Just three days to 2022 and markets continue with the bullish tone for now. A live recap of what happened while we slept overnight and what lies ahead. We go through charts on the S&P 500, Nasdaq, Russell, Copper, WTI Oil and Natural gas. Markets have eyes on US economic releases particularly the Housing numbers and API Crude oil storage. Natural gas futures gave gains back with weather models. Thin markets with a lot of fear bombs out there with multiple calls for a Santa rally blended in, before New Year’s so be flat or nimble.
- Enjoy live commentary from Our Trading Room at youtube as the day wraps up – feel free to like and share
- Last Night’s Market Wrap: Market Wrap – Santa Claus Rally Powers on After Christmas – TRADERS COMMUNITY
- Weekly Overview: Traders Market Weekly: Goodbye 2021 – TRADERS COMMUNITY
- WTI futures consolidation continued + .42 at $76.35
- Natural gas -.176 at 3.88 weather models & wholesale natural gas prices in Europe dipped from a record high 5 days in a roll.
- Apple testing near resistance at $181.00
- The obsession remains the price of Apple for 3 trillion market is $182.86
- U.S. Treasuries yields on the 2-yr Treasury note, which tracks expectations for the fed funds rate, is currently up five basis points to 0.75%. The 10-yr yield remains unchanged at 1.48%, flattening the curve.
- The U.S. Dollar Index is down 0.1% to 96.01.
- Spot gold up 1,817.50 +5.20+0.29%
- Spot silver 23.34B+0.29+1.28
- Bitcoin is trading down $49,022.
- Japan’s Nikkei: +1.4%
- Hong Kong’s Hang Seng: +0.2%
- China’s Shanghai Composite: +0.4%
- India’s Sensex: +0.8%
- South Korea’s Kospi: +0.7%
- Australia’s ASX All Ordinaries: CLOSED
- STOXX Europe 600: +0.6%
- Germany’s DAX: +0.8%
- U.K.’s FTSE 100: CLOSED
- France’s CAC 40: +0.5%
- Italy’s FTSE MIB: +0.8%
- Spain’s IBEX 35: +0.6%
Visit Traders Market Weekly: Traders Market Weekly: Goodbye 2021 – TRADERS COMMUNITY for the daily calendar
Today’s economic data will be limited to home prices, namely the FHFA Housing Price Index for October and the S&P Case-Shiller Home Price Index for October (consensus 18.7%) at 9:00 a.m. ET and API Crude Oil Storage will be released on Tuesday.
Overnight Stories in Depth
Japan’s preliminary industrial production for November came in at 7.2% m/m much higher than the expected 4.8% m/m and the October reading of 1.8%. Two years ago, deep in the pandemic industrial production was -4.2% m/m. Production in the auto sector benefited from a global parts supply recovery, output of cars and other motor vehicles surged 43.1% for the month
WTI Oil futures have rallied back from the recent dump. Last week EIA reporting US Crude stocks in SPR fell to lowest since Nov 2002. Last Week crude drew -4715Kbbl (incl +1463kbbl build at Cushing). Gasoline stocks grew +5533kbbl. Utilization fell -.2% to 89.6%. Production 100k to 11,600 kbpd.
Heading into Christmas and cold temperatures around us gas withdrawal season is in swing. While in Europe natural gas futures are back to near all-time highs again US natural gas futures are softer reacting to domestic weather models. Last week EIA reported a draw of -55 Bcf of working gas in storage lower than expected. With the global energy crisis LNG exports continue to grow but we balance supply shortages with deliverability.
Earnings Calendar for Today
Any questions please feel free to ask them below. Trade Smart!
Have a great trading day!
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