The Mystery In The Pit

  • August 16, 2001
  • Marc Dupee

A study out from Belgian scientists identified
“Mystery DNA” in the genetically modified “Roundup
Ready” soybean, an herbicide-resistant strain from Monsanto that is
responsible for half the production of beans in the US. Roundup Ready beans
have been used –and eaten by humans and animals — for five years.

This gave the bean pit reason to sell on fear that
negative public perception about genetically altered soybeans could curb
their demand. Rains across the primary growing region also provided a reason
to sell in a fundamentals-focused session.
November soybeans
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still did not close below the Aug. 6 gap in the 495 area. Beans have also
not taken out the Aug. 3 pullback low, leaving a bullish case intact
following the breakaway and measuring gaps present in the basis November
chart.

T-bonds
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in the Consumer Price Index
(
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inflation allows the Fed to take their focus off curbing price growth and to
instead train their focus on stimulating the economy. 10-years

(
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the 106 28/32 area. The Fed next meets to decide interest rate policy on
Aug. 21. 

In stock index futures,
Nasdaq 100 futures
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Implosion-5 List, made good on their Off The Blocks
 short-entry setup to trade to a new four-month
low. Dow futures
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pulling back to yesterday’s low to provide a second entry in a Pullback
From Lows setup, and slumped early in the session. But both markets turned
around to stage impressive rallies off their lows. Although Nasdaq futures
closed 17.00 higher (on their highs) at 1593.50, they rallied as many as 62
off a healthy consolidation. Dow futures closed up 62.0 at 10420.0, and the
spooz
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1184.80.

Showing continued resilience in their momentum pulse,
euro FX futures
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opening-range entry, but reasserted as they broke above the previous
intraday high of the session. The euro FX and

Swiss francs
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List, and added .00170 and .0009, respectively, on the session. 

After its biggest run-up of the year yesterday on the severely weak
weekly increase in stockpile data,


natural gas
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as it made good on its
Turtle Soup Plus One
Sell
 setup. NGU1 slipped .101 to 3.367. 

In the softs, October sugar
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From Lows setup and closed down .16 at 7.95.