Overshooting Current Targets
The “holidays” last through next
Tuesday, so current action should still be viewed to be somewhat suspect — and
some markets will likely reverse early in the New Year. Here is today’s future
Recap.
BROADER MARKET INDEX FUTURES
March S&P 500 futures
(
SPH2 |
Quote |
Chart |
News |
PowerRating)
closed at 1159.40, up 6.40. The March Dow Jones futures
(
DJH2 |
Quote |
Chart |
News |
PowerRating)
closed out at 10135.00, up 18.00, while the March Nasdaq index futures
(
NDH2 |
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Chart |
News |
PowerRating)
was up 12.00 to 1613.00. The March E-mini S&P 500
(
ESH2 |
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News |
PowerRating) was
unchanged at 1153.00.
FINANCIALS
March 30-Year T-Bonds
(
USH2 |
Quote |
Chart |
News |
PowerRating)
closed at 101.00, up 0.660. The March 10-Year T-Note
(
TYH2 |
Quote |
Chart |
News |
PowerRating) was up
0.660 to 104.61, and the March 5-Year T-Note
(
FVH2 |
Quote |
Chart |
News |
PowerRating) ended at 105.33,
up 0.470.
CURRENCIES
Currency futures were mostly down
today. The March US dollar index
(
DXH2 |
Quote |
Chart |
News |
PowerRating) closed at 118.08, down
-0.349. The March British pound [BPH2|BPH2] was lower at 144.44, down
-0.299. The March Japanese yen
(
JYH2 |
Quote |
Chart |
News |
PowerRating) was lower once again. The yen
closed down -0.529 to 76.22. The March Swiss franc
(
SFH2 |
Quote |
Chart |
News |
PowerRating) was
up 0.500 to 59.57, and the March Australian dollar
(
ADH2 |
Quote |
Chart |
News |
PowerRating) closed at
50.46, down -0.039.
PRECIOUS METALS
Feb Gold
(
GCG2 |
Quote |
Chart |
News |
PowerRating) closed
down -1.89 to 277.70. March Silver
(
SIH2 |
Quote |
Chart |
News |
PowerRating) dropped -7.79 to 446.50.
Jan High Grade Copper
(
HGF2 |
Quote |
Chart |
News |
PowerRating) lost -0.599 to 68.00, and Jan Platinum
(
PLF2 |
Quote |
Chart |
News |
PowerRating)
ran up 6.70 to 480.70.
GRAINS
Finally receiving a touch of
fresh export demand Thursday, U.S. wheat prices took back a share of Wednesday’s
losses. However, gains were limited because U.S. wheat accounted for less than
half of Egypt’s total wheat deal. March Wheat
(
WH2 |
Quote |
Chart |
News |
PowerRating) closed up 6.50 to
291.00. March Corn
(
CH2 |
Quote |
Chart |
News |
PowerRating) was higher, closing at 209.50, up 0.75.
March Oats
(
OH2 |
Quote |
Chart |
News |
PowerRating) were up 1.00 at 190.00. Jan Soybeans
(
SF2 |
Quote |
Chart |
News |
PowerRating) dropped
-74.99 to 42750.00. March Soybean Meal
(
SMH2 |
Quote |
Chart |
News |
PowerRating) was up 0.500 to 145.40,
and March Soybean Oil
(
BOH2 |
Quote |
Chart |
News |
PowerRating) dropped -0.039 to 15.54.
SOFTS
March Cotton #2
(
CTH2 |
Quote |
Chart |
News |
PowerRating)
closed lower to 36.40, down -0.099. March Orange Juice [JOH2|JOH2] closed
down -2.69 to 92.80. March Coffee
(
KCH2 |
Quote |
Chart |
News |
PowerRating) reopened today after being
closed for Christmas. It pulled back -0.15 to close at 46.50. March Cocoa
(
CCH2 |
Quote |
Chart |
News |
PowerRating),
also closed for the past couple of sessions for Christmas, pushed up 26.00 to
1309. March Sugar #11
(
SBH2 |
Quote |
Chart |
News |
PowerRating) closed at 7.30, up 0.18, and Jan Lumber
(
LBF2 |
Quote |
Chart |
News |
PowerRating) closed at 260.50 up 0.70.
MEATS
Feb Live Cattle
(
LCG2 |
Quote |
Chart |
News |
PowerRating)
closed lower, finishing at 70.15, down -0.599. Feb Live Hogs
(
LHG2 |
Quote |
Chart |
News |
PowerRating)
rose 0.650 to 56.13. Feb Pork Bellies
(
PBG2 |
Quote |
Chart |
News |
PowerRating) climbed to 80.62, up
2.97, and Jan Feeder Cattle
(
FCF2 |
Quote |
Chart |
News |
PowerRating) was lower by -0.349 to 85.40.
ENERGIES
Crude oil fell on speculation that OPEC members
will keep exceeding their production targets as they have for most of this year,
even as they prepare for another round of output reductions to counter slowing
demand. The Organization of Petroleum Countries will probably reduce daily
output quotas by 1.5 million barrels, or 6.5%, at a meeting in Cairo tomorrow,
said Saudi Arabia’s oil minister, Ali al-Naimi. Members overshot their current
targets by 459,000 barrels a day in November according to estimates.
Crude oil
for February delivery fell as much as 95 cents, or 4.5%, to $20.32 a barrel on
the New York Mercantile Exchange. Oil yesterday rose 8.4%, its biggest one-day
gain since October 2000 when ministers said an output reduction would be made.
Prices have dropped 25% since the terrorist attacks on Sept. 11. OPEC said at a
November meeting that it would reduce daily output by 1.5 million barrels if
rivals such as Russia, Norway and Mexico chipped in another 500,000. The
non-OPEC exporters have pledged cuts of 462,500 barrels a day. OPEC this year
has reduced its quotas by 3.5 million barrels a day, or 13%, as demand slowed.
Feb
Crude Oil
(
CLG2 |
Quote |
Chart |
News |
PowerRating) dropped by -0.369 to 20.90. Feb Unleaded Gasoline
(
HUG2 |
Quote |
Chart |
News |
PowerRating)
was lower by -0.849 to 59.82. Feb Heating Oil
(
HOG2 |
Quote |
Chart |
News |
PowerRating) closed down
-1.11 to 58.56. Feb Natural Gas
(
NGG2 |
Quote |
Chart |
News |
PowerRating) closed down -0.309 to 2.62.