Gold Gleams Again, Energies Evaporate
Asserting its dominance of the Momentum-5 List for an eight consecutive day, December gold [GCZ9>GCZ9] gapped 10 higher on the open then rallied to close at the top of its range and at a one-year high of 318.0 for a gain of 12.7.
December silver [SIZ9>SIZ9], from the Pullback From Highs List, climbed 4.8 to 563.0 while copper [HGZ9>HGZ9] fell .85 to 80.65.
One day before the Federal Reserve’s interest rate policy-setting FOMC meeting, December T-bonds [USZ9>USZ9] rose 19/32 to 113 14/32, finishing just one tick off their high of the day.
Merger activity and the rally in bonds gave stock index futures the boost to close at the top of their ranges. December Dow futures [DJZ9>DJZ9] gained 179.0 to 10,510, S&P futures [SPZ9>SPZ9] spurt 25.20 to 1318.70 and NASDAQ 100 futures [NDZ9>NDZ9] gained 61.50 to close at 2496.00.
December dollar index futures [DXZ9>DXZ9] finished right at the mid-mark of their daily range, finishing with a gain of .15 at 97.77. The Japanese yen [JYZ9>JYZ9] tumbled .0117 to .9516, Swiss francs [SFZ9>SFZ9] fell .0016 while British pounds [BPZ9>BPZ9] rose .0016.
Energies contracts retraced, losing from 2.88% to 6% after two of the four most actively traded contracts registered on the 6/100 Low Volatility List.
November crude [CLX9>CLX9] fell .78 to 23.76, unleaded gas [HUX9>HUX9] dropped .0199 to .6705, heating oil [HOX9>HOX9] lost .0193 to .6056 and natural gas [NGX9>NGX9] plummeted .168 to 2.625.
Grain contracts looked prone for a reversal after wheat, corn and soybean oil registered on the Turtle Soup Plus One Buy List. But December wheat [WZ9>WZ9] was the only contract to make good on the setup, gaining 1 3/4 to 268 3/4. December soybean oil [BOZ9>BOZ9] closed just below its trigger point at 16.69.
Also from the Momentum-5 List, October feeder cattle [FCV9>FCV9] and live cattle [LCV9>LCV9] closed at new contract highs. Lean hogs [LHV9>LHV9] slipped a few ticks but finished at opening levels after testing Friday’s low. February pork bellies [PBG0>PBG0] fell 1.825 to 63.775.
December coffee [KCZ9>KCZ9] made good on its Turtle Soup Plus One Buy signal above 80.80 (the old 20-day low), finishing 1.50 higher at 82.85. March sugar [SBH0>SBH0] fell .07 to 6.84 and December cocoa [CCZ9>CCZ9] retraced 21 to 1011.
December cotton [CTZ9>CTZ9] lost .86 to close at a 10-day low of 51.84 and November orange juice [OJX9>OJX9] gained 2.00 to 89.25.