Crude Respected Support This Week, Here’s What It Implies
BOND MARKET RECAP
11/12/2004
December Bonds closed up 0-27 at 112-12. This was
0-21 up from the low and 0-13 off the high.
December 10 Yr Treasury Notes finished up 0-120
at 112-125, 0-070 off the high and 0-095 up from the low.
The Treasury market thrust higher Friday in
the wake of the holiday closure on Thursday. We suspect that some traders viewed
the minimal gain in the retail sales report as a signal that the consumer was
weakening. However, one should note that without the auto sales decline in the
report the retail sales would have increased by almost 1%. Also during the
session the market saw a much smaller than expected increase in business
inventories and that is favorable for the economy and that should have been
negative toward bonds. Also out during the session were mostly favorable mid
November sentiment figures from the University of Michigan.
Technical Outlook
BONDS (DEC) 11/15/2004: Stochastics trending
lower at midrange will tend to reinforce a move lower especially if support
levels are taken out. The market’s short-term trend is negative as the close
remains below the 9-day moving average. The market’s close above the 2nd swing
resistance number is a bullish indication. The next downside target is now at
111-04. The next area of resistance is around 113-03 and 113-17, while 1st
support hits today at 111-29 and below there at 111-04.
TNOTES (DEC) 11/15/2004: Stochastics trending
lower at midrange will tend to reinforce a move lower especially if support
levels are taken out. The close below the 9-day moving average is a negative
short-term indicator for trend. Market positioning is positive with the close
over the 1st swing resistance. The next downside target is 111-290. The next
area of resistance is around 112-230 and 112-295, while 1st support hits today
at 112-070 and below there at 111-290.
Â
STOCK INDICES RECAP
11/12/2004
December S&P finished up 9 at 1182.7, 2.1 off
the high and 10.9 up from the low.
December S&P E-Mini closed up 9 at 1182.75.
This was 11 up from the low and 2 off the high.
December Dow closed up 57 at 10532. This was 67
up from the low and 12 off the high.
December Dow E-Mini finished up 62 at 10537, 6
off the high and 77 up from the low.
The stock market managed yet another solid rally
Friday and managed the gain in the face of initially higher energy prices and a
lackluster retail sales report. However, the retail sales report wasn’t as bad
as initially reported when one makes sure to extract the unusually large decline
in auto sales. We also think that stocks are beginning to ramp up expectations
for the coming holiday sales period. About the most negative track from the
action Friday was the talk that the stock market was reaching an overbought
technical condition.
Technical Outlook
S&P 500 (DEC) 11/15/2004: The market made a
new contract high on the rally. Studies are showing positive momentum but are
now in overbought territory, so some caution is warranted. The close above the
9-day moving average is a positive short-term indicator for trend. The market’s
close above the 2nd swing resistance number is a bullish indication. The next
upside objective is 1193.50. The market is becoming somewhat overbought now that
the RSI is over 70. The next area of resistance is around 1189.20 and 1193.50,
while 1st support hits today at 1176.20 and below there at 1167.50.
SP EMINI (DEC) 11/15/2004: The market rallied to
a new contract high. Studies are showing positive momentum but are now in
overbought territory, so some caution is warranted. The market’s close above the
9-day moving average suggests the short-term trend remains positive. With the
close over the 1st swing resistance number, the market is in a moderately
positive position. The next upside objective is 1193.50. The 9-day RSI over 70
indicates the market is approaching overbought levels. The next area of
resistance is around 1189.25 and 1193.50, while 1st support hits today at
1176.25 and below there at 1167.50.
NASDAQ (DEC) 11/15/2004: A new contract high was
made on the rally. Momentum studies are trending higher but have entered
overbought levels. The close above the 9-day moving average is a positive
short-term indicator for trend. Market positioning is positive with the close
over the 1st swing resistance. The next upside objective is 1572.12. The market
is approaching overbought levels with an RSI over 70. The next area of
resistance is around 1565.75 and 1572.12, while 1st support hits today at
1545.25 and below there at 1531.13.
MINIDOW (DEC) 11/15/2004: Rising stochastics at
overbought levels warrant some caution for bulls. The market’s close above the
9-day moving average suggests the short-term trend remains positive. With the
close over the 1st swing resistance number, the market is in a moderately
positive position. The next upside objective is 10602. The market is approaching
overbought levels with an RSI over 70. The next area of resistance is around
10579 and 10602, while 1st support hits today at 10497 and below there at 10437.
