Lack Of Buyers Sends Gold Sharply Lower
December gold [GCZ9>GCZ9] tumbled 10.1 to 290.4 on evidence that Asia is cutting back on purchases. Gold showed that it was poised for a big move by registering on the Momentum-5 List.
December silver [SIZ9>SIZ9] also fell 5.3 to 521.0 and copper [HGZ9>HGZ9] lost 1.15 to 79.80.
December T-bonds [USZ9>USZ9], from the Momentum-5 List, traded within a half-point range and ended down 5/32 at 110 27/32.
Stock index futures ended lower: December Dow futures [DJZ9>DJZ9] slipped 69.0 to 10,310.0, the S&P futures [SPZ9>SPZ9] closed 15.30 lower at 1285.60 and NASDAQ 100 futures [NDZ9>NDZ9] dipped 24.00 to 2476.00.
December dollar index futures [DXZ9>DXZ9] matched a 20-day high, gaining .47 to 98.62. Japanese yen [JYZ9>JYZ9] also added .0056 to .9620. The Swiss franc [SFZ9>SFZ9] fell .0062 to .6649 and British pounds [BPZ9>BPZ9] dropped .0102 to 1.6534.
December crude [CLZ9>CLZ9] traded in a narrow range but ended on its lows of the day, down .16 at 23.19. Unleaded gas [HUZ9>HUZ9] and heating oil [HOZ9>HOZ9] slipped .0027 and .0014, respectively and natural gas [NGZ9>NGZ9] gained .026 to 3.148.
The grains ended mostly lower. January soybeans [SF0>SF0] tanked in the last half-hour, dropping from opening levels to end down 11 3/4 at 479. December wheat [WZ9>WZ9] fell 5 1/4 and to 256 3/4. December corn [CZ9>CZ9] closed unchanged at 201 3/4.
November feeder cattle [FCX9>FCX9] hit a two-month low, then bounced higher, gaining .350 to 80.000. December live cattle [LCZ9>LCZ9] also gained .500 to 68.275.
February pork bellies [PBG0>PBG0] gained .700 to 64.350.
Sugar [SBH0>SBH0] gave back all the gains it made setting a 20-day high yesterday. The March 2000 contract fell .36 to 6.89 and made good on its Turtle Soup Plus One Sell signal below 7.07, the old 20-day high.
December cocoa [CCZ9>CCZ9] moved off contract lows set yesterday, adding 14 to 876. Coffee [KCZ9>KCZ9] gapped 4 points lower attempted a comeback, climbing to within striking distance of yesterday’s closing level but then fell 4.45 to close at 95.30.
January orange juice [OJF0>OJF0] gained 1.31 to 88.85.