No To Euro, Naz 100 Is Souper
Marc Dupee will be out of the office until
October 9. Until his return, this column will be written by TradersWire’s Duke
Heberlein.
Preliminary figures have the Danish rejecting joining the European Monetary
Union and rejecting adopting the Euro
(
ECZ0 |
Quote |
Chart |
News |
PowerRating) as their currency. An early
count has the vote as approximately 54% against the move versus around 46% in
favor of coming into the EMU, with the citizens of Denmark apparently reluctant
to turn control of their country’s currency over to the directors of the EMU,
based in Brussels, Belgium. Since the “Mid-Day Futures Alert,” the Euro has dropped
another 10 ticks, closing out the US session down .0018 at .8851. The December
dollar index futures
(
DXZ0 |
Quote |
Chart |
News |
PowerRating) rallied in opposition, posting a gain of .30 to
finish the day at 113.17, the only currency to post any gains in the session.
The Japanese yen
(
JYZ0 |
Quote |
Chart |
News |
PowerRating), Canadian dollar
(
CDZ0 |
Quote |
Chart |
News |
PowerRating)Â ,
and Swiss franc
(
SFZ0 |
Quote |
Chart |
News |
PowerRating) all closed negative, with the British pound
(
BPZ0 |
Quote |
Chart |
News |
PowerRating) managing to rally late to close down .0002 at 1.4654.
Stock index futures all rallied in Thursday’s trading, with the Naz Dogs
(
NDZ0 |
Quote |
Chart |
News |
PowerRating) exploding out of a Turtle
Soup Plus One Buy Setup, gaining 120 points to finish at 3765, adding 58
points from the breakout point. The Dow futures
(
DJZ0 |
Quote |
Chart |
News |
PowerRating) rose 178 points to
10947, while the December S&P futures
(
SPZ0 |
Quote |
Chart |
News |
PowerRating) enjoyed a 29-point boost
to end at 1476.
Meats were mixed, with the hogs trumping cattle. February pork bellies
(
PBG1 |
Quote |
Chart |
News |
PowerRating)
followed through from Wednesday’s low-level breakout, gapping up on the open and
finishing up .400 to 66.125, while October lean hogs
(
LHV0 |
Quote |
Chart |
News |
PowerRating)Â saw an
addition of .075 to 57.625. The cattle markets were not moving up in concert,
however, with October live cattle
(
LCV0 |
Quote |
Chart |
News |
PowerRating) losing .075 per contract and
feeder cattle
(
FCV0 |
Quote |
Chart |
News |
PowerRating) dropping .250.
Energies were down across the board, possibly responding to the intervention
by governments to bring down the cost per barrel of oil. Crude oil
(
CLX0 |
Quote |
Chart |
News |
PowerRating)
was more than $1 per barrel lower, retreating to 30.34. Unleaded
gasoline
(
HUX0 |
Quote |
Chart |
News |
PowerRating), from the Pullback
From Highs List continued to pull back and
lost .0496 to close at .8435. November heating oil
(
HOX0 |
Quote |
Chart |
News |
PowerRating)Â dropped
.0373 to .9132, and natural gas
(
NGX0 |
Quote |
Chart |
News |
PowerRating) was down .323 at 5.124.
Corn
(
CZ0 |
Quote |
Chart |
News |
PowerRating) and November soybeans
(
SX0 |
Quote |
Chart |
News |
PowerRating) were the big gainers in the grains, with beans ending up 2 1/2 at 498
1/4 per contract and corn rising 1 3/4 to end the day at 196 1/4.
Orange juice
(
OJX0 |
Quote |
Chart |
News |
PowerRating), despite being in a pullback-from-lows mode, rose .90 to
finish at 70.80, and December cocoa
(
CCZ0 |
Quote |
Chart |
News |
PowerRating) rallied, gaining 11 to close out
the regular session at 794.