Index, Gas And Juice Futures Exploding
Stock index futures are surging after the US Supreme Court reversed a Florida
State Supreme Court decision. Natural gas and orange juice are higher on cold
weather as well.Â
Stock indexes surged on the media reports that the Supreme Courts remanded
the Florida decision. But the interpretation remains indeterminate and indexes
are trading back within their previous ranges.Â
Forecasts for temperatures three to 10 degrees below normal through next
Monday across the Northeast during a period of 24-year lows in heating fuel
storage levels has pumped natural gas futures
(
NGF1 |
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PowerRating) up 11% to a record and
heating oil
(
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PowerRating) up 4%. (NGF1 closed at a new contract high Friday, a
development pointed out in the Futures
Market Recap). Natural gas trading was halted
for one hour in New York due to the contract moving its .75 limit. Once trading
resumed at 11:27 AM ET, gas exploded to a new high, hitting 8.000 and is
currently trading just below its highs of the session. Nat gas, of course, hit
the New 10-Day Highs List.
Orange
juice
(
OJH1 |
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News |
PowerRating), from the Momentum-5
and
New 10-Day Highs lists gapped up on speculation that the arctic blast in the
Northeast could extend down to the Carolinas and hit orange groves in Florida.
Orange tree-damaging frost in Florida has occurred most often in December and
January. Juice is up 5.9%, but is off its high of the session of 89.00.