Jolt of Java
December coffee [KCZ9>KCZ9] jumped 4.55 to close at 116.55 today, trying to make another run at resistance at 120 (see Figure 1). Cocoa and sugar didn’t go along for the ride, with both posting moderate losses.
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| Figure 1.  December coffee (GCZ9), daily. Coffee had another up day, and looks like it’s making a run at resistance at 120.  Source: FutureSource (www.futuresource.com).
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With no trading in bonds and currencies because of Veterans Day, stock index futures were the only financial game in town. The story was similar to yesterday, with the December Nasdaq 100 futures [NDZ9>NDZ9] strongest (up to 49.00 2866.00), the Dow futures [DJZ9>DJZ9] the weakest (up 1 at 10643) and the S&Ps [SPZ9>SPZ9] holding the middle ground (up 7.90 at 1387.90).
The energies sagged a bit today, but given their recent run-up, they were due to pull back. December crude oil [CLZ9>CLZ9] fell .14 to 24.33, December heating oil [HOZ9>HOZ9] dropped .0032 to .6439 and natural gas [NGZ9>NGZ9] lost .007 to close at 2.515.
Precious metals weren’t very precious today. December gold [GCZ9>GCZ9] fell 4.20 to 294.20, December silver [SIZ9>SIZ9] dropped 3.2 to 509.8, and December copper [HGZ9>HGZ9] rounded out the list by losing 1.05 to 77.80.
It was a relatively quiet day of mixed trading in the grains. January Soybeans [SF9>SF9] gained 1 1/2 cents to close at 467 1/2, December wheat [WZ9>WZ9] fell 1 cent to close at 247 and December corn [CZ9>CZ9] was unchanged at 195 1/4.
In the meats, February Pork Bellies [PBG0>PBG0], from the Momentum-5 List, followed up modestly on yesterday’s gains by closing up .87 at 71.57. December live cattle [LCZ9>LCZ9] also rallied, gaining 1.02 to 69.42.