Volatile Day For Stock Indexes
It was a roller-coaster day for stock indexes and T-bonds. First the Consumer Price Index showed “core” inflation ( which excludes food and energy) slowing to its slowest pace in 33 years. But traders, smelled inflation, then focused on a weakening dollar: Both stock indexes and bonds started higher, then sold off.
A hint that such action might be in store came from the 6/100 Low Volatility readings in December Dow futures [DJZ9>DJZ9] and the S&P futures [SPZ9>SPZ9]. Dow futures closed 145 lower at 10,890 and the S&Ps fell 21.50 to 1331.30 and traded over a 34-point range.
December T-bonds [USZ9>USZ9] triggered a Turtle Soup Plus One buy setup, but ended just 06/32 higher at 113 04/3.
Leading the Momentum-5 List, the
yen [JYZ9>JYZ9] ended .0145 higher at .9722. December dollar index futures [DXZ9>DXZ9] fell .50 to 99.84 and tracking the Euro, British pounds [BPZ9>BPZ9] gained .0070 to 1.6154.
Filling out the Momentum-5 List, energies rallied after a one-day pullback. October crude [CLV9>CLV9] hit an intra-day high, ending up .27 at 24.13 and unleaded gas [HUV9>HUV9] gained .0063 to .6905
Copper [HGZ9>HGZ9] had a large range day and matched its contract high before settling up 2.05 at 82.90.
December wheat [WZ9>WZ9] fell 13 1/2 to 274 1/2 and November soybeans [SX9>SX9] lost 12 3/4 to 489.
Meat contracts closed slightly lower, although October lean hogs [LHV9>LHV9] made good on their Turtle Soup Plus One Buy signal intra-day.
Hurricane Floyd missed Florida and November orange juice [OJX9>OJX9] fell 5.00 to 91.55 (-5.18%). December cocoa [CCZ9>CCZ9] fell 28 to 946 and coffee [KCZ9>KCZ9], from the Implosion-5 List, fell 1.80 to 84.50.