Weekly Market Recap – March 11, 2022

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Weekly Market Recap – March 11, 2022

More than 300 international companies have ceased or scaled back operations in Russia in an effort to put pressure on President Putin by using sanctions and other economic penalties. The sectors represented range from finance to energy, media, food, transportation, tech, and consumer services. According to the U.N., 1.5 million Ukrainians have fled to Poland and 1 million to other bordering countries.

Thursday’s year-on-year consumer price index report indicated +7.9%, the highest inflation level in 40 years. On a monthly basis, CPI rose 0.8% vs. +0.6%. Other monthly economic data, compared with previous levels, were as follows: consumer credit $7 billion vs. $19 billion, the foreign trade balance (deficit) was -$89.7 billion vs. -$82.0 billion, wholesale inventories +0.8% (unchanged), federal budget -$217 billion vs. -$311 billion, job openings 11.3 million vs. 11.5 million, and job quits 4.3 million vs. 4.4 million. Quarterly statistics (Q4) reported were: household debt (non-federal and non-financial) +0.4% vs. 0.0% and real household wealth +8.6% vs. +2.3%. Weekly initial jobless claims were 217,000 vs. 216,000.

As investors reacted to economic geopolitical responses to the invasion of Ukraine, stock markets continued to weaken. The Dow Jones Industrial Average closed at 32,944.19 (-2.0%) the S&P 500 gave back 2.9% to close at 4,204.3, and the NASDAQ Composite went out at 12,843.81 (-3.5%). CBOE’s VIX settled at 30.75 (-3.8%). In currencies, the U.S. Dollar Index maintained its strength, closing the week at 99.12 (+0.6%). In the commodity sector, prices eased, as per S&P’s GSCI: the portfolio of futures fell to 740.83 (-5.4%).

Metal futures were mixed. Closing prices and percentage movements were as follows: gold at $1,985.00 (+0.9%), silver at $26.160 (+1.4%), platinum at $1,088.60 (-2.5%), palladium at $2,796.80 (-6.2%), copper at $4.6255 (-6.3%) and aluminum at $3,483 (-9.5%).

AAA National at-the-pump gasoline prices have exceeded records in several states, however, correcting from the prior week’s spiking prices, all of the energy contracts we cover in our recap had retreated by week’s end. Friday settlements and weekly percent decreases were: NYMEX WTI at $109.33 per barrel (-5.5%), ICE Brent at $112.67 (-4.6%), heating oil at $3.4176 per gallon (-9.5%), RBOB gasoline at $3.3121 (-6.5%), NYMEX natural gas at $4.725 per MMBtu (-5.8%), and ICE Dutch gas plunged to €131.229 per MWh (-31.8%,).

Of the nine agricultural futures on our radar, five increased, three decreased and one scratched. Those that went into the red were: wheat at $11.06½ (-8.5%), coffee at $2.2195 (-1.0%) and sugar at 19.24¢ (-0.6%). The gainers were: soybeans at $16.76 (+0.9%), corn at $7.62½ (+1.1%), cotton at $121.03 (+4.0%), live cattle at 137.300 (+1.1%) and lean hogs at 102.725 (+2.3%). Cocoa was the sleeper, ending the week at the same $2,620 per metric ton as the previous Friday.

 

Futures Referenced in Market Recap

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

 

Current Standings​

2022 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


2022 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


2021-2022 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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