Where Profit Takers Are Cashing In
Profit-takers cashed in on today’s futures
trading, as the second estimate of U.S. GDP came in at a 4.0% annual rate, up
slightly from the previous estimate. GDP in the third quarter was up 3.2% from
one year ago. The major future indices for Dec. were lower and the December
Treasuries were higher.
The Dec. 10 year T-notes
(
TYZ2 |
Quote |
Chart |
News |
PowerRating) rose
higher with talk that the economy will get slow again. TYZ2 closed at 113 145 up
+255. The Dec. 30-year bond
(
USZ2 |
Quote |
Chart |
News |
PowerRating) closed at 110 ’29 up +1 ’02.
U.S. corporate profits were down 1.8% in the
third quarter, but are still up 12.2% from a year ago and U.S. consumer
confidence was 84.1 in November, up from 79.6 in October. The Dec. S&P 500
futures
(
SPZ2 |
Quote |
Chart |
News |
PowerRating) pulled back by 18.20 to 911.50, just above its 20-day
EMA. Tomorrow will be a shortened trading day in the bond market, so we could
see more weakness in the futures.
In a separate economic report, new home sales
were at an annual rate of 1.007 million units in October, down 4.5% from
November’s pace. So far this year, new home sales are up 7% from a year ago.
The Nasdaq 100 for Dec.
(
NDZ2 |
Quote |
Chart |
News |
PowerRating)
dropped 38 points or 3.37% to 1088.50. The NDZ2 has held up well above its
20-day EMA at 1051.70.
Crude oil rose in today’s trade, higher
with U.N. inspections in Iraq scheduled to begin tomorrow. Jan. crude oil
(
CLF3 |
Quote |
Chart |
News |
PowerRating) rose .28 cents or 1.11% to $26.39 a barrel.
Jan. heating oil
(
HOF3 |
Quote |
Chart |
News |
PowerRating) gained .77 of a cent or 1.03% to end today’s
session at 75.29 a gallon and Jan. unleaded
gasoline
(
HUF3 |
Quote |
Chart |
News |
PowerRating) rose .72 or 1.02% to 71.40 a gallon.
Yesterday’s 6 to 10 day forecast calls for below average temperatures in the
eastern third of the U.S.,but Jan. natural gas
(
NGF3 |
Quote |
Chart |
News |
PowerRating) dropped .08 or 1.92% to 4.24.
At the Chicago Board Of Trade (CBOT),
Jan. soybeans
(
SF3 |
Quote |
Chart |
News |
PowerRating) rose 1 1/4 cents to $5.73 1/2 a bushel
Dec. soy meal
(
SMZ2 |
Quote |
Chart |
News |
PowerRating) dropped .90 to 166.80
March
corn
(
CH3 |
Quote |
Chart |
News |
PowerRating) dropped .25 of a cent to $2.44 1/2
March wheat futures
(
WH3 |
Quote |
Chart |
News |
PowerRating) lost .05 cents or 1.30% to $3.78 1/2
a bushel.
In the metals, Dec. gold
(
GCZ2 |
Quote |
Chart |
News |
PowerRating)
dropped just .10 cents to $317.80 a troy ounce
and Mar. silver
(
SIH3 |
Quote |
Chart |
News |
PowerRating)
dropped 4.70 cents or 1.05% to $4.45 an ounce.
Despite the positive GDP report,
Dec. copper
(
HGZ2 |
Quote |
Chart |
News |
PowerRating) lost
.80 of a cent or 1.09% to close at 72.79.
March coffee
(
KCH3 |
Quote |
Chart |
News |
PowerRating) traded positive
gaining .75 or 1.08% to close at 70.50 above the 70 support level. March cocoa
(
CCH3 |
Quote |
Chart |
News |
PowerRating) dropped $15.00 to $1691.
Be aware that some markets have early
closings Wednesday Nov. 27 and Friday Nov. 29.