Coffee Gets Cold
Coffee [KCZ9>KCZ9] plunged today, erasing all of the gains made three days ago in a dramatic rise that took it up more than 24.0 to a four-month high. The December contract gapped lower and kept tumbling, ending the day down 12.80 at 95.60.
Elsewhere in the softs, March 2000 sugar [SBH0>SBH0] sank to a six-week low, losing .10 to 6.46 and cocoa [CCZ9> CCZ9] fell 20 to 926.
December T-bonds [USZ9>USZ9] fell 15/32 to 111 16/32 and closed near their lows of the day. All eyes will be watching Tuesday’s Consumer Price Index (CPI), following Friday’s surprising spurt in the Producer Prices. The consensus estimate is for tomorrow’s (CPI) to rise .4%.
Stock index futures gave conflicting signals, but each proved valid (long and short) intra-day. December Dow futures [DJZ9>DJZ9] and the S&Ps [SPZ9>SPZ9] each registered on the Implosion-5 List and hit 50-day lows, dropping as many as 50 and 17, respectively. But five HREF=”https://tradingmarkets.com.site/eminis/indicators/actionsigs/mbias.cfm”>Market Bias Indicators pointing up and Turtle Soup Plus One Buy signals suggested these contracts could see some upside today. Dow futures turned around from lows to finish 132 higher at 10,192.0 and the S&Ps gained 8.80 to 1266.10. Each closed above their Turtle Soup Plus One reversal triggers and the long signals could continue having an impact on tomorrow’s trading.
December dollar index futures [DXZ9>DXZ9] posted a subdued rally, rising .41 to 97.13. Japanese yen [JYZ9>JYZ9] edged .0017 higher to .9595 while Swiss francs [SFZ9>SFZ9] fell .0039 to .6871. The Canadian dollar [CDZ9>CDZ9] has fallen steadily after breaking out of a triangle six days ago. Today the December contract fell to a one-month low, losing .0033 to .6693.
The energies fell back today: December crude [CLZ9>CLZ9] lost .11 to 22.71, unleaded gas [HUZ9>HUZ9] lost .0046 to .6279, heating oil [HOZ9>HOZ9] dropped .0041 to .5976 and natural gas [NGZ9>NGZ9] lost .037 to 3.140.
Metals contracts have also broken down out of recent triangles. December gold [GCZ9>GCZ9] lost 4.7 to 311.7 and silver [SIZ9>SIZ9] fell 9.8 to 524.0. Copper [HGZ9>HGZ9] closed at its highest level in a week and at the top of today’s range, finishing .65 higher at 97.60.
The grains finished mostly higher. December wheat [WZ9>WZ9] gained 3 3/4 to 260 1/4, corn [CZ9>CZ9] moved up 3 to 202 1/4 and November soybeans [SX9>SX9] advanced 3 to 495. Soybean oil [BOZ9>BOZ9] had an inside day and closed slightly lower. This pattern implies bean oil could continue making good on its Turtle Soup Plus One Buy set up.
February pork bellies [PBG0>PBG0] set a 20-day high, reversed and ended down 2.375 at 63.025. Cattle contracts finished slightly higher.