Sequence Traders Enjoy Opportunities
An up day, but very disappointing in the end.
However, if you are a sequence trader and trade both sides of the market, it was
an opportunity type trading day. Stock opened higher with a bounce after the large
sell-off yesterday. The positive tone led to a surge in the indices around 10:30
a.m.
ET when Federal Reserve Vice Chairman Ferguson hit the wires with generally
upbeat comments about the economic outlook. The Dec. S&P 500
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1.2,3 top. The reverse dropped it down to the lows of the day. SPZ2
closed at 884.79, up 7.40.
The tech-driven Dec. Nasdaq 100 futures
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rallied today to get back up above the 1,000 level. NDZ2 closed at 1004.50
up 23.50 or 2.40%.
After being closed for Veterans
Day, the Treasuries resumed business today with the Dec. 10-year note
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In the energy markets,
crude oil continues to be influenced by the possibilty of a conflict between a
possible US-led coalition and Iraq, whose parliament is
holding a second day of debate on the resolution approved last week by all 15
nations on the Security Council. President Saddam Hussein will make the final
decision after parliament votes, Iraqi officials said. Dec. crude oil
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volatile trading range between 25.00 and 30.00 closed lower to $25.85 a barrel,
down .08. Dec. heating oil
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69.04 a gallon. Dec. unleaded
gasoline
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natural gas
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At the Chicago Board Of Trade (CBOT),
Dec wheat futures
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2.22%. Jan. soybeans
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bushel. At one point beans tried in vain to break above the 20-day moving
average.
Dec. corn
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gained 2 1/2 cents or 1.06% to $2.38 1/4. Dec. soy meal
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to 163.09.
In the metals, Dec gold
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closed at $4.595 an ounce up 3.10 cents and Dec. copper
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at 72.09 a pound.