These Remain The Focus
T-bonds rebounded, gold weighed heavy, nat gas Turtle
Souped, and equity index futures lifted higher on two months of inertia.
T-bonds
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second time this morning forming a double bottom of support. This level was
pointed out in Monday’s
Futures Setups as one bonds could bounce from in a “reaction
rally.” December closed up 1 10/32 at 106 8/32 following their worst
week in two years, but pared gains after Chicago floor trading closed with
the electronic, Eurex T-bond down in after hours.
Stock index futures gapped open, re-tested opening levels to fill the gap,
then exploded to close at new multi-month highs in all contracts.
Also from Monday’s
Futures Setups,
natural gas
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good on a Turtle Soup Plus One Buy
setup and closed near the session high, up .154 at 2.791.
December crude oil
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lapped lower to below $17 a
barrel, the lowest level in nearly two-and-a-half-years. Oil exporters this
week hope Norway, Mexico and Russia, the three biggest non-OPEC producers,
will collude to cut production in concert with the cartel to raise oil
prices. Russia has said it will not comply. There is concern that even if
the Russian government agrees to curb production, renegade oil companies
operating across the 12 time zones of the world’s largest country will “cheat”
and sell as much oil as they can on the world market. Crude closed down .31
at 17.72.
After gapping lower, crude,
heating oil
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recovered and closed on their highs to suggest they will continue to
recover. Heating closed down four ticks, while unleaded managed a gain of
.0057 to .5079.
December
dollar index futures
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three-month high after Germany, an economy that accounts for one-third of
the GDP for the 12-country European Community, said its economy slowed last
quarter. An ECB official also placed European currencies under pressure
by saying interest rates were low enough, implying the central bank would
not cut interest rates to revive Euroland’s economy. Euro FX futures
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lapped lower and settled near its opening print, down .00490 at
.87880.
December gold
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move. Gold also gave a directional indication by registering on the
Implosion-5 List. Gold settled at a three-month low, down 2.0 at 272.9.