Coffee Boils Over
Reacting to reports of dry weather and the prospect of a smaller-than-expected harvest in Brazil, December coffee [KCZ9>KCZ9] shot up a dramatic 22.80 to close at 119.35. Coffee registered in the first position on the Momentum-5 List.
Cocoa [CCZ9>CCZ9] which like coffee finished in the top its range yesterday, traded up as much as 20 before closing 4 higher at 953. November orange juice [OJX9>OJX9] also rose 2.60 by 89.95.
T-bonds [USZ9>USZ9], from the Implosion-5 List, plunged to life-of-contract lows ahead of tomorrow’s retail sales numbers and Friday’s Producer Price numbers. The December contract ended down 20/32 at 111 19/32.
Stock index futures plunged along with bonds. Four down-pointing arrows on the HREF=”https://tradingmarkets.com.site/eminis/indicators/actionsigs/mbias.cfm”>Market Bias Indicators page and poor earnings results from Intel suggested that the market might trade lower. December Dow futures [DJZ9>DJZ9] fell 235 to 10,263. December S&P futures [SPZ9>SPZ9] lost 36.50 to 1289.50 and NASDAQ 100 futures [NDZ9>NDZ9] tanked 84.50 to 2475.00.
Also from the Implosion-5 List, December dollar index futures [DXZ9>DXZ9] closed at a new contract low. A mid-session rally brought the Japanese yen [JYZ9>JYZ9] to within .0023 of yesterday’s close, recovering from a .0150 gap down opening. The Swiss franc [SFZ9>SFZ9] ended .0027 higher at .6830.
Energies erupted for a second day as contracts in crude oil and its products gapped open and traded higher. November crude [CLX9>CLX9] rose .76 to 23.06, unleaded gas [HUX9>HUX9] gained .0070 to .6370 and heating oil [HOX9>HOX9] rose .0171 to .5961. Natural gas [NGX9>NGX9] also gained .043 to 2.970 and struck a 20-day high (setting up a Turtle Soup Plus One Sell signal for tomorrow).
In the metals, December gold [GCZ9>GCZ9] rose 3.6 to 321.8, but had gained more than twice that amount during today’s session. December silver [SIZ9>SIZ9] moved 3.3 higher to 560.0 and copper [HGZ9>HGZ9] added .85 to 79.55.
The grains closed narrowly mixed. November soybeans [SX9>SX9] lapped open and traded as much as 6 higher before ending up fractionally.
In the meats, December lean hogs [LHZ9>LHZ9], from the Pullback Off Highs List, rallied .825 to 47.575. February pork bellies [PBG0>PBG0] ratcheted higher early in the session then reversed, ending down 1.400 at 62.800.