Nasdaq 100 Futures Snap Back
NASDAQ 100 futures [NDZ9>NDZ9] came roaring back from a one-day sell off yesterday, erasing all of Tuesday’s loss and then rallying back to set a new all-time high in one of its biggest up days ever. The December contract, which has been in a strong trend (its HREF=”https://tradingmarkets.com.site/eminis/indicators/actionsigs/adxc.cfm”>ADX Reading of 40 is the strongest of the major contracts) and registered on the Momentum-5 List, finished 108.00 points higher at 3123.50.
December Dow futures [DJZ9>DJZ9] were more subdued, rising just 19.0 to 11,047.0, but the December S&P futures [SPZ9>SPZ9], from the Pullback Off Highs List, moved 9.50 higher to 1421.50.
In a holiday-shortened session, March T-bonds [USH0>USH0] fell 7/32 to close at 94 2/32, following revised GDP figures which showed the economy in the third quarter grew at a faster-than-expected pace of 5.5%.
By contrast, dollar index futures [DXZ9>DXZ9] benefited from the stronger economic figures and relatively weaker GDP numbers out of Germany. The December contract surged .89 to a three-month high of 101.65. Swiss francs [SFZ9>SFZ9], from the Implosion-5 List, took a hit, falling .0067 to a contract low of .6370 and British pounds [BPZ9>BPZ9] got pummeled, falling .0184 to 1.6052. The Japanese yen [JYZ9>JYZ9] also slipped .0032 to .9596.
Energy futures flirted with new highs following the American Petroleum Institute’s weekly report that showed stockpiles continued dwindling and on the disruption in exports from Iraq. January crude [CLF0>CLF0] gained .43 to close at 26.87, unleaded gas [HUF0>HUF0] rose .0047 to .7315 and heating oil [HOF0>HOF0] rallied .0124 to .6936. Natural gas [NGF0>NGF0], from the Implosion-5 List, fell .045 to a six-month low of 2.330.
In the metals, February gold [GCG0>GCG0] added 1.0 to 301.8 while
February silver [SIG0>SIG0] slipped 6.3 to 525.3.
The grains continued lower after hitting lows three days ago. March wheat [WH0>WZH0] fell 4 to 255 1/4, January soybeans [SF0>SF0] fell 3 1/2 to 465 1/4 and soymeal [SMF0>SMF0] lost 2.0 to close at 144.4.
Pork bellies [PBG0>PBG0] continued to lead the action in the meats. The February contract, another member of the Momentum-5 List, leapt 1.650 to 79.650.
In softs action, December cocoa [CCZ9>CCZ9] continued lower after registering on the Pullback Off Lows List, slipping 22 to 854. Coffee [KCZ9>KCZ9] fell 1.20 to a 10-day low of 110.85.