Bulls Dominate Energies And Yen
Oil futures contracts continued a string of rallies to new highs and the yen shrugged off the Japanese government’s recent intervention in Forex markets to rally to another three-year high.
Yen-tervention
Traders continued buying Japanese yen futures after the Bank of Japan reportedly spent $4 billion in international markets buying dollars and selling yen in an attempt to weaken the currency.
Yen Roaring Back To Life
A report showing the Japan economy unexpectedly expanded last quarter sent the yen [JYZ9>JYZ9] surging.
Pounds Surge In Surprise Move
Catching traders off-guard, the Bank of England raised interest rates 25 basis points, pushing up September British pounds [BPU9>BPU9] .0142 to 1.6192–on the open.
Grains And Energies Rally
Soybeans hit their highest level in months and energy contracts reached life-of-contract highs today.
Stock Index Futures And Bonds Explode On Labor Report
A tamer-than-expected report from the Labor Department produced significant rallies in stock indexes and T-bonds.
Jobs Data Propels Market
A Labor Department report showing slower job growth (unemployment at 4.2%) and only slightly higher wage growth in August has eased concern the Fed might raise interest rates before the end of the year. Stocks are soaring on the news and program trading curbs are in effect.
Gas Implodes
A bearish inventory report by the American Gas Association sent natural gas [NGV9>NGV9] down 9.5%, The move down erases all of the gains gas made since breaking out on July 23.
Tech Leads Stocks Higher
Blue Chips are turning around a four-day losing streak and chasing a rally that started yesterday in tech stocks. Dave Landry pointed out in last night’s Stock Market Trading Outlook that all of the sectors on the Strongest Sectors List represented tech stocks and that “we could get follow-through buying.”