Bored Of Equities Not Moving? The Futures Markets Are Far From Dull
As Tropical Storm Katrina approaches
Florida, Crude Oil edges higher despite the latest indications being that the
storm will miss most oil and gas fields. The storm is expected to hit
later tonight or early tomorrow, with winds up to 60-mph.
October Crude Oil +0.25%, Harbor Unleaded Gas
+0.95% and Heating Oil +0.23% closed higher, while Natural Gas
-1.92% pulled back from yesterday’s $10 closing price. Crude Oil and Heating Oil
were both highlighted in the
TradingMarkets.com Momentum 5 list last night.
The US Dollar fell against the Japanese Yen and Euro after two
separate economic reports were released. The first showed Japan’s trade surplus
declined less than expected and exports rose to the second highest level ever.
The fall against the Euro came after the German IFO Survey release, which didn’t
confirm the recent run of strong data coming out of Germany.
US Treasuries were little changed despite Michael Moskow
(Federal Reserve Bank of Chicago, President) stating that the Federal Reserve
needs to keep raising interest rates to fight inflation. 10yr T-Note
+0.10%, 5yr T-Note +0.03% and 2yr T-Note 0.01% closed mixed.
December Coffee -3.00% hit a 9-month low to lead the
softs down. Also closing lower were Cotton -1.15%, Lumber -1.14%,
Sugar -1.12% Frozen Orange Juice -0.66% and Cocoa -0.50%.
In the grains, Soybeans -2.45% and Corn -1.01% closed lower,
Wheat +0.76% closed higher. Corn, Soybeans and Orange Juice were highlighted
in the
TradingMarkets.com Implosion 5 list last night.
In the metals, December Copper -1.11% fell for the
second consecutive day since hitting an all time high but Silver -1.32%
was the biggest faller, Palladium -0.88% closed down.
The entire livestock group closed higher, led by Lean Hogs
+2.47% (also featured in the
TradingMarkets.com Momentum 5 list last night) and Pork Bellies
+1.37%.
Economic News
Jobless Claims:
New Claims – Actual 315 K Consensus 315 K
Help Wanted Index: Actual 39
Ashton Dorkins