Holding Them At The 50-Yard Line
Just one day prior to
the Fed’s meeting where the market is pricing in at least a 25-basis-point
cut, T-bonds
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whole point. As pointed out in a Friday’s Futures
Market Recap, the contract would likely hold at the 50% retracement of
its swing from 10/23 to the recent high. This contract is a Momentum-5
List member and made good on an Off The Blocks
long, closing up 110 6/32 at 28/32.
Benchmark 10-year notes
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similarly, closing up 13/32 at 111 7/32.
Stock index futures leapt out of Pullbacks to close
solidly higher. S&P futures
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1104.00, their highest close since 9/11, an encouraging sign. This contract
could still be volatile due to today’s gap opening and potential Turtle Soup
reversal for tomorrow.
December Nasdaq 100 futures
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Turtle Soup Plus One
Sell signal for tomorrow.
From the
Implosion-5 List, energies continued lower, with December crude oil
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and
heating oil
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pullback from lows opportunities suggested in Friday’s
Setups
Down by 10%, natural
gas’
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implosive move today suggests the recent upside bias in this contract is
over. With hurricane Michelle no longer on the radar screen in the Gulf of
Mexico — home to the platforms that extract about 40% of the nation’s oil
— the hurricane premium built into the contract last week is vanishing.
Forecasts of mild weather across the country are also removing recent buying
force from nat gas. Nat gas sank .326 to 2.922.
Also from the Momentum-5
List, British pounds
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showing in industrial production in four years. Today’s tail bar left near a
recent high is constructive. BPZ1 lost .0020 to close at 1.4566.
November soybeans
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bias after holding three ticks below Monday’s Setups highlighted
support. From the low, beans added over six cents before settling 2 higher
on the day at 435.1/2.
Also from Monday’s
Setups,
December
live cattle
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closing down .975 at 66.425.