Bittersweet
Sugar sustained its worst beating of the current front-month
contract after a major trade house, London’s ED&F Man, revised global supply-and-demand estimates. The sell-off started in the London market,
leading to a gap-down opening that triggered sell stops and exacerbated the
plunge. ED&F Man reversed recent estimates, predicting a one-million-tonne
global-production surplus for 2000-2001.
March 2001 sugar
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implosive momentum was building by registering for the past two days on the
New 10-Day Low List.Â
Also tilting lower with a New 10-Day Low
indication, coffee hit a five-and-a-half-year low on rain and forecasts for more
wetness in the world’s biggest producing nation Brazil. Coffee
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fell 2.65 to 75.40.
Cocoa came off contract lows in a
Turtle Soup Plus One Buy
setup. The contract gapped higher but came back to provide entry in a
(Cooper) intraday lizard-tail pullback setup, finishing up 12 at 787.
Stock index futures gyrated in another day of volatile trade.
The NASDAQ 100 cash index
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late-May low, setting the futures
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Turtle Soup occurs in the same day rather than in the following day of the
Turtle Soup Plus One pattern). Semiconductors spawned the late rally that
accelerated once the contract got through the 3030 trigger area. Naz futures
closed 76.00 higher at 3227.50.Â
December S&P futures
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after 2:30 PM ET, but fell in the final half-hour to settle 2.70 lower at
1371.30.
Dow futures
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77.0 at 10,450.0.
T-bonds
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List, gained as big traders looked for a safe parking place for funds
battered in the Fall bear equity market. The contract rallied 13/32 out of an
intraday inverted head-and-shoulders pattern, and backed off later in the
session to close up 5/32 at 100 16/32.
Energies got back on the fast track after Iraq said it
might cut output if it were not permitted to receive euros rather than dollars
for its oil. December crude oil
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Momentum-5 List)
gained .0077 to .9794, and
unleaded gasoline
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