Two That Rallied
Gold and Silver jumped in early trading and were
able to sustain their rally. That was not the case for the broader market futures,
which started off great, and ended less than great.
BROADER MARKET INDEX FUTURES
March S&P 500 futures
(
SPH2 |
Quote |
Chart |
News |
PowerRating) lost
8.80 to end at 1154.500. The March Dow Jones futures
(
DJH2 |
Quote |
Chart |
News |
PowerRating) closed lower
by .84 to 10076.00. While the March Nasdaq index futures
(
NDH2 |
Quote |
Chart |
News |
PowerRating) lost
17.50 to close at 1655.00. After all of the index futures starting up for the
day, they reversed and closed lower.
FINANCIALS
The March 30-Year T-Bond
(
USH2 |
Quote |
Chart |
News |
PowerRating)
was higher today by 0.120 to end at 101.500. The March 10-Year T-Note
(
TYH2 |
Quote |
Chart |
News |
PowerRating)
was up by .030 to 105.312, and the March 5-Year T-Note
(
FVH2 |
Quote |
Chart |
News |
PowerRating)
ended at 105.875, up .030.
CURRENCIES
The March US dollar index
(
DXH2 |
Quote |
Chart |
News |
PowerRating)
closed at 117.500, up .270. The March British pound
(
BPH2 |
Quote |
Chart |
News |
PowerRating) lost
0.200 to end at 143.120. The March Japanese yen
(
JYH2 |
Quote |
Chart |
News |
PowerRating) was
stable at 75.660, up 0.060. The March Swiss franc
(
SFH2 |
Quote |
Chart |
News |
PowerRating) lost
0.240 to close at 60.180. The March Australian dollar
(
ADH2 |
Quote |
Chart |
News |
PowerRating) was
higher by .070 to 52.260, and the March euro
(
FXH2 |
Quote |
Chart |
News |
PowerRating) continued to
slide, down .000180 to .88810.
PRECIOUS METALS
Comex Gold futures powered to a
two-month high, playing catch-up with silver, which extended a string of
three-month highs. Feb Gold
(
GCG2 |
Quote |
Chart |
News |
PowerRating) gained 4.5 to close up at 283.7.
March Silver
(
SIH2 |
Quote |
Chart |
News |
PowerRating) added 7.0 to close at 471.000. March High Grade
Copper
(
HGH2 |
Quote |
Chart |
News |
PowerRating) closed higher at 71.55, up .77, and April
Platinum
(
PLJ2 |
Quote |
Chart |
News |
PowerRating) pushed higher by .700 to 476.00.
GRAINS
March Wheat
(
WH2 |
Quote |
Chart |
News |
PowerRating)
was lower by 2.25 at 302.750. March Corn
(
CH2 |
Quote |
Chart |
News |
PowerRating) lost 1.5 to end at
210.00. March Oats
(
OH2 |
Quote |
Chart |
News |
PowerRating) ended lower by 8.000 to close at 195.750.
March Soybeans
(
SH2 |
Quote |
Chart |
News |
PowerRating) closed higher by 4.500 to end at 439.500. March
Soybean Meal
(
SMH2 |
Quote |
Chart |
News |
PowerRating) was higher by 3.100 to 148.500. March
Soybean Oil
(
BOH2 |
Quote |
Chart |
News |
PowerRating) closed lower by 0.170 to end at 16.300.
SOFTS
Most of the softs gained today,
with the exception of Cotton. March Cotton #2 [CTH2|CTH2] lost .500
to close at 37.95. March Orange Juice [JOH2|JOH2] gained 1.25 to rise to
90.90. March Coffee
(
KCH2 |
Quote |
Chart |
News |
PowerRating) rose 2.300 to 50.85. March Cocoa
(
CCH2 |
Quote |
Chart |
News |
PowerRating)
added 9.00 to 1398.000. March Sugar #11
(
SBH2 |
Quote |
Chart |
News |
PowerRating) gained .230
to close at 8.030, and Jan Lumber
(
LBF2 |
Quote |
Chart |
News |
PowerRating) gained 0.300 to end at
241.500.
MEATS
Feb Live Cattle
(
LCG2 |
Quote |
Chart |
News |
PowerRating) added
.620 to end at 70.75. CME Lean Hog futures ended the session mixed, but mostly
lower. The Pork Bellies settled limit-down in a session that started and ended
with fast trading, paced by fund selling for most of the day. Active February
lost 3.9% and fell to a three-week bottom. March and May also finished limit-down.
Feb Live Hogs
(
LHG2 |
Quote |
Chart |
News |
PowerRating) lost .200 to close at 54.475. Feb Pork
Bellies
(
PBG2 |
Quote |
Chart |
News |
PowerRating) lost 3.00 to end at 74.80, and March Feeder
Cattle
(
FCH2 |
Quote |
Chart |
News |
PowerRating) was higher by .800 to close at 85.65.
ENERGIES
They blame global warming for just about
everything from disease to changing the tides of the seas. Now the latest bout
of global warming scares has led to choppy seas for the energy complex. After
huge advances last Friday due to optimism on the economy and OPEC and non-OPEC
compliance to reduced production quotas, mother nature has reasserted herself!
The API reported that US inventories of distillates rose by 5.6 million barrels
in the latest week. This overshadows the neutral to bullish number on unleaded
which shows stocks up 798,000 barrels. The report on distillates could send the
market down unless the Department of Energy numbers gives us a lower
estimate. Stay tuned.
Feb Crude Oil
(
CLG2 |
Quote |
Chart |
News |
PowerRating) ended
down by 1.070 to 20.18. Feb Unleaded Gas
(
HUG2 |
Quote |
Chart |
News |
PowerRating) lost
2.93 to end at 58.060. Feb Heating Oil
(
HOG2 |
Quote |
Chart |
News |
PowerRating) lost 3.03 down to
53.79, and Feb Natural Gas
(
NGG2 |
Quote |
Chart |
News |
PowerRating) ended at 2.228, down .050. Even
with all the volatility in the energy complex, the charts still look
bullish, with the possible exception of heating oil. It could go either way as
the formation is looking like a triangle. Any sell-off in crude oil looks like
it would hit key support. The API stats for crude were slightly bullish, so
don’t be too quick to dump it.