Coffee Cranks
Coffee extended gains for a fourth day as Brazilian weather-watchers continued
their call for freezing temperatures to hit key coffee-growing regions in the
world’s largest producing nation. Coffee registered on the New 10-Day Highs List
Thursday, a precursor to the Momentum-5 List, and the September contract
continued to rally after gapping open. The September contract
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rallied 9.70 to close at 102.20.
The leading contract from the Momentum-5
List, November sugar
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chopping its way to a gain of .05 to 9.22 and a new contract high.
T-bonds broke out above an extended-base-at-highs, taking
their cue to rally from a report showing a higher number of jobless claims and a
repurchase by the Treasury of outstanding debt. Higher prices come one day
before the Producer Price Index report, implying some traders expect the numbers
to show little inflation. September T-bonds
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to 98 14/32 and 10-year notes
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to close at 98 28/32.
The lights were green on stock indexes futures as the
contracts registered on the Momentum-5
List and New 10-Day
Highs List prior to moving higher Friday. Rallies in the semiconductor
and Internet sectors propelled
NASDAQ 100 futures
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PowerRating) to the best gains of the three, up 78.0 to
4008.50. Dow and S&P futures were more subdued. S&P futures
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popped higher, pulled back to Wednesday’s closing levels then rallied and
remained in positive territory for the remainder of the session to close up 3.80
at 1509.50.
Dow futures
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PowerRating) nuzzled out a gain of 8.0 to 10,887.0.
Plans by OPEC to arrange an unscheduled meeting to
cement agreement from members over Saudi Arabia’s recent unilateral promise to
increase production threw in doubt the question of when and how much additional
oil would come onto world markets. Comments by Energy Secretary Richardson that
the world needs more supply, also helped oil to rally and nearly fill a gap left
on July 5. August crude
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Still consolidating within a developing head and shoulders
top formation, natural gas rallied 3.3% and made good on a
Turtle Soup Plus One Buy
setup. August
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PowerRating) rose .135 to 4.166.
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