Â
CURRENCY MARKET RECAP
11/12/2004
December US Dollar finished down 73 at 8371, 67
off the high and 1 up from the low.
December Euro finished up 0.97 at 129.85, 0.05
off the high and 1.07 up from the low.
December Euro Dollar closed up 0.005 at 97.57.
This was 0.005 up from the low and 0.005 off the high.
December Canadian Dollar closed up 0.16 at 83.81.
This was 0.41 up from the low and 0.1 off the high.
December British Pound finished up 1.44 at
185.44, 0.11 off the high and 1.76 up from the low.
December Swiss closed up 0.8 at 85.53. This was
0.85 up from the low and 0.1 off the high.
December Japanese Yen closed up 1.57 at 94.96.
This was 0.68 up from the low and 0.18 off the high.
The Dollar Index showed some fleeting signs of
strength early, weakened into mid session and that managed another new contract
low. We suspect that the Dollar is primed to head lower and that the Euro is
primed to head higher until the market is confronted with coordinated
intervention. In other words, the markets look to continue pressuring the Dollar
until somebody or some institution steps in to alter the landscape. We suspect
that the action Friday will prompt some weekend dialogue from the Euro zone but
we would not expect the ECB to act unless the rise in the Euro is compacted and
steep.
Technical Outlook
YEN (DEC) 11/15/2004: Momentum studies trending
lower from overbought levels is a bearish indicator and would tend to reinforce
lower price action. The market’s short-term trend is positive on the close above
the 9-day moving average. A positive setup occurred with the close over the 1st
swing resistance. The next downside objective is now at 93.98. The next area of
resistance is around 95.38 and 95.69, while 1st support hits today at 94.53 and
below there at 93.98.
EURO (DEC) 11/15/2004: Momentum studies trending
lower from overbought levels is a bearish indicator and would tend to reinforce
lower price action. A positive signal for trend short-term was given on a close
over the 9-bar moving average. Market positioning is positive with the close
over the 1st swing resistance. The next downside objective is 128.48. The 9-day
RSI over 70 indicates the market is approaching overbought levels. The next area
of resistance is around 130.40 and 130.71, while 1st support hits today at
129.29 and below there at 128.48.
Â
PRECIOUS METALS RECAP
11/12/2004
December Gold closed up 2.9 at 438.3. This was
3.3 up from the low and 1.2 off the high.
December Silver finished up 0.145 at 7.622, 0.048
off the high and 0.187 up from the low.
January Platinum closed up 19.6 at 874.2. This
was 7.7 up from the low and 4.3 off the high.
The gold and silver markets were mostly strong to
start the session but then got the added benefit of seeing another new low in
the US Dollar. In fact, it would almost seem like the Dollar is primed for a
continued slide until coordinated intervention is pulled into play. In short the
bull camp is getting what it needs to facilitate the upside in gold and silver.
Even more surprising is the fact that platinum is getting a moderate upgrade in
its fundamental outlook and that means that the metals markets lack a weak
component.
Technical Outlook
SILVER (DEC) 11/15/2004: Rising stochastics at
overbought levels warrant some caution for bulls. The close above the 9-day
moving average is a positive short-term indicator for trend. There could be more
upside follow through since the market closed above the 2nd swing resistance.
The near-term upside objective is at 782.2. The next area of resistance is
around 774.0 and 782.2, while 1st support hits today at 750.5 and below there at
735.3.
GOLD (DEC) 11/15/2004: A new contract high was
made on the rally. Momentum studies are trending higher but have entered
overbought levels. The market’s close above the 9-day moving average suggests
the short-term trend remains positive. The market has a bullish tilt coming into
today’s trade with the close above the 2nd swing resistance. The near-term
upside target is at 442.2. The next area of resistance is around 440.5 and
442.2, while 1st support hits today at 436.1 and below there at 433.3.
Â
COPPER MARKET RECAP
11/12/2004
December Copper finished up 2.20 at 139.45, 0.15
off the high and 1.55 up from the low.
