Weekly Market Recap – January 7, 2022

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Weekly Market Recap – January 7, 2022

The minutes released from the Federal Reserve’s December meeting show that high inflation is convincing central bank officials to rethink their policy path.

Monthly economic statistics reported during the week, compared with prior releases, were as follows: construction spending +0.4% vs. +0.4%, consumer credit $20 billion vs. $17 billion, trade deficit -$80.2 billion vs. -$67.2 billion, factory orders +1.6% vs. +1.2%, non-farm payrolls 199,000 vs. 249,000, unemployment rate +3.9% vs. +4.2%, job openings 10.6 million vs. 11.1 million, and job quits 4.5 million vs. 4.2 million. Weekly initial jobless claims were 207,000 vs. 200,000.

All three equities indices that we monitor declined for the week. The largest percentage drop was the NASDAQ Composite, with had a 4.5% down-move to 14,935.90. The S&P 500 closed at 4,677.03 (-1.9%), and the DJIA lost only 0.3%, ending at 36,231.66 Friday. A rising CBOE VIX accompanied the sell-off in stocks; the volatility marker jumped 8.9% to 18.76 at the close. The U.S Dollar Index inched up to 95.73 with a 0.1% improvement. Influenced by strength in energies and ags, S&P’s GSCI gained 3.0% to close at 578.11, its highest Friday settlement in eight weeks.

The metals futures contracts we follow were mixed. Settlements and weekly percentage changes were as follows: gold at $1,797.4 (-1.7%), silver at $22.409 (-4.0%), platinum at $956.50 (-1.0%), palladium at $1,921.60 (+0.5%), copper at $4.4100 (-1.2%) and aluminum at $2,914.50 (+3.8%).

The energy sector rallied across the board. Crude oil gained more than three dollars per barrel, going out at $78.90 for WTI (+4.9%) and at $81.75 for Brent (+5.1%). Likewise, refined petroleum products increased, with heating oil closing at $2.4818 (+6.7%) and RBOB gasoline at $2.2989 (+3.3%). Natural gas had a 5.0% rally as winter U.S. temperatures returned to the colder side sending the front month to $3.916 per mmBtu.

Of the nine agricultural contract prices we report, five advanced, and four retreated. Those in the red were: wheat at $7.58½ (-1.6%), sugar at 18.05¢ (-4.4%), live cattle at 137.325 (-1.7%), and lean hogs at 79.650 (-2.2%). The gainers were: soybeans at $14.10¼ (+5.3%), corn at $6.06¾ (+2.3%), coffee at $2.3845 (+5.5%), cotton at 115.12¢ (+2.2%) and cocoa at $2,521 (+ one tick, or +0.04%).


Futures Referenced in Market Recap

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


Current Standings​

2021 World Cup Championship of Futures Trading®
1 Sergio Angiuli 275.7% Italy
2 Stefano Serafini 217.2% Italy
3 Antonello Camiletti 171.5% Italy
4 Marco Vironda Gambin 130.3% Italy
5 Fabio Viazzo 118.4% Italy

January 1, 2022 – July 1, 2022

2021 World Cup Championship of Forex Trading®​
1 Patrick Nill 144.7% Germany
2 K. Takegawa 125.6% Japan
3 Jeff Xie 78.1% Canada
4 Thomas Helling 67.8% Germany
5 Eik Baumgarten 27.7% Germany

January 1, 2022 – July 1, 2022

2020-2021 Global Cup Trading Championship​
1 Kevin Stufflebeam 392.9% USA Futures
2 Antonio Ferlito 133.2% Italy Futures
3 Patrick Nill 94.5% Germany Forex
4 Brent Carlile 66.3% Netherlands Futures
5 Philipp Kozalla 64.1% Germany Futures

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