well, adding 18 to 1147.50. Nasdaq 100
futures

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completed the “green day,” closing at 16.40, up 73
points on the day.

T-bonds
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found buyers even as players
came back for stocks and index futures, rising ’30 to 106 ’03, while 10-year
notes

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were propped up 135 points to 108 280 in the session.

Cattle futures were slow Tuesday, with reported spread
trading being the major play of the day. Live cattle
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slipped
0.150 to 69.85, while feeder cattle
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rose a slight 0.025 to
84.90. Hogs sold off on the release of heavy kills and larger average weights.
Lean hogs

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fell 0.825 to 48.30, with pork bellies
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dropping 2.10 to end the day at 74.75.

Corn
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turned lower after gapping on the
open, but rallied to close well, up 2 1/4 at 212. December wheat
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bounced to the downside, losing 4 1/2 to close at 275 1/4. Soy meal
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fell 1.9 to 155.2, with January soybeans
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giving
back 2 1/2 to end at 444 3/4. Soybean oil
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rounded out the
complex by finishing at 16.57, down 0.07.

The British pound
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appears to have
resumed its downtrend out of a pullback from lows, falling 0.0038 to 1.4204.
Euro FX futures

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fell in sympathy, down 0.0017 to 0.8897, and
Swiss francs

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managed a small gain of 0.0003 to close at 0.6047.
The Japanese yen
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continues to retest the November lows,
dropping 0.000008 to 0.008060 in Tuesday’s trading. December dollar index
futures

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continue to show strength, gaining 0.05 to 116.12.

In the softs, March 2002 sugar
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appears
to have resumed its uptrend, adding on 0.06 to 7.70, and orange juice
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continues to trade with narrowing volatility, dropping 0.10 to end
at 94.80. March cocoa
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continues to pull back from its strong
run, retreating 36 points to 1271. Coffee
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continues to fall
amid producer selling, slipping 0.70 to 45.40, and cotton
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is pulling back to the 20-day moving average, down 0.68 to 37.06 at
the end of trading.

Finally, the energies were mixed, with natural gas
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being the lone gainer, up 0.002 to 2.565. Unleaded gasoline
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was unchanged at 0.5503, and heating oil
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lost
0.0003 to 0.5415, with crude oil
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losing 0.03 to 19.62.