The copper market was moderately higher again and
at times was probably being pulled along by the gains in the precious metals
market. We also saw favorable long term forecasts for aluminum and that seemed
to give copper prices some spillover support. The market wasn’t in the least
discouraged by the rise in Shanghai copper stocks as the market is simply
entrenched in the idea that eventually supply in China will become tighter. Even
zinc prices were higher Friday and that clearly shows an ongoing pattern of
solid physical demand for all the base metals. A soft Chinese inflation report
Friday morning might mean that China won’t be as inclined to hike rates in the
near future and that is supportive to copper prices.
Â
ENERGY MARKET RECAP
11/12/2004
December Crude Oil closed down 0.10 at 47.32.
This was 0.22 up from the low and 0.73 off the high.
December Heating Oil closed down 0.02 at 136.36.
This was 0.86 up from the low and 1.54 off the high.
December Unleaded Gas finished up 1.25 at 125.69,
1.11 off the high and 1.09 up from the low.
December Natural Gas finished down 0.06 at 7.18,
0.20 off the high and 0.02 up from the low.
December Propane closed down 0.01 at 0.84. This
was 0.00 up from the low and 0.00 off the high.
The energy complex was mostly mixed during the
session but did give the impression in the morning that prices were trying to
firm. However, the market saw talk of potential political problems inside the
Venezuelan National Oil Company but that didn’t seem to get the bulls excited.
Also during the session were reports that OPEC weekly production flow readings
had managed another increase and that leaves the market leaning toward the
rebuilding psychology. It would seem that crude oil prices managed to respect
support this week and that might help discourage additional follow through
selling next week.
Technical Outlook
CRUDE OIL (DEC) 11/15/2004: Momentum studies are
still bearish but are now at oversold levels and will tend to support reversal
action if it occurs. The close below the 9-day moving average is a negative
short-term indicator for trend. The market’s close below the pivot swing number
is a mildly negative setup. The next downside target is now at 46.50. The next
area of resistance is around 47.79 and 48.39, while 1st support hits today at
46.85 and below there at 46.50.
UNLEADED (DEC) 11/15/2004: Daily stochastics
declining into oversold territory suggest the selling may be drying up soon. The
market’s short-term trend is negative as the close remains below the 9-day
moving average. The close over the pivot swing is a somewhat positive setup. The
next downside objective is 123.50. The next area of resistance is around 126.79
and 127.89, while 1st support hits today at 124.59 and below there at 123.50.
HEATING OIL (DEC) 11/15/2004: Daily stochastics
are trending lower but have declined into oversold territory. The market’s close
below the 9-day moving average is an indication the short-term trend remains
negative. The market’s close below the pivot swing number is a mildly negative
setup. The next downside target is now at 134.13. The next area of resistance is
around 137.56 and 138.93, while 1st support hits today at 135.16 and below there
at 134.13.
Â
CORN MARKET RECAP
11/12/2004
December Corn finished up 2 3/4 at 200, 1
off the high and 4 1/2 up from the low. March Corn closed up 2 at 211 1/4. This
was 4 up from the low and 1 off the high.
Considering the magnitude of the USDA supply
numbers, for both the US and world, it is a little surprising that corn
eventually managed to recoil from new contract lows and even manage a move into
higher ground for the day. The USDA pegged corn production at 11.741 billion
bushels, as compared with the average trade estimate at 11.671 billion bushels
and that reading was toward the upper end of the expected range seen ahead of
the report. The USDA pegged corn ending stocks at 1.819 billion bushels, as
compared with the average trade estimate at 1.794 billion bushels and that
compares with the October estimate of 1.691 billion bushels. Last year’s ending
stocks were 958 million bushels, which also means that ending stocks also
increased. In the end, the USDA dropped US export demand and put world
production even higher. Given that world corn ending stocks also rose to 108.7
million tons, from 100.68 million last month and 94.7 million tons last year, it
is clear that both supply and demand figures shifted even further in favor of
the bear camp. Export sales for corn came in at 830,000 tons, which is below the
range of expectations and significantly below the prior week’s tally of 1.453
million tons. The trade sees technical chart support levels for March corn
coming off the March charts at 207 and 205 1/2, with resistance seen at 213 1/4
on the March daily chart.
