Index Futures Roller Coaster
Stock index futures are gyrating widely after a Judge
upheld the Florida
Secretary Of State’s ruling that the deadline and results of two machine
counts in that state’s presidential race stands. This would mean a Bush victory.
However, the rally has been short-lived and the market shifted its focus to a
profit warning for next year from teleco BellSouth Corp. Suppliers to the
communications industry have suffered with companies such as Broadcom
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handing in some of the worst losses.
NASDAQ 100 futures
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setup, the S&P futures
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just off lows and
Dow futures
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range.
Also from the Pullback From Lows,
T-bonds
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for the economy, will encourage growth, and would keep the Fed on inflation
watch have brought bonds down from near-contract highs in an engulfing
(candlestick) bar, down 10/32 at 100 31/32.
The December Japanese yen
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New 10-Day Low (from the Futures Indicators Page) Thursday and is
trading in a narrow range on lows. Japan is experiencing a governmental crises
of confidence where Prime Minister Yoshiro Mori will be subject to a parliamentary
vote and possible ousting. As in America, uncertainty in the highest office
tends to hurt the national market and the currency underlying it. The Japanese
economy is also burdened by ballooning debt that the ruling Liberal Democratic
Party has spent on pork construction projects in an effort to revive a moribund
economy. The diffusion index, an indicator of Japanese economic activity, has
declined for the past three months and public confidence (similar to consumer
confidence) is waning. While the Dec. yen is rebounding and making good on its Turtle Soup Plus One Buy
setup, monitor this one for a break of triple bottoms in a pullback from
lows setup.
March sugar
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its third straight day of a rally off lows, a development pointed out in this
space and in the Futures Market Recap. Sugar is up .11 at 9.67.
December live cattle
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just off a contract high. January feeder cattle
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List, also spiked to match the October 24 contract high and are pulling back
after hitting the multi-month highwater mark.