"About Right" About All Bulls Needed
Crude Oil: December Crude Oil contracts are trading slightly higher, as trading remains range-bound leading up to this morning’s inventory report. Crude Inventories are scheduled to be released at 9:30 AM CST. The results of this report will direct trading action for the rest of the day. There is speculation that fuel inventories are beginning to decrease ahead of the Thanksgiving Holiday in the U.S., one of its busiest travel seasons. However, mild weather in much of the Northern Hemisphere is reducing demand for heating oil and natural gas. December Crude Oil futures are currently trading up 23 cents at $58.51 a barrel.
Corn: December Corn futures ended the overnight session higher, continuing yesterday afternoon’s late-day surge. Corn shook off early choppy trade, to end the day sharply higher. A speculative-led technical rally was credited with the surge. After early losses failed to break through Monday’s low, selling interest disappeared. The technical bounce led fund buyers to return to the market after three days of weakness in the contract. The overnight activity was relatively muted, as traders look to reassess yesterday’s activity. December Corn on the eCBOT ended the overnight session up 1.75 at $359.50 a bushel.
S&P: December S&P 500 futures are trading relatively flat in early trading. The flat start for the market is not surprising after yesterday’s late-day surge. December S&P futures rallied hard late yesterday, to end the day up 9.70 at 1397.70. The late-day surge came in the wake of comments from Federal Reserve Bank of St. Louis President William Poole. Poole described the Fed’s interest rate policy as “about right”. That was about all the bulls needed to hear. Futures quickly went from relatively flat to highs not seen since November 2000. After yesterday’s comments from Poole, traders will be looking closely at the release of the FOMC Minutes from their October 25 meeting (due out at 1:00 PM CST). Crude Inventories are also on the economic plate for today, due out at 9:30. In corporate news, Delta Air Lines Inc gained in pre-market trading after US Airways Group Inc. offered to buy the bankrupt carrier for $8 billion. It is a deal that would result in the world’s largest airline. December S&P 500 futures are trading up 0.10 at 1397.80 in pre-market trading.
Corn: December Corn futures ended the overnight session higher, continuing yesterday afternoon’s late-day surge. Corn shook off early choppy trade, to end the day sharply higher. A speculative-led technical rally was credited with the surge. After early losses failed to break through Monday’s low, selling interest disappeared. The technical bounce led fund buyers to return to the market after three days of weakness in the contract. The overnight activity was relatively muted, as traders look to reassess yesterday’s activity. December Corn on the eCBOT ended the overnight session up 1.75 at $359.50 a bushel.
S&P: December S&P 500 futures are trading relatively flat in early trading. The flat start for the market is not surprising after yesterday’s late-day surge. December S&P futures rallied hard late yesterday, to end the day up 9.70 at 1397.70. The late-day surge came in the wake of comments from Federal Reserve Bank of St. Louis President William Poole. Poole described the Fed’s interest rate policy as “about right”. That was about all the bulls needed to hear. Futures quickly went from relatively flat to highs not seen since November 2000. After yesterday’s comments from Poole, traders will be looking closely at the release of the FOMC Minutes from their October 25 meeting (due out at 1:00 PM CST). Crude Inventories are also on the economic plate for today, due out at 9:30. In corporate news, Delta Air Lines Inc gained in pre-market trading after US Airways Group Inc. offered to buy the bankrupt carrier for $8 billion. It is a deal that would result in the world’s largest airline. December S&P 500 futures are trading up 0.10 at 1397.80 in pre-market trading.
posted by XPRESSTRADE, LLC at 11/15/2006 07:04:00 AM
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