Stock Indexes Sell Off
Stock indexes sank after the President of Microsoft said technology stocks were grossly overvalued. December Dow futures [DJZ9>DJZ9] and S&P futures [SPZ9>SPZ9], both from the Implosion-5 List, fell 239.0 and 30.80, respectively. NASDAQ 100 futures [NDZ9>NDZ9] fell 104.0 to 2432.5.
December T-bonds [USZ9>USZ9] rallied 25/32 to 114 14/32, despite the lowest level of weekly jobless claims in 25 years.
December dollar index futures [DXZ9>DXZ9] fell .06 to 99.39, pressured today mostly by the .0118 rally in the British pound [BPZ9>BPZ9] to a four-month high of 1.6404. The yen [JYZ9>JYZ9] ended .0011 lower at .9720.
Energy contracts rallied, boosted by OPEC’s agreement yesterday in Vienna to maintain production quotas. October heating oil [HOV9>HOV9] was poised for a big move after registering on the Multiple Days Low Volatility List: it moved up .0199 to .6267. Crude oil [CLV9>CLV9] and unleaded gas [HUV9>HUV9], both from the Momentum-5 List advanced .75 and .0194, respectively. Natural gas [NGV9>NGV9] made the biggest move on a percent basis, rising nearly 9.42% on a bullish inventory report.
Leading the Momentum-5 List, December gold [GCZ9>GCZ9] gapped open to a new high to finish 1.8 higher at 267.3.
In the grains, December soymeal [SMZ9>SMZ9] (from the 10/100 Low Volatility List) led most of the contracts lower, falling 3.1 to 145.4. November soybeans [SX9>SX9] fell 7 ¼ and wheat [WZ9>WZ9] went the other way, rising 3 ½ to 273 ¼.
October lean hogs [LHV9>LHV9] rose .550 to 46.100.
In the softs, coffee [KCZ9>KCZ9] was the biggest mover, rising 1.40 off contract lows to 83.20.