Summary
The Dow Future has retreated 41 points to 28090. The US Dollar Index climbed 0.281 points to 92.892. Gold has gained 0.920 dollars to 1914.925. Silver has advanced 0.054 dollars to 24.851. The Dow Industrials eased 97.97 points, at 28210.82, while the S&P 500 declined 7.56 points, last seen at 3435.56. The Nasdaq Composite edged lower 31.80 points to 11484.69. Streaming charts of these markets are available at MarketClub
Key Events for Thursday
7:00 AM ET. MBA Weekly Mortgage Applications Survey Composite Idx (previous 798.9) Composite Idx, W/W% (previous -0.7%) Purchase Idx-SA (previous 311.1) Purchase Idx-SA, W/W% (previous -1.6%) Refinance Idx (previous 3579.8) Refinance Idx, W/W% (previous +8.2%) 10:30 AM ET. EIA Weekly Petroleum Status Report Crude Oil Stocks (Bbl) (previous 489.109M) Crude Oil Stocks, Net Chg (Bbl) (previous -3.818M) Gasoline Stocks (Bbl) (previous 225.121M) Gasoline Stocks, Net Chg (Bbl) (previous -1.626M) Distillate Stocks (Bbl) (previous 164.551M) Distillate Stocks, Net Chg (Bbl) (previous -7.245M) Refinery Usage (previous 75.1%) Total Prod Supplied (Bbl/day) (previous 19.475M) Total Prod Supplied, Net Chg (Bbl/day) (previous +1.13M) 2:00 PM ET. U.S. Federal Reserve Beige 8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims Jobless Claims (previous 898K) Jobless Claims, Net Chg (previous +53K) Continuing Claims (previous 10018000) Continuing Claims, Net Chg (previous -1165K) 8:30 AM ET. U.S. Weekly Export Sales Corn (Metric Tons) Soybeans (Metric Tons) Wheat (Metric Tons) 9:45 AM ET. Bloomberg Consumer Comfort Index 10:00 AM ET. September Leading Indicators Leading Index, M/M% (previous +1.2%) Leading Index (previous 106.5) Coincident Index, M/M% (previous +0.6%) Lagging Index, M/M% (previous -0.6%) 10:00 AM ET. September Existing Home Sales Existing Sales (previous 6.00M) Existing Sales, M/M% (previous +2.4%) Unsold Homes Month's Supply (previous 3.0) Median Price (USD) (previous 310600) Median Home Price, Y/Y% (previous +11.4%) 10:30 AM ET. EIA Weekly Natural Gas Storage Report Working Gas In Storage (Cbf) (previous 3877B) Working Gas In Storage, Net Chg (Cbf) (previous +46B) 11:00 AM ET. October Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing Mfg Activity Idx (previous 18) 6-Mo Exp Prod Idx (previous 25) Mfg Composite Idx (previous 11) 6-Mo Exp Composite Idx (previous 18) 4:30 PM ET. Foreign Central Bank Holdings 4:30 PM ET. Federal Discount Window Borrowings 4:30 PM ET. Money Stock 9:45 AM ET. October US Flash Manufacturing PMI PMI, Mfg (previous 53.5) 9:45 AM ET. October US Flash Services PMI PMI, Services (previous 54.6)
CURRENCIES:http://quotes.ino.com/ex changes/?c=currencies" CURRENCIES: The December Euro currency closed up 41 points at 1.1881 today. Prices closed near the session high and hit a five-week high today. The bulls have the firm overall near-term technical advantage and are having a good week. The December Japanese yen closed up 870 points at .95755 today. Prices closed nearer the session high and hit a four-week high today. Bulls have the overall near-term technical advantage and gained fresh power today. The December Swiss franc closed up 28 points at 1.1075 today. Prices closed nearer the session high today and hit a six-week high. The Swissy bulls have the solid overall near-term technical advantage and are having a good week. The December Canadian dollar closed down 1 point at .7621 today. Prices closed nearer the session low today after hitting a six-week high early on. The bulls have the solid overall near-term technical advantage. Prices are in a three-week-old uptrend on the daily bar chat. The December British pound closed up 217 points at 1.3163 today. Prices closed near the session high today and hit a six-week high. The bulls have firm the overall near-term technical advantage and gained fresh power today. Prices are in a four-week-old uptrend on the daily bar chart. The December U.S. dollar index closed down 0.506 at 92.545 today. Prices closed nearer the session low today and hit a six-week low. The bears have the firm overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart.
ENERGIES: December Nymex crude oil closed down $1.77 at $39.93 today. Prices closed near the session low today. The bulls have the firm overall near-term technical advantage. However, trading has been choppy and there are still stiff chart resistance levels that lie just overhead. December heating oil closed down 385 points at $1.1417 today. Prices closed near the session low and hit a two- week low today. The bulls have the slight overall near-term technical advantage but are fading. December (RBOB) unleaded gasoline closed down 512 points at $1.1213 today. Prices closed nearer the session low today. The bulls have the firm overall near-term technical advantage. December natural gas closed up 9.4 cents at $3.354 today. Prices closed near the session high today and closed at a 3.5-year high close, basis the December futures contract. The bulls have the solid overall near-term technical advantage.
