The Fuel Behind The Stock Indices Rally
Looking at the grains, Corn
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CH2 |
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PowerRating) futures were down 1 1/4 today as traders said the market is looking
generally weak technically due to the new Chinese sales in the past two weeks.
While KCBT Wheat
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weekly export inspections were above average for wheat and soybeans and below
average for corn.
Among the broader market index futures, the S&P
futures
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Industrials futures
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DJH2 |
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futures
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NDH2 |
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AMGN |
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PowerRating) merger is a go and
the Vivendi and USA network talks are going well.
Energies were down modestly as the
optimism in Friday’s rally petered out. Crude Oil
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CLF2 |
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by .04, Unleaded Gas
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0.04 as it closed near the bottom of its range, and Heating Oil
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.0044. Norway’s oil ministry said it would cut crude production by 150,000
barrels/day from January 1 to June 30. The decision made was not part of an OPEC
agreement.
Also in the news was that OPEC was
considering delaying its planned production cuts until it could get more
cooperation from non-OPEC producers.
After pulling back off its lows, the
T-Bonds
(
USH2 |
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PowerRating) gapped lower to hit an intraday low of 98.01 only to close
near the top of its trading range. T-Bonds were mentioned as a potential short
play in the TradingMarkets.com Nightly Futures report on Friday Night.
Among the currencies Monday, the
British Pound
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appears to be approaching its pivot point of 1.4572 in what appears to be a
double bottom formation on a daily chart. The US Dollar
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DXH2 |
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PowerRating) climbed .15
as it reversed to close higher after trading lower for much of the session.
In the meats, Live Cattle
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LCG2 |
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PowerRating)
climbed .52 as Feeder Cattle
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FCF2 |
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LHG2 |
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PowerRating) followed suit
moving higher .47 and .32, respectively. Pork Bellies
(
PBG2 |
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PowerRating), however, did not
fare as well losing .32 in the session.
Precious metals were mixed, with Gold
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GCG2 |
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PowerRating) sliding .50, giving back some of its gains from Friday. Silver
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SIH2 |
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.01, and High Grade Copper
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HGF2 |
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PowerRating) moved up in the
session, tacking on .35. Platinum
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PowerRating) ended the day unchanged.