Good morning,
DXH0 95.125 -0.809 GCJ0 1677.7 +5.3 ESH0 2819.00 -145.00 CLJ0 31.75 -9.53
Saudi Arabia basically declared an oil war with Russia and the world over the weekend, following the reluctance of Russia to agree to the deeper production quota targets proposed by OPEC last week. The Saudis said they will open the spickets and pump a bunch of oil to drive prices down to painful levels for Russia and US producers. Risk off is an understatement from the overnight trade, with most assets, aside from the safe havens of gold and fixed income. S&P futures are locked limit down. Oil traded well below $30. Gold traded above $1700. US Treasury yields are at all time lows, with 10 yr yields touching 0.314% and 30 yr yields 0.699%.
Rather than commentary, since all markets are handcuffed by the oil crisis and plunging equities, it probably makes more sense to just give market updates in futures and the overnight ranges (from 6 AM CST):
Product ticker last net overnight high overnight low Friday settle
Mini S&P ESH0 2819.00 -145.00 2916.00 819.00 2964.00
Oil CLJ0 31.75 -9.53 33.68 27.34 41.28
Gold GCJ0 1677.7 +5.3 1704.3 1658.0 1672.4
Dollar Index DXH0 95.125 -0.809 95.780 94.665 95.934
US 10’s TYM0 140-10 +2-12.5 140-24 138-15 137-29.5
US 30’s USM0 188-07 +8-17 191-22 180-17 179-22
Eurodollars EDM0 99.575 +0.195 99.585 99.415 99.38
Eurodollars EDZ1 99.58 +0.165 99.60 99.455 99.415
Fed Funds FFJ0 99.735 +0.245 99.755 99.565 99.49
Fed Funds FFF1 99.89 +0.085 99.93 99.84 99.805
Soybeans SK0 875.5 -15.75 883.5 870.25 891.25
Corn CK0 370.5 -5.5 373.25 366.75 376.0
Wheat WK0 506.75 -9.0 511.75 505.75 515.75
Copper HGK0 247.25 -8.80 253.50 245.65 256.05
Nat Gas NGJ0 1.630 -0.078 1.680 1.610 1.708
Cotton CTK0 61.32 -1.47 62.09 61.00 62.79
Coffee KCK0 105.65 -1.75 105.95 102.55 107.40
Sugar SBK0 12.44 -0.58 12.62 12.18 13.02
Cocoa CCK0 2527 -34 2549 2526 2561
Good luck out there!
Technical Moving Averages:
Product 50 day 100 day 200 day
SK0 919.75 931.50 929.50
CK0 387.25 390.50 407.25
WK0 553.50 541.25 529.00
KWK0 480.25 463.50 467.50
MWK0 548.25 545.25 554.25
SMK0 301.9 306.0 311.1
BOK0 32.13 32.04 30.84
CLJ0 54.01 55.22 54.90
GCJ0 1583.0 1536.7 1499.7
LHJ0 69.460 73.765 76.820
LCJ0 120.880 122.955 119.720
KCK0 113.55 115.10 111.90
CCK0 2711 2633 2525
CTK0 68.82 67.79 66.08
SBK0 14.22 13.55 13.26
JOK0 100.00 102.45 107.50
HGK0 267.95 269.00 267.35
HOJ0 174.44 182.06 184.50
XBJ0 173.56 177.02 174.95
NGJ0 1.954 2.112 2.245
Thanks,
Mike
Michael Clifford
141 W Jackson Boulevard
Ste 1065
Chicago, IL 60604
Trean Group, LLC
312-604-6404