Gas Implodes
A bearish inventory report by the American Gas Association sent natural gas [NGV9>NGV9] down 9.5%, The move down erases all of the gains gas made since breaking out on July 23. The October contract registered on last night’s Implosion-5 List and fell .266 to 2.471.
Other energy contracts suffered sizeable losses as well: Crude oil [CLV9>CLV9] tanked .50 to 21.49, unleaded gas [HUV9>HUV9] moved .0207 lower to .6351 and heating oil [HOV9>HOV9] lost .0136 to .5647.
Bonds and stock indexes got slammed from a barrage of bearish news suggesting the Fed will raise interest rates again later this year. From the Implosion-5 List, December T-bonds [USZ9>USZ9] fell 23/32 to 113 03/32 and closed at a 10-day low. September Dow futures [DJU9>DJU9] dropped 130 to 10,845, the S&Ps [SPU9>SPU9] fell 13.40 to 1320.60 and NASDAQ 100 futures [NDU9>NDU9] lost 13.75 to close at 2400.25.
September dollar index futures [DXU9>DXU9] tested one-month lows, falling .43 to 99.25. Topping the Momentum-5 List, the Japanese yen [JYU9>JYU9] hovered near its recent highs, falling just .0014, restrained by intervention concerns. The Swiss franc [SFU9>SFU9] rallied .0074 to .6699.
The specter of inflation gave a boost to metals. December gold [GCZ9>GCZ9] gained 1.1 to 256.7, silver [SIZ9>SIZ9] added 7.0 to 525.5 and copper [HGZ9>HGZ9] closed up .35 breaking out to a new high.
The biggest mover in the grains, November soybeans [SX9>SX9], gained 6 3/4 to 495 1/2.
In the meats, October lean hogs [LHV9>LHV9] closed at the top of their range, hitting a two-month closing-high of 47.050. February pork bellies [PBG0>PBG0] went the other way, falling 2.275 to 57.325.
October sugar [SBV9>SBV9] remains strong, rising .13 to 6.78. December cocoa [CCZ9>CCZ9], on the Pullback Off Lows List, fell back from a 10-day high, losing 20 to 957.