Market Golden…
COMEX gold
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GCG2 |
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PowerRating) rose $4 per ounce to 278.60
after weakening of the U.S. dollar against other currencies became a catalyst,
triggering buyers and forcing shorts to cover existing positions. Friday’s
action boosted the contract to a new four-week high. Copper
(
HGH2 |
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PowerRating) continues
to retrace after its strong November rally, hitting the 61.8% retracement in the
session. Silver
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SIH2 |
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PowerRating) is keeping its run off its lows alive and
apparently reversing its downtrend, as it has gained nearly 0.30 over the last
two weeks of trading.
With the weakening in the dollar index futures
(
DXH2 |
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PowerRating),
the
British pound
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BPH2 |
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PowerRating) continues to rally higher, and the closed in
the green after gapping higher. The
Canadian dollar
(
CDH2 |
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PowerRating) spiked higher in the session following a
one-day pullback, and
Swiss francs
(
SFH2 |
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PowerRating) reversed Thursday’s apparent reversal and closed
in the top part of its range. The
Japanese yen
(
JYH2 |
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PowerRating) continues to implode, but did manage to rally
off its lows after gapping downward on the open.
Dow futures
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DJH2 |
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close up more than 80 points on the day, with the Nasdaq 100 futures
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NDH2 |
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regaining some of its losses, despite gapping below a three-month trendline.
S&P futures
(
SPH2 |
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PowerRating) continue to pull back, but bounced off the
50-day moving average to close positive.
As buying increased in the index futures, T-bonds
(
USH2 |
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PowerRating) and
10-year notes
(
TYH2 |
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PowerRating) continue to fall out of their pullbacks off the
recent lows.
In the meat contracts, feeder cattle
(
FCF2 |
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PowerRating)
continues its descent from the November high, with reported spread trading by
the major packers being the dominant play. The contract did manage to stop the
bleeding at the 50% retracement of the November low to high. Live cattle
(
LCG2 |
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PowerRating) traded
in similar fashion, managing its end its slide near the 61.8% RT of the same
leg. Hogs also were victim to an uneventful session, as
lean hogs
(
LHG2 |
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PowerRating) managed to move higher for the second straight day,
and pork bellies
(
PBG2 |
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PowerRating) crawled to a second close above its 20-day
moving average.
In grains, cocoa
(
CCH2 |
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PowerRating) is furthering its surge out of its pullback,
gaining 38 points to 1334. Coffee
(
KCH2 |
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PowerRating) exhibited action
suggesting its run off its recent low may be over and appears to be setting up
to retest that low. Sugar
(
SBH2 |
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PowerRating) made a second high out of its
pullback, but sold off, leaving a bear tail. Finally, cotton
(
CTH2 |
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PowerRating)
may have one more push to contract highs left in it following Friday’s wide-range expansion bar to the upside.
Selling pressure appeared to drop off in wheat
(
WH2 |
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PowerRating), as it jumped 4 1/4 to a nine-day high in trading, despite light
volume. Corn
(
CH2 |
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PowerRating) showed continuation of Thursday’s push higher, but
could not sustain the momentum and fell off into the close. Soybeans
(
SH2 |
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PowerRating) rose
slightly off a technical double bottom, while soybean oil
(
BOH2 |
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PowerRating) if
forming a flag near its two-month low. Soy meal
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SMH2 |
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PowerRating) rounded out
the complex, by faltering into the close to end the session at the intraday low.
NYMEX energy futures were bolstered by apparent short
covering, as crude oil
(
CLF2 |
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PowerRating) spiked higher to recapture its 20-day
moving average. Unleaded gasoline
(
HUF2 |
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PowerRating), trading in an almost
identical chart, rose higher and has traced out a slanted triple top. Heating
oil
(
HOF2 |
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PowerRating) moved higher and is hitting a short-term downtrend
line, and
natural gas
(
NGF2 |
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PowerRating) is attempting to assault the 3.000 mark, ending
up 0.099 at 2.855.