Confidence Men
Interest rate futures are surging after consumer
confidence hit a five-year low. Consumer confidence is being particularly
closely watched because Alan Greenspan mentioned in recent Congressional
testimony on the economy that it will play a pivotal role in any economic
recovery.Â
T-bonds
(
USH1 |
Quote |
Chart |
News |
PowerRating) hinted they could trade higher by registering on the Momentum-5
List. Additionally, both T-bonds and 10-years closed on their highs
yesterday.Â
Both contracts made good on Off The Blocks
setups and on intraday-pullback-from-highs setups.Â
Federal Funds futures are also trading at contract records. The July contract
(
FFN1 |
Quote |
Chart |
News |
PowerRating) is now fully pricing in a 75-basis-point hike and a 96% chance of a
100-point cut (1%).Â
Pork contracts April lean hogs
(
LHJ1 |
Quote |
Chart |
News |
PowerRating) and March pork bellies
(
PBH1 |
Quote |
Chart |
News |
PowerRating)
continue to remain on a tear. The latest from the UK is that the foot-and-mouth
outbreak is spreading. Pork is rising on the shortage of meat. Both contracts
are on the Momentum-5
List: bellies are up 2.350 and hogs are up .325.
Coffee
(
KCK1 |
Quote |
Chart |
News |
PowerRating)Â continues to yield signs
that it may be bottoming. It was on the Momentum-5
for Monday, formed an outside bar that closed above its mid-point yesterday, has
been printing higher lows and has held above its Feb. 20 Turtle Soup Plus One
buy pivot.Â
