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T-bonds (USZ1 | Quote | Chart | News | PowerRating) are making it eight-for-nine -- down days. This Implosion-5 List market got started on the down side -- making good on an Off The Blocks short -- and sank more than a point and a half on a surprising reduction in the number of initial jobless claims and on stronger consumer confidence.
Both economic reports -- and T-bonds reaction to the reports -- suggest the economy is rebounding more strongly than anticipated and the vigorous selling is saying bond traders are beginning to discount an economic turnaround and a discontinuation of the Fed's interest rate-easing monetary policy.
Euro FX futures (ECZ1 | Quote | Chart | News | PowerRating) sank to new three-month low after German business confidence hit an eight-year low and after consumer spending in France dipped twice as much as expected. Last night's Futures Setups observed that "Swiss francs (SFZ1 | Quote | Chart | News | PowerRating) pulled back from their recent low and held at the confluence of the touching of its overhead gap at .6074, the 20-day moving average, and the 61.8% retracement of its most recent swing. The three factors provide resistance for this Pullback From Lows setup." The Swiss unit is triggering out of its pullback setup.
Also from Wednesday's Futures Setups, silver (SIZ1 | Quote | Chart | News | PowerRating), now the leader on the Implosion-5 List, fell out of its descending triangle and is making good on an Off The Blocks short.
In last night's Futures Market Recap, I pointed out some exigencies that suggest Russia will continue to increase its production until oil drops below $16 a barrel, hampering any output cutback deal with OPEC. January crude oil (CLF2 | Quote | Chart | News | PowerRating) is leaving an outside bar at its recent high and is down .30 at 18.85.
Six down signals in stock index futures on the Market
Bias Indicators Page
suggested
December Nasdaq 100 futures (NDZ1 | Quote | Chart | News | PowerRating),
S&P futures (SPZ1 | Quote | Chart | News | PowerRating) and Dow futures (DJZ1 | Quote | Chart | News | PowerRating)
could decline, and we are seeing a sell-off as traders liquidate positions
the day before the Thanksgiving holiday.
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