Nasdaq 100 Futures Blasts To New Record
Representing the telecommunications and technology stocks of a new economy at the dawn of a new millennium, NASDAQ 100 futures [NDH0>NDH0] burst to new highs adding 123.50 to 3746.00. The Nasdaq 100 has dominated the Momentum-5 List all month. The futures contract rose in tandem with the Nasdaq composite index, which set a milestone today by posting the largest gain ever for an US stock index. Nasdaq got going today following an analyst upgrade, calling for a doubling in the price of Qualcomm [QCOM>QCOM] shares, the year’s best performing stock.
The other major stock index futures contracts closed mixed after setting new intra-day highs: March Dow futures [DJH0>DJH0] settled down 10 at 11,620 and S&P futures [SPH0>SPH0] gained 3.50 to close at 1482.20.
March T-bonds [USH0>USH0] rose 8/32 to 91 10/32 but remained near contract lows on continuing concern that a red-hot stock market and economy will spur the Fed to raise interest rates in February.
March dollar index futures [DXH0>DXH0] rose just .03 to 101.58.
Canadian dollars [CDH0>CDH0] took the biggest hit against the buck today, falling .0027 to .6895 after a three-day, gapping parabolic pulse that took the contract to new highs Tuesday.
Energies fell despite weekly reports showing declining inventories. February crude [CLG0>CLG0] made good on its Turtle Soup Plus One Sell signal and closed down .35 to 26.47. Unleaded gas [HUG0>HUG0] ended down .0108 at .7055.
In the metals, March silver [SIH0>SIH0] played catch up to gold’s recent drift up, breaking out of a base and surging 17.3 to a two-month high of 541.5. Copper’s [HGH0>HGH0] rise was less dramatic but March still set a contract high, rising .65 to 85.85.