Yen Pops Higher On Strong Economic Outlook
The yen gapped open and is trading more than 120-ticks higher on a report from the Ministry of International Trade and Ministry (MITI) that suggests the Japanese economy continues to rebound from five quarters of recession and appears poised to expand. The yen is also making good on its Turtle Soup Plus One Buy signal.
From the Momentum-5 List, crude oil is trading 3% higher and at a contract high following Iraq’s suspension of exports and refusal to extend a United Nations oil-for-food agreement. Iraq exports as much as 3% of the world’s oil supply.
T-bonds are trading down more than one-half point on the potentially inflationary development in Iraq.
Three Market Bias Indicators pointing down suggested we could have a down day in stock index futures and the
S&Ps have remained underwater all morning.
Here are the highlights around noon Eastern time:
Stock Index and Bond Futures•December T-bonds [USZ9>USZ9]: -13/32 to 113 7/32
• December S&Ps [SPZ9>SPZ9]: -4.70 to 1422.80
• December Dow futures [DJZ9>DJZ9]: +10.0 to 11060
• December NASDAQ 100 futures [NDZ9>NDZ9]: -7.50 to 3039.00
Currencies
•December dollar index futures [DXZ9>DXZ9]: -.31 to 100.50
•December Japanese yen futures [JYZ9>JYZ9]: +.0124 to .9560
Energies•January crude [CLF0>CLF0]: +.86 to 27.00
• January unleaded gas [HUF0>HUF0]: +.0219 to .7330
• January heating oil [HOF0>HOF0]: +.0168 to .6985
• January natural gas [NGF0>NGF0]: -.124 to 2.440
Metals•December silver [SIZ9>SIZ9]: +3.0 to 516.0
Grains•January soybeans [SF0>SF0]: +3 1/2 to 468 1/4
Meats•February pork bellies [PBG0>PBG0]: -1.875 to 74.500
Softs and Fibers•March cocoa [CCH0>CCH0]: +11 to 860
•March coffee [KCH0>KCH0]: +1.90 to 116.30