SOFTS: March sugar closed down 4 points at 14.50 cents today. Prices closed nearer the session high today and saw mild profit taking after hitting a 7.5-month high on Monday. The sugar bulls still have the solid overall near- term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart. December coffee closed down 145 points at 103.45 cents today. Prices closed near the session low today and hit another three-month low. The bears have the overall near- term technical advantage as prices are in a six-week-old downtrend on the daily bar chart. December cocoa closed up $42 at $2,424 a ton today. Prices closed near mid-range today. The cocoa bears have the overall near-term technical advantage. Prices have been trending lower for four weeks. December cotton closed down 13 points at 70.89 cents today. Prices closed nearer the session low today and hit another nine-month high early on. The cotton bulls have the solid overall near-term technical advantage, amid a 6.5-month-old price uptrend place on the daily bar chart. November orange juice closed down 645 points at $1.1155 today. Prices closed nearer the session low and hit a two- week low today. FCOJ bears have regained the overall near- term technical advantage as a fledgling price uptrend was soundly negated today.
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GRAINS: December corn futures closed up 5 1/2 cents at $4.14 1/4 today. Prices closed nearer the session high today and hit another 12-month high. The bulls have the solid overall near-term technical advantage. Prices are in a 2.5-month-old price uptrend in place on the daily bar chart. January soybeans closed up 7 1/4 cents today at $10.71 a bushel. Prices closed near mid-range and closed at a contract high close today. Bulls have the solid overall near-term technical advantage. A six-month-old price uptrend is in place on the daily bar chart. December soybean meal closed up $6.40 at $378.30 today. Prices closed nearer the session high today and scored another new contract high. The meal bulls have the solid overall near-term technical advantage. A nine-week-old price uptrend is in place on the daily bar chart. December bean oil closed down 11 points at 33.20 cents today. Prices closed near the session low today. The bean oil bulls have the overall near-term technical advantage. The next upside price objective for the bean oil bulls is pushing and closing prices above solid technical resistance at the October high of 34.46 cents. December SRW wheat closed down 2 3/4 cents at $6.29 1/4 today. Prices closed nearer the session low today and saw mild profit taking after hitting a more-than-two-year high on Tuesday. Bulls have the solid overall near-term technical advantage. A 10-week-old price uptrend is in place on the daily bar chart. December HRW wheat closed down 1 1/2 cents today at $5.69 1/2. Prices closed near the session low today and hit a 16- month high early on. HRW bulls have the solid overall near- term technical advantage. Prices are in a 10-week-old uptrend on the daily bar chat.
GENERAL STOCK MARKET COMMENT: U.S. stock indexes closed firmer today. Global stock markets were mixed overnight. It now appears less likely the U.S. Congress and the Trump administration can come to agreement on a new Covid-19 stimulus package before the U.S. elections in less than two weeks. All sides are still in communication regarding getting some kind of a stimulus package for Americans, however. The U.S. Senate Republicans could stymie any deal that is agreed upon by the House and the Trump administration. Corporate earnings reports are also in focus at present. Rising Covid-19 cases in the U.S., Europe and South America continue to dampen trader and investor enthusiasm at mid-week. Drug makers are rushing for a successful vaccine, but none appear ready for public consumption any time soon. In other news, China recently eased its rules on banks trading in the China currency, the yuan, allowing the currency to strengthen. Reports say China is promoting the yuan as the new world reserve currency. The yuan today rose nearly 0.5% to its strongest level against the U.S. dollar since July of 2018. China continues to recover more rapidly from Covid-19 as the U.S. and Europe see rising cases. The Yuan has strengthened more than 7% against the greenback since late May. "In addition to dollar weakness, the yuan is being underpinned by a wide interest-rate premium over the rest of the world. China's 10-year government bond yields are around 3.2% as the gap versus the yield on U.S. Treasuries hovers around the highest on record," said an SP Angel email dispatch this morning. The important outside markets early today saw the U.S. dollar index lower again and hitting a six-week low. Nymex crude oil prices were lower and trading around $40.00 a barrel. The yield on the benchmark U.S. 10-year Treasury note is 0.8% today.
December U.S. T-Bonds closed down 7/32 at 173 17/32 today. Prices closed nearer the session high today after hitting a 4.5-month low early on. The bond market bears have the firm overall near-term technical advantage. Prices are in a nine-week-old downtrend on the daily bar chart. December U.S. T Notes closed down 4.0 (32nds) at 138.21.0 today. Prices closed nearer the session high today after hitting a four-month low early on. The note market bears have gained the overall near-term technical advantage. Prices have been trending down since August.
