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Following their worst week in two years, T-bonds (USZ1 | Quote | Chart | News | PowerRating) tested Friday's low at 104 22/32 for a second time this morning forming a double bottom support. This level was pointed out in Monday's Futures Setups as one bonds could bounce from in a "reaction rally."
December crude oil (CLZ1 | Quote | Chart | News | PowerRating) lapped lower to below $17 a barrel, the lowest level in nearly two-and-a-half-years. Oil exporters this week hope Norway, Mexico and Russia, the three biggest non-OPEC producers, will collude to cut production in concert with the cartel to raise oil prices. Russia has said it will not comply. There is concern that even if the Russian government agrees to curb production, renegade oil companies operating across the largest country in the world's 12 time zones will "cheat" and sell as much oil as they can on the world market.
After gapping lower, crude, heating oil (HOZ1 | Quote | Chart | News | PowerRating) and unleaded gasoline (HUZ1 | Quote | Chart | News | PowerRating) have recovered slightly in tail patterns that suggest support and a slight recovery.
Also from Monday's Futures Setups, natural gas (NGZ1 | Quote | Chart | News | PowerRating) is higher and making good on its Turtle Soup Plus One Buy setup and trading on the top of its range.
December dollar index futures (DXZ1 | Quote | Chart | News | PowerRating) lapped up and are trading at a new three-month high after Germany, an economy that accounts for one-third of the GDP for the 12-country European Community, said its economy slowed last quarter. At the same time, an ECB official said interest rates were low enough, implying the central bank would not cut interest rates to revive Euroland's economy. Euro FX futures (ECZ1 | Quote | Chart | News | PowerRating) lapped lower but are recovering off the lows.
December gold (GCZ1 | Quote | Chart | News | PowerRating) gave a larger-than-normal 6/100 Low Volatility indication and directional cue by registering on the Implosion-5 List. Gold is trading at a three-month low.
December live cattle (LCZ1 | Quote | Chart | News | PowerRating) and January feeder cattle (FCF2 | Quote | Chart | News | PowerRating) are trading with volatility, up nearly their daily limit again.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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