Weekly Market Recap – February 18, 2022

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Weekly Market Recap – February 18, 2022

On Friday, President Biden said he is convinced Russian President Putin has decided to invade Ukraine and target the capital city of Kyiv. Stating that it could happen in the “coming days”, he cited U.S. intelligence as his source.

Monthly economic statistics, compared with previous levels, were as follows: the producer price index +1.0% vs. +0.4%, retail sales +3.8% vs. -2.5%, business inventories +2.1% vs. +1.5%, industrial production +1.4% vs. -0.1%, capacity utilization 77.6% vs. 76.6%, building permits 1.90 million vs.1.89 million, housing starts 1.64 million vs. 1.71 million, existing home sales 6.50 million vs. 6.09 million, and leading economic indicators -0.3% vs. +0.7%. Weekly initial jobless claims rose to 248,000 vs. 225,000 in the previous report.

The stock market indices we follow sold off from the previous Friday. The Dow Jones Industrial Average closed at 34,079.18 (-1.9%) the S&P 500 gave back 1.6%, trading 4,348.87 at the close, and the NASDAQ Composite went out at 13,548.07 (-1.8%). CBOE’s VIX settled at 27.75 (+1.4%). In currencies, the USD Index ticked a bit higher for the week, closing at 96.10 (+0.1%). Commodity prices, as measured by the portfolio of futures listed in the S&P GSCI, ended the week at 643.59 (+0.1%).

In metals futures, all six of the contracts on our radar moved higher. The settlements and corresponding percentage movements were: gold at $1,899.80 (+3.1%), silver at $23.992 (+2.7%), platinum at $1,076.80 (+5.7%), palladium at $2,337.90 (+6.6%), copper at $4.5195 (+0.3%), and aluminum at $3,262.50 (+4.0%). Gold hasn’t traded this high since early June, when it last topped $1,900 per ounce.

Energy futures in the petroleum sector corrected from their two-month rally. NYMEX WTI fell 2.9%, closing at $91.07, IPE Brent settled at $93.54, losing 1.0%, heating oil tumbled 4.4% to $2.7815 and RBOB gasoline dropped 2.5% to $2.6696 per gallon. Natural gas, the only non-petroleum energy contract that we cover, jumped 12.4% to close the week at $4.431 per mmBtu, mostly due to another frigid blast in the U.S. forecasts.

In terms of directional movement, the nine agricultural futures we monitor were mixed, with six decreasing and three increasing. The contracts that lost value were: wheat at $7.97 (-0.1%), coffee at $2.4685 (-1.9%), sugar at 18.20¢ (-0.3%), cocoa at $2,573 (-7.0%), cotton at 122.99¢ (-1.8%), and live cattle at 145.875 (-0.2%). The gainers were: soybeans at $16.01½ (+1.2%), corn at $6.54¼ (+0.5%), and lean hogs at 109.400 (+7.0%).

 

Futures Referenced in Market Recap

Exchange Commodity Contract Month
CME Live Cattle April
CME Lean Hogs April
CBT Soybeans March
CBT Corn March
CBT Wheat March
ICE Coffee May
ICE Cocoa March
ICE Sugar March
ICE Cotton March
ICE Brent Crude April
NYMEX WTI Crude April
NYMEX ULSD (Heating Oil) March
NYMEX RBOB (Gasoline) March
NYMEX Natural Gas April
NYMEX Platinum April
NYMEX Palladium March
COMEX Gold April
COMEX Silver March
COMEX Copper March
LME Aluminum 3 Mo. Forward

 

Current Standings​

2021 World Cup Championship of Futures Trading®
RANK NAME NET RETURN LOCATION
1 Stefano Serafini 223.7% Italy
2 Marek Chrastina 163.7% Slovakia
3 Allen Swiontek 125.1% USA
4 Jianzheng Li 123.6% USA
5 Marco Vironda Gambin 116.1% Italy

January 1, 2022 – May 19, 2022


2021 World Cup Championship of Forex Trading®​
RANK NAME NET RETURN LOCATION
1 Patrick Nill 107.6% Germany
2 K. Takegawa 74% Japan
3 Eik Baumgarten 67% Germany
4 Kenji Sasaki 60.2% Japan
5 Thomas Helling 54.4% Germany

January 1, 2022 – May 19, 2022


2020-2021 Global Cup Trading Championship​
RANK NAME NET RETURN LOCATION DIVISION
1 Kevin Stufflebeam 583.1% USA Futures
2 Antonio Ferlito 132.7% Italy Futures
3 Patrick Nill 94.5% Germany Forex
4 Brent Carlile 64.5% Netherlands Futures
5 Philipp Kozalla 64.1% Germany Futures

June 1, 2021 – May 19, 2022

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. CME Group is the trademark of CME Group, Inc. The Globe logo is a trademark of Chicago Mercantile Exchange, Inc.

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