Coffee Takes A Break
After rising for a fifth consecutive session to a 10-day high, coffee [KCZ9>KCZ9] sold off today, erasing nearly all its recent gains.
Coffee’s standing on the Multiple Days Low Volatility List signaled it was primed for a large move: The December contract fell 4.25 to close at 82.45.
 |
| Figure 1.  December coffee futures [KCZ9>KCZ9], 10-minute. Coffee reversed after topping Wednesday’s high today, surrendering most of its recent rally off a bottom (see inset of daily chart, upper left).  Source: Quote.com.
|
In other softs and fibers action, December cotton [CTZ9>CTZ9] dropped to a 10-day low, losing 1.43 to 52.56, and November orange juice [OJX9>OJX9] dropped out of a recent trading range on an wide-range bar, shedding 3.10 to 87.40.
December T-bonds [USZ9>USZ9] rose 25/32 to 113 30/32 on data showing a slower economy and more people filing for unemployment benefits.
Stock indexes moved higher along with bonds: December Dow futures [DJZ9>DJZ9] climbed 148 to 10,439, S&P futures [SPZ9>SPZ9] gained 18.60 to 1298.50 and
NASDAQ 100 futures [NDZ9>NDZ9] tacked on 20.50 to close at 2439.00.
Pressured by a stronger Japanese yen and rising European currencies, December dollar index futures [DXZ9>DXZ9], from the Implosion-5 List
fell .26 to 98.20 to 50-day lows. The yen [JYZ9>JYZ9] gapped open more than .0100 before testing opening levels then closing up .0048 at .9500. Swiss francs [SFZ9>SFZ9] rose .0026 to .6733.
December copper [HGZ9>HGZ9] stole some of the thunder from recent dramatic moves in gold and silver, rising today 1.60 to 82.65. December gold [GCZ9>GCZ9] fell 2.5 to 299.5.
December wheat [WZ9>WZ9] and corn [CZ9>CZ9] continued lower after registering on the Pullback Off Lows and Multiple Days Low Volatility lists, falling 8 1/2 and 5 1/2, respectively.
In the meats, October live cattle [LCV9>LCV9] and feeder cattle [FCV9>FCV9] gapped open and closed at new contract highs.