What’s In Store For Monday….
Today’s Recap is being
written by TradersWire’s Duke Heberlein.
Post-holiday futures trading was thin and short as several contracts did not
resume trading in the shortened trading day and will return to action on Monday.
Friday’s session following the U.S. Thanksgiving holiday went on without the
energy and metal complexes open. Monday will resume with a full slate of
contracts being traded.
In a move that could affect the energies Monday, Russia ignored OPEC’s
request for a major scale back in oil production, instead agreeing to a
miniscule reduction of less than 1%. The majority of analysts polled agreed that
this small a cut will do little to nothing to halt the pile up of global crude
oil inventories. The move knocked Brent North Sea crude in the overseas markets
down by more than $1 per barrel in the session.
“Black Friday” the day-after-Thanksgiving bonanza for retailers as folks look
to take advantage of sales and get a jump on their Christmas shopping, boosted
the index futures and helped them surge into strong closes heading into the
weekend. Dow futures
(
DJZ1 |
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PowerRating) rose 1.49 to 9982, while S&P futures
(
SPZ1 |
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(
NDZ1 |
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PowerRating) reversed their earlier sell off to close at 1579.50, up a slight
0.50.
December dollar index futures
(
DXZ1 |
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aided the the whisper of the Bank of Japan moving toward buying foreign bonds
and therefore weakening the yen
(
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PowerRating). The dollar hit a three-month
high against the yen at one point in trading, ending the session at 117.47, up
0.04. The yen ended the day down 0.000079 at 0.008051. The Canadian dollar
(
CDZ1 |
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euro FX futures
(
ECZ1 |
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(
SFZ1 |
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(
BPZ1 |
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0.0044 to close at 1.4092.
 A changing belief that the U.S. economy may be seeing better times
ahead hurt the bond market, as investors are seeming eager to put money back
into stocks. T-bonds
(
USZ1 |
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106.025, while 10-year notes
(
TYZ1 |
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falling 15 ticks to 103^15.
In the meats, green was the color of the day across the board, with December
lean hogs
(
LHZ1 |
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PowerRating) leading the way. LHZ1 gained 1.475 to 50.625 while
February 2002Â pork bellies
(
PBG2 |
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PowerRating) rose 0.325 to 74.475. Feeder
cattle
(
FCF2 |
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(
LCZ1 |
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December  wheat
(
WZ1 |
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points to 289. Soybeans
(
SF2 |
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close at 451 1/4 and soybean oil
(
BOZ1 |
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day at 16.53. Corn
(
CZ1 |
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(
SMZ1 |
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PowerRating) slipped to 162.40, down 0.90.
Finally, in the softs, January orange juice
(
OJF2 |
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PowerRating) made a bullish
move higher, going up 1.30 to close at 94.20 and cotton
(
CTH2 |
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continues its move off the October lows, up 0.28 to 36.13. March cocoa
(
CCH2 |
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PowerRating) fell 5 points to 1267.