Weekly Market Recap – October 25th, 2019

In the Markets

Third quarter earnings reports continued to impress investors as results proved better than expected. The Dow Jones had the smallest gain of the three main U.S. indices, up 0.7%, while the NASDAQ gained 1.9% and the S&P 500 neared all-time-highs again, gaining 1.2%. Focus this week will be on the Fed which meet on Thursday, October 31st, when investors will await another predicted rate cut. Across the pond, the EU agreed to extend the Brexit deadline to January 31st, 2020. The original deadline was for this Thursday, October 31st. The new deadline still allows a UK exit before the last day of January if a deal is approved by Parliament.

Through Friday’s close, crude oil products posted gains on the week. WTI crude gained 5.36%, as Brent futures attempted to keep pace, gaining 4.38%. Gasoline futures climbed 3.08%, while heating oil moved at a slower pace, rising just 1.67%. Natural gas lost 0.86% as markets prepare to move into the winter season.

Precious metals all posted gains on the week, with platinum leading the way with a 3.80% increase, returning above $900/t oz. Silver gained 1.98% while gold’s gains were more muted, up just 0.75%. Palladium gained 0.83%, while copper also posted gains, up 1.48% as reports indicate China and the U.S. may be approaching a finalized trade agreement.

Agricultural commodities saw several members of the sector falling on the week. Soybeans lost 1.23%, corn dropped 1.09%, and wheat fell 2.71%. Coffee broke from this trend, however, posting a gain of 3.92% on the week. Sugar and milk joined coffee, albeit with a much more subtle climb, up 0.24% and 0.21% respectively. Lean hogs dropped significantly, almost removing all of the gains of the prior week, falling 4.46%.

World Cup Trading Championships

Durai Ramasamy and Sadanand Kalasabail both closed Friday in the 200% club, with Durai leading the way with a 229.8% net return followed by Sadanand’s 212.8% net return. Third and fourth place were separated by just 0.3%. Fabian Fischer grasped third place at a 125.4% net return, followed by Ryan Alderson’s 125.1% net return. Eduardo Ramos rounded out the top five with a 112.8% net return.

In the Global Cup Wayne Wan again secured first place with a 195% net return, followed by Jan Smolen who soared from fifth place into second with a 124.4% net return to close the week. Stefan Seibert held onto third place with his 108.5% net return, while Michael Cook retained a place on the leaderboard with a net return of 106.9%. The last spot on the leaderboard was claimed by Maxim Schulz who finished the week at a net return of 65%.

Trading futures and forex involves significant risk of loss and is not suitable for everyone. Past performance is not necessarily indicative of future results. World Cup Championship (WCC ) accounts do not necessarily represent all the trading accounts controlled by a given competitor. WCC competitors may control accounts that produce results substantially different than the results achieved in their WCC accounts. WCC entrants may trade more than one account in the competition.