Looming Oil Shortage Brings New Highs For Energies
A report from the American Petroleum Institute (API) confirmed that OPEC’s agreement to maintain production quotas continues to drain oil supplies.
Full Metal Market
December gold [GCZ9>GCZ9] turned in another huge rally, surpassing yesterday’s 14.0 surge with a move up of 26.2 to 310.0. Intra-day, gold traded as high as 329.0.
Gold Glitters On New Fundamentals
An agreement by European central banks to limit sales boosted gold to its largest gain in 14 years.
T-bonds Pick Up The Slack
Traders took to the safety of T-bonds [USZ9>USZ9] in the wake of yesterday’s bloody day in equities: The December contract ended nearly a point higher at 115 12/32.
Stock Indexes Sell Off
Stock indexes sank after the President of Microsoft said technology stocks were grossly overvalued.
Gold Rallies Again
December gold [GCZ9>GCZ9] followed through on yesterday’s big up move, adding another 3.7 to close at 265.5. Gold’s big bounce out of a prolonged base placed it on the Momentum-5 List.
Gold Gets The Lead Out
After languishing near 20-year lows for the past few months, December gold [GCZ9>GCZ9] made its biggest up move this year.
Yen Rallies
Skeptical that the U.S. and Japanese treasury departments will act together to halt the yen’s rise, the December contract [JYZ9>JYZ9] rallied more than .0120 off its opening low to end up .0048 at .9520 today.
Bullish Market Bias Precede Rally
Stock index futures followed through on yesterday’s late turnaround to end positive on the day. Five Market Bias Indicators were bullish, a rare occurrence noted by Dave Landry in last night’s Futures Trading Outlook.
Stock Indexes Fight Downdraft
Stock indexes turned around late in the session, fighting back from gains that had the Dow futures [DJZ9>DJZ9] down by as much as 100.
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,
Buying Binge Takes Bite Out Of Bonds
A report from the Commerce Department said American consumers went on a shopping spree last month, spending at their fastest pace in six months.