Technical Outlook
CORN (DEC) 11/15/2004: The market made a new
contract low on the break. The crossover up in the daily stochastics is a
bullish signal. Daily stochastics are showing positive momentum from oversold
levels, which should reinforce a move higher if near-term resistance is taken
out. The market’s close above the 9-day moving average suggests the short-term
trend remains positive. The outside day up is somewhat positive. The market has
a bullish tilt coming into today’s trade with the close above the 2nd swing
resistance. The near-term upside objective is at 204 1/2. The next area of
resistance is around 202 3/4 and 204 1/2, while 1st support hits today at 197
1/4 and below there at 193 3/4.
Â
SOY COMPLEX RECAP
11/12/2004
January Soybeans finished up 5 1/4 at 525, 4 off
the high and 13 up from the low. March Soybeans closed up 3 3/4 at 529 1/2. This
was 12 1/2 up from the low and 2 1/2 off the high.
December Soymeal closed down 0.2 at 149.7. This
was 2.7 up from the low and 1.0 off the high.
December Soybean Oil finished up 0.45 at 20.94,
0.13 off the high and 0.69 up from the low.
The soybean market was largely feared to be the
market with the most negative potential off the USDA report, but in the end the
corn probably had a little more bearish surprise than the soybeans. However, it
was also clear that corn prices managed to pull the grain complex back up off
the news posted on the opening! Traders fear high supply and weather from South
America hasn’t caused too much concern yet. Since the USDA pegged soybean
production at 3.15 billion bushels, and that was close to the upper end of trade
expectations, the sharply lower opening was justified. The report also showed a
moderate increase over the October USDA estimate of 3.107 billion bushels. The
USDA pegged ending stocks at 460 million bushels, which was lower than the
average trade estimate but still a 10 million bushel increase over the October
estimate. Ending stocks last year were 112 million bushels. The most bearish
number was the surprising increase in world ending stocks, which went from 59.25
million metric tons (MMT) last month, to 61.40 million tons in this report. Of
the 2.15 million metric ton (MMT) increase, there was a 1.18 MMT increase in US
production and a 0.52 MMT increase in beginning stocks and therefore those two
areas were the main contributing factors to the new bear tilt in the numbers.
The increase in beginning stocks for 2004/05 is chiefly attributable to
decreases in usage for Brazil and, to a lesser extent, Japan and Mexico for
2003/04. Weekly export sales came in below expectations for beans at 663,100
tons, better than expected for meal at 145,900 tons and lower than expected for
bean oil at 300 tons. By mid-session, January soybeans had erased most of their
losses on the day and even approached a critical pivot point up at 525. Support
is now pegged at 511 3/4 and resistance is pegged at 528.
Technical Outlook
BEANS (JAN) 11/15/2004: Stochastics are at
mid-range but trending higher, which should reinforce a move higher if
resistance levels are taken out. A positive signal for trend short-term was
given on a close over the 9-bar moving average. The upside daily closing price
reversal gives the market a bullish tilt. With the close over the 1st swing
resistance number, the market is in a moderately positive position. The next
upside objective is 539 3/4. The next area of resistance is around 533 1/2 and
539 3/4, while 1st support hits today at 516 1/2 and below there at 505 3/4.
MEAL (DEC) 11/15/2004: Rising from oversold
levels, daily momentum studies would support higher prices, especially on a
close above resistance. The market’s short-term trend is negative as the close
remains below the 9-day moving average. The market tilt is slightly negative
with the close under the pivot. The next upside target is 152.9. The next area
of resistance is around 151.5 and 152.9, while 1st support hits today at 147.9
and below there at 145.6.
BEANOIL (DEC) 11/15/2004: The market now above
the 40-day moving average suggests the longer-term trend has turned up. The
daily stochastics gave a bullish indicator with a crossover up. Momentum studies
are trending higher from mid-range, which should support a move higher if
resistance levels are penetrated. The market’s close above the 9-day moving
average suggests the short-term trend remains positive. The outside day up and
close above the previous day’s high is a positive signal. A positive setup
occurred with the close over the 1st swing resistance. The near-term upside
target is at 21.62. The next area of resistance is around 21.35 and 21.62, while
1st support hits today at 20.53 and below there at 19.98.
Â
WHEAT MARKET RECAP
11/12/2004
December Wheat finished unchanged at 302
3/4, 1 1/2 off the high and 6 3/4 up from the low. March Wheat closed down 1 at
313. This was 5 up from the low and 2 1/2 off the high.
The wheat market open 3 3/4 cents lower following
the bearish USDA report and trade to new contract lows, but it managed a close
near unchanged on the day. The USDA pegged ending stocks for wheat at 568
million bushels, as compared with the average trade estimate of 554 million
bushels and that compares with the October estimate of 569 million bushels.
