What Had Its Best Month In 22 Years…
US Treasuries rose after
weaker-than-expected government and industry reports on personal income,
spending and manufacturing, putting the benchmark 10-year note at its best month
in 22 years.
The S&P 500
futures
(
SPZ2 |
Quote |
Chart |
News |
PowerRating) fell to the 800 level, which was the -2.0 Volatility
Band. From there it formed a 1,2,3 bottom and began to rally. Savvy traders who
are Kevin Haggerty students, probably pulled at least 10 points out of the move
to the upside before pulling back to close at 815.50, down 9.89 or 1.19%. The
Nasdaq 100
(
NDZ2 |
Quote |
Chart |
News |
PowerRating) dropped off to 837. a drop of 24.50 points or 2.84%.
In addition to the depressing economic news, bonds climbed as stocks fell on
concern a war with Iraq will further slow the economy’s rebound from recession.
The Dec.10-year Treasury-note
(
TYZ2 |
Quote |
Chart |
News |
PowerRating) has had its best quarter since
1989, returning 11.6% including reinvested interest. The ten-year note
closed at 115.92, up .64. The 30-year bond for Dec.
(
USZ2 |
Quote |
Chart |
News |
PowerRating) climbed
.56 to close at 114.28.
All energies today were
lower, except natural gas. Nov. crude oil
(
CLX2 |
Quote |
Chart |
News |
PowerRating) dropped to $30.39 a
barrel, down .14, but stayed above $30.00 a barrel. Nov. heating oil
(
HOX2 |
Quote |
Chart |
News |
PowerRating) dropped .43 cent to 80.90 a gallon and Nov. unleaded
gasoline
(
HUX2 |
Quote |
Chart |
News |
PowerRating) closed at 80.59 a gallon down .22. Natural-gas futures
rose, extending a 15-month high, on concern that a hurricane gaining strength in
the Caribbean will move into the Gulf of Mexico and disrupt production at
offshore platforms. Natural gas for November
(
NGX2 |
Quote |
Chart |
News |
PowerRating) delivery rose 9
cents, or 2%, to $4.13 per million British thermal units on the New York
Mercantile Exchange. That was the highest closing price for a most-active
contract since June 2001. Prices rose 28% in the quarter ending today.
At the Chicago Board of Trade (CBOT)
where grains and beans are traded, Nov. soybeans
(
SX2 |
Quote |
Chart |
News |
PowerRating) suffered the
worst losses, falling below the 5.60 support level. Beans closed at $5.45 3/4 a
bushel, down 13.50 cents or 2.41%. Dec. wheat
(
WZ2 |
Quote |
Chart |
News |
PowerRating) fell below its
20-day moving average to close at $3.96 1/2 down 6 cents or 1.49%. Dec. corn
(
CZ2 |
Quote |
Chart |
News |
PowerRating) lost 7 cents or 2.71% to end at $2.51 2/4 a bushel.
In precious metals, Dec. gold
(
GCZ2 |
Quote |
Chart |
News |
PowerRating) provided upside movement for the Phlx Gold & Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) to make it one of the strongest sectors on the day. Dec. gold
rose $4.40 or 1.37% to $325.50 a troy ounce. Dec. silver followed gold’s lead,
rising to a five day high and closing at $4.55 an ounce. This was an increase of
4 cents. Dec. copper
(
HGZ2 |
Quote |
Chart |
News |
PowerRating) closed down .10 to 66.59 a pound.