Day One…Now For Day 2
Marc Dupee will be out of
the office until April 9. In his absence this column is being written by
TradersWire’s Duke Heberlein.
Stock index futures staged the long-awaited rally off
severely oversold conditions, racking up massive point and percentage gains in
the front-month contracts ahead of tomorrow’s release of the March
unemployment report. Nasdaq 100 futures
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135 points at 1514.50 at the close. S&P futures
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a gain of 42.50, or 3.82%, to 1155 and the Dow futures
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392 points to 9980, up 4.09%.
The energies continued to steam higher after some
selling early on. Product issues and an apparent spill over from the equities’
good fortune boosted the complex higher. Crude
oil
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CLK1 |
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NGK1 |
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oil
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gasoline
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The rally in the indices triggered a rough day in the bond market, as T-bonds
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USM1 |
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TYM1 |
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In the currency markets. the dollar index futures
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DXM1 |
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outside day in a pullback and closing in the top quarter of its range.
With the U.S. dollar getting its legs, the British
pound
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BPM1 |
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ECM1 |
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gained despite news of Japan’s leading economic index falling 2.5 points,
gaining .0079 to .8132. Swiss francs
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.5899, and the Canadian dollar
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CDM1 |
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.0013 to close out at .6353.
Wheat
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of a pullback off its lows, and for fundamental reasons could be retesting its
recent low, as export sales reportedly have dropped significantly from one
week ago. The contract was down 3/4 at 265.
Soybeans
(
SK1 |
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resistance level, but managed to scratch and claw its way to a positive close,
up 1/4 at 437 1/2. Soymeal
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to close at 153.90, while soybean oil
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losing .0500 to fall to 15.59. May corn
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CK1 |
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back from its recent low, closing slightly higher by 1/2 at 212 1/4.
With equities and the index futures soaring, gold
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gave back some value today, falling .30 to 259.10. In the rest of the group, silver
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SIK1 |
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up by .30 to 77.5
In the softs, cocoa
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CCK1 |
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group ended the day lower as well, with orange juice
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the biggest loser, down .65 to 73.50. May cotton
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CTK1 |
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.22 to 45.97, May sugar
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SBK1 |
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session at 8.05, and coffee
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KCK1 |
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.25 to 59.
Finally, the meats managed to end trading mixed, with lean
hogs
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LHJ1 |
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LCJ1 |
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FCK1 |
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.05 to 87.80 and pork bellies
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