LIVESTOCK: December live cattle closed down $0.70 at $104.75 today. Prices closed nearer the session low today and closed at a 3.5-month low close. Bears have the overall near-term technical advantage after the recent price downdraft. November feeder cattle closed up $0.65 at $131.42 today. Prices closed near mid-range today and saw short covering after hitting a 5.5-month low on Tuesday. Bears have the firm overall level near-term technical advantage as prices are trending lower. December lean hogs closed up $0.10 at $69.35 today. Prices closed nearer the session low. The market is consolidating after hitting a 13-month high Monday. No serious chart damage has been inflicted with this week's losses, but the bulls need to step up and show power soon to avoid technical damage being inflicted. Bulls still have the solid overall near-term technical advantage. A 10-week-old price uptrend on the daily bar chart is still in place.
METALS: December gold futures were up $13.30 at $1,928.60 in midday trading today and nearer the session high. The gold bulls have the overall near-term technical advantage and they are working on restarting a price uptrend on the daily bar chart. December silver futures were up $0.215 at $25.20 at midday today and nearer the session high. Silver futures bulls have the overall near-term technical advantage and are working on a price uptrend on the daily chart. December N.Y. copper closed up 490 points at 319.70 cents today. Prices closed nearer the session high today and hit a more-than-two-year high. The copper bulls have the solid overall near-term technical advantage.
| | | Top Stocks | | # | symbol | name | last | net | % | volume | score | triangles | | | 1. | MRIN | Marin Software, Inc | 3.77 | +2.26 | +186.78% | 166,626,608 | +90 |    | Entry Signal | | 2. | GE | General Electric Co | 7.32 | -0.02 | -0.33% | 69,109,647 | +90 | | Entry Signal | | 3. | F | Ford Motor Co | 7.8499 | +0.1099 | +1.56% | 49,645,118 | +90 | | Entry Signal | | 4. | FB | Facebook, Inc | 278.68 | +11.12 | +4.08% | 26,945,195 | +90 | | Entry Signal | | 5. | PNM | PNM Resources, Inc | 49.960 | +4.220 | +10.29% | 24,676,584 | +100 | | Entry Signal | | 6. | WEI | WEIDAI LTD | 3.00 | -2.13 | -210.89% | 23,809,933 | +100 | | Entry Signal | | 7. | ERIC | Ericsson - American Depositary Shares each representing 1 underlying Class B share | 12.43 | +1.30 | +11.89% | 21,997,837 | +100 | | Entry Signal | | 8. | GM | General Motors Co | 35.7582 | +0.1582 | +0.50% | 21,605,457 | +100 | | Entry Signal | | 9. | VALE | Vale | 11.2550 | +0.1650 | +1.39% | 20,578,905 | +90 | | Entry Signal | | 10. | FCX | Freeport-McMoRan, Inc | 17.710 | +0.100 | +0.61% | 20,496,859 | +90 | | Entry Signal | | | | | Top Futures | | # | symbol | name | last | net | % | volume | score | triangles | | | 1. | 6E.Z20 | EURO FX Dec 2020 | 1.18310 | -0.00435 | -0.37% | 77,061 | +100 | | Entry Signal | | 2. | 6C.Z20 | CANADIAN $ Dec 2020 | 0.76035 | -0.00050 | -0.07% | 21,539 | +100 | | Entry Signal | | 3. | CL.X20 | CRUDE OIL Nov 2020 | 41.51 | +0.80 | +1.98% | 17,401 | +100 | | Entry Signal | | 4. | 6N.Z20 | NEW ZEALAND $ Dec 2020 | 0.6662 | +0.0006 | +0.09% | 11,011 | +100 | | Entry Signal | | 5. | M6E.Z20 | E-MICRO EUR/USD Dec 2020 | 1.1831 | -0.0044 | -0.37% | 10,000 | +100 | | Entry Signal | | 6. | @MME.Z20 | MINI MSCI EMERGING MARKETS DECEMBER 2020 | 1138.8 | +1.8 | +0.16% | 8,194 | +100 | | Entry Signal | | 7. | @MW.H21 | HARD RED SPRING WHEAT MARCH 2021 | 592.00 | +4.00 | +0.68% | 7,326 | +100 | | Entry Signal | | 8. | HP.X20 | HENRY HUB FINANCIAL Nov 2020 | 3.025 | +0.112 | +4.17% | 3,697 | +100 | | Entry Signal | | 9. | E7.Z20 | EURO FX (E-MINI) Dec 2020 | 1.1831 | -0.0044 | -0.37% | 2,521 | +100 | | Entry Signal | | 10. | QG.X20 | NATURAL GAS (E-MINI) Nov 2020 | 3.010 | -0.020 | -0.75% | 1,801 | +100 | | Entry Signal | |
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