World ending stocks are now pegged at 142.2 million tons from 141.5 last month
and 130.9 million tons last year. US Spring wheat production was revised lower
which pulled the US wheat production forecast down to 2.158 from 2.164 billion
bushels from last months supply/demand release. The US ending stocks were near
unchanged from last month and the world stocks were higher and that seemed to
attract fresh selling interest in wheat. The market did manage a fresh contract
low but since wheat recently managed a short covering bounce, the technicals
might not be as overextended as in other grain markets. Export sales came in at
657,000 tons, which was moderately above the range of expectations and above the
prior week’s reading of 388,000 tons. In the end, the supply news is slightly
bearish and wheat is seeing some spillover pressure from other grain markets.
The 307 1/4 level has been pegged as technical support for March wheat, with
short-term resistance seen at 316 1/2 and 323 1/4.
Technical Outlook
WHEAT (DEC) 11/15/2004: The market broke to a new
contract low. Momentum studies are still bearish but are now at oversold levels
and will tend to support reversal action if it occurs. The market’s short-term
trend is negative as the close remains below the 9-day moving average. It is a
slightly negative indicator that the close was under the swing pivot. The next
downside objective is 293 1/4. The next area of resistance is around 306 3/4 and
309 1/2, while 1st support hits today at 298 3/4 and below there at 293 1/4.
Â
LIVE CATTLE RECAP
11/12/2004
December Live Cattle closed up 0.15 at 85.62.
This was 0.55 up from the low and 0.12 off the high.
January Feeder Cattle finished down 1.30 at
102.00, 1.55 off the high and 0.10 up from the low.
On Friday February live cattle retreated from
Thursday’s strong rally but managed to stay inside that day’s wide range. Cash
cattle markets were quiet after trading at $85/cwt on Thursday, which was $3.00
higher than the previous week. Some light trading occurred at $85.50. A winter
storm that could bring 5-10 inches of snow to the Texas panhandle was behind the
Thursday rally, as it raised concerns of weight loss. However, reports on Friday
that South Korea would not lift its ban on imports of US beef and poultry any
time soon was a disappointment. Boxed-beef prices were up $1.04 to $133.92 at
mid-session as compared with $130.17 a week ago. Support for February cattle can
be found at 87.20 with resistance at 88.60.
Technical Outlook
CATTLE (DEC) 11/15/2004: Momentum studies are
trending higher from mid-range, which should support a move higher if resistance
levels are penetrated. The market’s close above the 9-day moving average
suggests the short-term trend remains positive. The market has a slightly
positive tilt with the close over the swing pivot. The next upside target is
86.170. The next area of resistance is around 85.950 and 86.170, while 1st
support hits today at 85.300 and below there at 84.850.
Â
LEAN HOGS RECAP
11/12/2004
December Lean Hogs closed up 1.00 at 75.47. This
was 1.07 up from the low and 0.07 off the high.
February Pork Bellies finished up 0.77 at 101.40,
0.25 off the high and 2.15 up from the low.
December hogs traded to new contract highs again
today on expectations of further gains in the cash market for next week. Cash
hogs in Peoria traded $1.00 higher Friday after trading $1.50 higher Thursday
morning, which further contradicted previous expectations for a slaughter
cutback over the weekend. An announcement by South Korea that it would not lift
its ban on imports of US beef and poultry, while negative for those markets, may
have been supportive to hogs, as pork exports have benefited from the bans of
other protein products over the past 11 months. The CME 2-Day Lean Index for the
period ending November 10th was reported at 75.18, down $.01 from the previous
session and up from 72.52 the previous week.
Technical Outlook
HOGS (DEC) 11/15/2004: A new contract high was
made on the rally. Momentum studies are trending higher but have entered
overbought levels. The close above the 9-day moving average is a positive
short-term indicator for trend. Market positioning is positive with the close
over the 1st swing resistance. The near-term upside objective is at 76.350. The
9-day RSI over 70 indicates the market is approaching overbought levels. The
next area of resistance is around 76.020 and 76.350, while 1st support hits
today at 74.900 and below there at 74.100.
