Coffee Pops (Then Drops) And Nasdaq 100 Rallies
Coffee [KCH0>KCH0] had a wild day, gapping open and surging as many as 13 to a contract high before hitting resistance at 150 and selling off on profit-taking. The March contract, which registered on the Momentum-5 List, rallied on reports that dry weather in Brazil has resulted in crop losses.
March cocoa [CCH0>CCH0] continued retreating from steep gains made three days ago, and ended down 20 at 847. Also from the Momentum-5 List, January orange juice [OJF0>OJF0] moved higher, gaining .95 to close at 97.80.
NASDAQ 100 futures [NDZ9>NDZ9] surged as Internets, semiconductors and computer software pushed the Nasdaq composite to a new all-time closing high. The December contract closed 96.00 higher at 3110.00. Four arrows pointing up on the HREF=”https://tradingmarkets.com.site/eminis/indicators/actionsigs/mbias.cfm”>Market Bias Indicators also suggested stock index futures could trade higher. Dow futures [DJZ9>DJZ9] rose 25.0 to 11065.0 and the S&P futures [SPZ9>SPZ9] added 9.70 to close at 1412.20.
T-bonds [USZH0>USH0] sold off ahead of tomorrow’s jobs data, but managed to stay above their 20-day low hit yesterday. The March contract closed down 9/32 at 92 17/32.
December dollar index futures [DXZ9>DXZ9] gained .47 to 102.52. Japanese yen [JYZ9>JYZ9] closed flat at .9756 and Swiss francs [SFZ9>SFZ9] fell .0031 to .6275
Energies got back on track, with contracts from the oil patch rallying more than 3% on a report that OPEC succeeded in maintaining agreed-to production limits last month. January crude [CLF0>CLF0] rose .82 to 25.82, unleaded gas [HUF0>HUF0]
rose .0219 to .7103 and heating oil [HOF0>HOF0] climbed .0211 to .6624.
January natural gas [NGF0>NGF0] also gained .068 to close at 2.461.
February gold [GCG0>GCGO] tumbled 4.8 to 287.1, taking its cue from a stronger dollar but also still reeling from an under subscribed auction in the United Kingdom Monday. Silver [SIH0>SIH0] suffered from sympathy selling and ended 8.3 lower at 513.5.
The grains took the day off with March wheat [WH0>WH0] slipping 4 1/4 to 247 1/4 and soybeans [SF0>SF0] falling 3 1/4 to 472 3/4.