Juice And Gas Spurt
Natural gas and orange juice handed in the best
percentage gains Wednesday, spurting more than 4% each.
Natural gas
(
NGZ0 |
Quote |
Chart |
News |
PowerRating) rallied, despite a report
by the American Gas Association (AGA) that showed higher weekly stocks being
injected into storage. The industry group reported that stockpiles rose, coming
in within expectations. The contract nonetheless surged, extending the morning
gap opening in a breakout of a flag setup that took the contract 2.80 higher to
69.00.
Traders continued switching from the November to the
January orange
juice contract and also bought a three-year low in juice, paring back shorts
in preparation for potential freezes ahead of the winter in Florida. January OJ
(
OJF1 |
Quote |
Chart |
News |
PowerRating) popped up in its biggest up-range in four months for a close 2.30
higher at 72.90.
The National Association of Purchasing Managers (NAPM)
report released Wednesday morning provided further evidence that the economy is
slowing. A recent string of reports–GDP, consumer confidence, the NAPM-Chicago–as
well as sales slowdown warnings and a sub-par corporate earnings season have
worked to solidify the view that the US economy is slowing.
Stock index futures were under water for most of
the session on profit taking after recent strong gains in the Dow Average and
Nasdaq Composite. The Dow had run up 1,000-points in 10 days and the Nasdaq
Composite tallied one of its 10 best percentage gains ever. The Dow run put the
McClellan Oscillator into an overbought position. Two other indicators from the
Market
Bias Indicators Page also hinted Dow futures could pullback. A Turtle Soup Plus One
Sell signal in Dow futures also enhanced the argument for the contract to
fall. DJZ0 closed 66.0 lower at 10,956.0. NASDAQ 100 futures
(
NDZ0 |
Quote |
Chart |
News |
PowerRating) closed
56.98 lower at 3225.32 and S&P futures
(
SPZ0 |
Quote |
Chart |
News |
PowerRating) fell 9.20 to 1431.00.
The value of the dollar is sensitive to changes in
perceptions of relative economic performances. Euro FX futures
(
ECZ0 |
Quote |
Chart |
News |
PowerRating) surged on Wednesday’s NAPM news continued higher to close, up .01190
at .86270, a gain of 1.32%. Correlated Swiss franc futures
(
SFZ0 |
Quote |
Chart |
News |
PowerRating)
also rallied, adding .0074 to .5661. Dollar index futures
fell steadily throughout the session to close 1.12 lower at 115.50.
Dollars did not rally in confirmation of Tuesday’s rally
in tech and blue chip stocks (a factor pointed out in yesterday’s Futures
Market Recap). These developments point to a big shift in sentiment about
the dollar and perceptions of the state of the US economy, and suggests tepid
stock market progress.
Japanese yen
(
JYZ0 |
Quote |
Chart |
News |
PowerRating) gapped higher but retraced
to their lowest level of the session to provide Turtle Soup Plus One Buy
re-entry opportunities before closing up .0062 at .9309.
Dec. corn
(
CZ0 |
Quote |
Chart |
News |
PowerRating) and wheat
(
WZ0 |
Quote |
Chart |
News |
PowerRating)
made good on Turtle Soup Plus One Buy
setups in swing trades.Corn moved higher in its biggest
up-move in months Tuesday, with huge buying after no sellers were found below $2
a bushel. Tuesday’s move pushed corn onto the Momentum-5
List. More than 10,000 bushels were said to be purchased by commodity funds
at the $2 level. Corn gave back gains of 3 cents to close flat. Wheat also
rallied 2 1/4 before retreating to post no change.
.