Why Aren’t Warnings Shaking Market?
December Nasdaq 100 futures
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before staging a bounce off its 11-week-old trendline, continuing to trade in a
pullback from high and recovering well despite warnings on Tuesday from Merck
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and American Express
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S&P futures
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recovered and left a tail with a bullish bias on Wednesday’s bar, similar to the
action of the
Dow futures
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Treasuries appear to be setting up in pullbacks from
lows, as both T-bonds
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10-year notes
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Traders should wait for follow through, however, as both closed near the top of
their range.
Major players liquidating long positions drove down copper
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PowerRating), yet it still managed to continue to bounce from an area near its
50% retracement level of the November low to high. Gold
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continues to pull back from its recent low, gaining 1.60 to 274.5, and
silver
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50-day moving averages.
Cocoa
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pullback from high, but slipped into the close to leave a bearish tail on
Wednesday’s bar, and leaving a question mark as to whether it has another push
to the upside left in it. Coffee
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recent lows, in spite of producer selling holding prices down. March 2002 sugar
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after an earlier sell-off to close well, possibly keeping its recent strong
uptrend intact. Cotton
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CTH2 |
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pattern after its strong run off of 20-year contract lows, and orange juice
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is probing beneath the 50-day moving average and appears to be headed downward
to the October gap.
Corn
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CH2 |
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contracts despite the recent announcement of sales of more than one million
metric tons to China and other destinations in the past week. Wheat
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point range for the session. Shorts continue to sell soybeans
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and have the futures looking as though they will retest the October low. SH2 pulled
soybean oil
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BOH2 |
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the 50-day moving average. Soy meal
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SMH2 |
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by trading in a narrow-range inside day, dropping slightly to 146.70.
Energy futures on the NYMEX saw a boost on alleged short
covering after news of the escalation of violence between the Israelis and
Palestinians. Crude oil
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lows, while
unleaded gasoline
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HUF2 |
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oil
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HOF2 |
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chart, with
natural gas
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slightly negative at 2.719, down 0.084.
Meats sold off Wednesday, as
live cattle
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near the bottom of its range. Feeder cattle
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similar fashion, yet is attempting to push higher out of a bigger-picture head-and-shoulders. In the hogs,
lean hogs
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PowerRating) set yet another contract low and has fallen more
than $10 from the October low to Wednesday’s trading. Finally, pork bellies
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are forming the right shoulder to its head-and-shoulders pattern.
Dollar index futures
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downside, exhibiting further weakness following Tuesday’s slip lower. This aided
the
British pound
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PowerRating), which is continuing to surge higher off its
November lows, in addition to the
euro FX futures
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ECH2 |
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PowerRating), which closed above the 50-day moving average
for the first time in nearly seven weeks. The
Canadian dollar
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CDH2 |
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PowerRating) gapped significantly higher out of a flag
pattern, and
Swiss francs
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The
Japanese yen
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PowerRating) closed negative, but an outside day at its
contract low may be signaling a possible change in direction.