Watching, Waiting, Wondering
Marc Dupee will be out of the
office until November 10. In his absence this column is being written by
TradersWire’s Duke Heberlein.
The majority of market participants stood on the
sidelines Tuesday, choosing instead to wait out the speculation surrounding the
U.S. elections and the race for the presidency between Al Gore and George W.
Bush. Many are debating which of the two would be more beneficial in office for
the markets, and are waiting for the speculation to subside before gauging the
market’s reaction.
The stock index futures all reflected the reticence of
players, as all remained unchanged for the most part, with the December S&P
futures
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all losing around .5% of their respective contract values.
Foreign currencies enjoyed a small rally against the
December dollar index futures
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ending the regular futures trading session. The Canadian dollar
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the lone dissenter, dropping .0080 to head into Globex trading at .6533. The British
pound
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Energies rallied to the upside across the board, trying
to repair some of the technical damage their contracts have endured over the
past few weeks. Crude oil
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price, up .54 at 33.40. Natural gas
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continues to pull back off its lows, and both heating oil
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unleaded gasoline
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their current downtrends intact.
In the grain markets, corn
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List, continued to move higher, up 1 1/4 at 214 3/4. Soybeans
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finished in the positve but appear to be ready to fall out of a pullback from
lows. Meanwhile December wheat
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daily chart and looks vulnerable to additional downside pressure.Â
Pork bellies
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after busting out above their 20- and 50-day moving averages the past two days,
and December lean hogs
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head-and-shoulders pattern on its converging 20- and 50-day MA’s. Live
cattle
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72.350.
Finally, soft commodites traded like the rest of the
market – treading water with little change. The lone exception was the November
orange juice
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four days, up 2.55 to 71.50 and breaking a downward trendline in the process.
The rest continued with the ho-hum attitude of everybody else, keeping their
downtrends intact.