Â
COCOA MARKET RECAP
11/12/2004
December Cocoa finished down 46 at 1694, 51 off
the high and 29 up from the low.
Cocoa prices were surprisingly weak despite
ongoing violence at the Ivory Coast. However, some traders indicated a desire to
bank some profits rather than hold through the weekend. With origin sales coming
in ahead of the weekend, the spec longs were probably prompted into liquidation
action. Some traders also suggested that the renewed political strife is
probably going to result in farmers and middle men rushing supply out of harms
way and that could temporarily pressure futures prices.
Technical Outlook
COCOA (DEC) 11/15/2004: Stochastics turning
bearish at overbought levels will tend to support lower prices if support levels
are broken. The market’s short-term trend is positive on the close above the
9-day moving average. The market setup is somewhat negative with the close under
the 1st swing support. The next downside target is 1620. The next area of
resistance is around 1734 and 1779, while 1st support hits today at 1654 and
below there at 1620.
Â
COFFEE MARKET RECAP
11/12/2004
December Coffee closed down 0.95 at 80.50. This
was 0.30 up from the low and 0.70 off the high.
The coffee market managed an inside days trade
and continued to slide back away from the recent upward flair. The International
Coffee Organization pegged 2003 consumption at 113.08 million bags and put
2004-2005 coffee production at 112-114 million bags for 2004-2005, and that is a
decline that was mostly expected by the trade. Therefore, the bull camp will
have to hope that the cyclical production cycle argument, actually results in
slightly lower production and consumption doesn’t look to offer up much in the
way of a surprise.
Technical Outlook
COFFEE (DEC) 11/15/2004: Rising stochastics at
overbought levels warrant some caution for bulls. The market’s close above the
9-day moving average suggests the short-term trend remains positive. It is a
slightly negative indicator that the close was lower than the pivot swing
number. The next upside target is 81.55. The next area of resistance is around
80.95 and 81.55, while 1st support hits today at 80.00 and below there at 79.60.
Â
SUGAR MARKET RECAP
11/12/2004
March Sugar closed down 0.13 at 8.52. This was
0.01 up from the low and 0.11 off the high.
The sugar market tracked lower and would seem to
be poised to slide to lower levels in the days ahead. The International Sugar
Organization put 2004-2005 global sugar in a deficit condition of roughly 1.816
million tons which ends up being larger than the 2003-2004 deficit of 1.075
million tons. The ISO put the world sugar ending stocks figures at 61.4 million
for 2004-2005 and that compares to the prior year’s tally of 63.97 million tons.
Therefore, it is clear that the energy/ethanol situation has pulled on sugar
stocks and will probably continue to support sugar prices in the coming months.
Technical Outlook
SUGAR (MAR) 11/15/2004: Positive momentum studies
in the neutral zone will tend to reinforce higher price action. The market’s
short-term trend is positive on the close above the 9-day moving average. The
market setup is somewhat negative with the close under the 1st swing support.
The next upside target is 8.66. The next area of resistance is around 8.58 and
8.66, while 1st support hits today at 8.46 and below there at 8.43.
Â
COTTON MARKET RECAP
11/12/2004
December Cotton finished up 0.46 at 44.34, 0.06
off the high and 0.84 up from the low.
The cotton market might have seen some minor
support during the action Friday from the weather and from week ending short
covering. As expected the USDA report was bearish but the market appears to have
mostly factored the majority of the bearish supply information. The USDA put the
production at 22.54 million and that is above the prior reading of 21.54 million
bales. The USDA also raised the world cotton production to 111.72 million from
109.67 million. The cotton export sales tally was 159,200 bales in the old crop,
with new crop coming in at 7,800 bales for a total of 167,000 bales. This week’s
figures were above the prior week’s tally of 79,600 bales.
Technical Outlook
COTTON (DEC) 11/15/2004: The crossover up in the
daily stochastics is a bullish signal. Daily momentum studies are on the rise
from low levels and should accelerate a move higher on a push through the 1st
swing resistance. The market’s short-term trend is positive on the close above
the 9-day moving average. The market setup is supportive for early gains with
the close over the 1st swing resistance. The near-term upside objective is at
45.04. Consider buying pull-backs since daily studies are bullish. The next area
of resistance is around 44.79 and 45.04, while 1st support hits today at 43.89
and below there at 43.25.