Positive Reports Propelling Futures…
The pre-opening futures
pointed to a positive open, and several positive economic reports helped
propel the major future indices up. US personal income was up .1% in October while consumer
spending was up .4%. US jobless claims were down 17,000 last week to 364,000, less than expected.
This pushed the Dec. 10 year T-notes
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PowerRating) sharply lower to 112 055,
down -1 090, and the Dec. 30-year bond
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Today’s trading session as well as Friday’s session was shortened.
The University of Michigan’s consumer sentiment
index was 84.2 in November, up from 80.6 in October. The December S&P 500
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Dec.
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3.36%.
Energy
The Department of Energy said that crude supplies
were down 3.9 million barrels last week. Unleaded supplies were up 3.9 million
barrels and distillates were down 2.9 million barrels. Jan. crude oil
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a barrel.
The DOE also said that in the past four weeks,
unleaded demand was up 1.7% from a year ago, jet fuel demand was up a surprising
8.7% from a year ago, and distillate fuel demand was up 4.6% from a year ago.
Jan. unleaded
gasoline
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gallon and
Jan. heating oil
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Jan. natural gas
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Meats
After the close, the USDA said that the October
pig crop was 8.33 million head, down 2% from a year ago. Sows and gilts on
November 1st totaled 5.83 million head, also down 2% from a year ago.
February hogs
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Feb. cattle
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for boxed beef.
Grains
At the Chicago Board Of Trade (CBOT),
Jan soybean oil
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1.80% at 22.67, helped by the Census report which showed bean oil stocks at 2.29
billion pounds, less than was expected.
Jan. soybeans
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Jan. soy meal
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March
corn
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March wheat futures
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$3.85 a bushel.
Foods
March cocoa
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$1,703, spurred by reports that rebels in the Ivory Coast attacked government
forces in the western part of the country, ending the truce. March coffee
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PowerRating) traded positive gaining .30 to close at 70.59 above the 70 support level.
Metals
In the metals, Feb. gold
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dropped .70 cents to $318.00 an
ounce. and Mar. silver
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dropped 1.50 cents to $4.43 1/2 an ounce. U.S.
durable goods orders were up 2.8% in October, stronger than expected.
March. copper
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ended up 1.95 at 75.70.
Be aware of early closings in some markets on Friday.