Gas Hits New Rarefied Level
Natural gas continues to be the most volatile contract
with much of the trading activity being conducted after hours on the Access
system. Nat gas gapped open in the New York session to 9.00, a contract and
all-time record, but proceeded to trade straight down into yesterday’s
consolidation area and hit limit-down levels (-.75), halting trading for one
hour. NGF1 has continued lower since the limit move and is currently trading
slightly above yesterday’s close.Â
Euro FX futures
(
ECZ0 |
Quote |
Chart |
News |
PowerRating) are pulling back after
gapping to a fresh three-month high this morning. Traders appear hesitant to
push the contract to new highs ahead of tomorrow’s jobs report. The jobs report
will give a clearer indication of how much the US economy is slowing vis-a-vis
Euroland. If the US economy shows more signs of weakening, the euro FX could
push to new highs.Â
Notice that the euro FX held 6 ticks above the
.89380-.89590 cluster spelled out in Carolyn Boroden’s Futures
Perspectives.Â
Also in the currencies, the
Japanese yen
(
JYZ0 |
Quote |
Chart |
News |
PowerRating), on the Implosion-5 List yesterday, is down .0031 after
a report showed that consumer spending slowed last month in that Asian nation.
The yen is trading just above its Pullback From Lows
trigger point (which equates with yesterday’s low).