Cocoa And Coffee Beans Jump
March cocoa [CCH0>CCH0] surged in one of its biggest days of the year, potentially turning around a downtrend that took the commodity to a multi-year low seven days ago. The March contract rallied 73 to close at a 20-day high of 927.
From the Pullback Off Highs List, the most volatile of the closely futures contracts, March coffee rose 7.25 to 118.50.
March T-bonds [USH0>USH0] dropped 31/32 to 92 23/32, falling on traders’ concerns that investors will sell bonds and purchase Japanese equities that are trading at two-year highs. Traders are also hesitating to buy ahead of this Wednesday’s manufacturing and Friday’s employment reports.
Stock index futures ended mixed. December Dow futures [DJZ9>DJZ9] rose 17.0 to 10980, S&P futures [SPZ9>SPZ9] fell 4.20 to 1410.40 and NASDAQ 100 futures [NDZ9>NDZ9] fell 46.50 to 3074.50.
December dollar index futures [DXZ9>DXZ9] rose .53 to 101.87 gaining ground as the Japanese government stepped in to stem the decline of the yen. Japanese yen [JYZ9>JYZ9] fell .0061 to .9802. Swiss francs [SFZ9>SFZ9] remain in a strong down trend (HREF=”https://tradingmarkets.com.site/eminis/indicators/actionsigs/adxc.cfm”>ADX Reading of 35) and closed .0042 lower at .6311.
Energies in the oil patch took a hit on the prospect that Iraq will resume exports and extend its oil-for-food arrangement with the United Nations. January crude [CLF0>CLF0] fell .91 to 25.96, unleaded gas [HUF0>HUF0] fell .0166 to .7149 and heating oil [HOH0>HOH0] sank .0242 to .6694. Natural gas [NGZ9>NGZ9] went the other way, gaining .022 to 2.52.
February gold [GCG0>GCG0] fell 8.3 to 293.5, reacting promptly to its 6/100 Low Volatility set up. March silver [SIH0>SIH0] also ended 4.5 lower at 520.8.
In the grains, March wheat [WH0>WH0] lost 3 1/4 to end at 248 1/2 while
January soybeans [SF0>SF0] sprang 4 1/4 higher to end at 467 1/2.
Finally, the meats fell led lower by February pork bellies [PBG0>PBG0] which slipped 1.900 to 79.650.