Weekly Market Recap – November 12, 2021

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Weekly Market Recap – November 12, 2021

A labor statistic that began getting more attention in spring 2021 is the “JOLTS” number (Job Openings and Labor Turnover Survey). It enumerates new job creation and resignations, and the latter is in focus. Now dubbed the “Great Resignation” or the “Big Quit”, the measure reached a new record in September, as 4.2 million Americans quit their jobs. 3% of the workforce. Weekly initial jobless claims were 267,000 vs. 271,000. Monthly economic statistics, compared with previous levels, were as follows: Federal budget -$165 billion vs. -$284 billion, wholesale inventories (revision) 1.4% vs. 1.1%, and the consumer sentiment index at 68.6 vs. 71.7. Inflation is getting expanded coverage in the financial press, as the producer price index rose 0.6% vs. 0.5%, and consumer prices jumped 0.9% compared with +0.4%. Overall, consumer prices rose 6.2% in the past 12 months, the largest increase since 1990.

The stock market indices we monitor here eased slightly from the previous Friday. The Dow Jones Industrial Average closed at 36,100.31 (-0.6%) the S&P 500 pared off 0.3%, trading 4,682.85 at the close, and the NASDAQ Composite went out at 15,860.96 (-0.7%). CBOE’s VIX settled at 16.29 (-1.2%). On the currency side, the U.S. Dollar Index ticked higher for the week, closing at 95.12 (+0.8%) its highest in 16 months (96.01 the week ending July 17th, 2020). Commodity prices, as measured by the portfolio of futures listed in the S&P GSCI, ended the week at 579.62 (-0.1%); the incremental change was the result of weakness in energy markets that offset the strength in metals and agricultural products.

In metals futures, all six of the contracts on our radar moved higher. The settlements and corresponding percentage movements were: gold at $1,868.50 (+2.8%), silver at $25.346 (+4.9%), platinum at $1,089.20 (+5.2%), palladium at $2,117.70 (+4.4%), copper at $4.4495 (+2.5%), and aluminum at $2,700.00 (+5.6%). Gold hasn’t traded this high since mid May, when it topped $1,900 per ounce.

The energy sector declined across the board. Crude trimmed its per barrel price in both benchmarks we track: WTI closed at $80.79 (-0.6%%) and Brent eased to $82.17 (-0.7%). Refined products followed in kind, with ultra-low sulfur diesel settling at $2.4037 (-2.1%) and RBOB gasoline at $2.3114 per gallon (-0.4%). Natural gas tumbled further from its meteoric rise (to $6.593 on October 6th) and fell to $4.791 per mmBtu (-13.1% for the week and -27.3% from the high of the move).

For the nine agricultural futures reported in our recap, eight had a strong showing for the week. The only loser was the lean hog contract, ending at 75.875 (-0.9%). On the winning side were: soybeans at $12.44¼ (+3.2%), corn at $5.77¼ (+4.4%), wheat at $8.17 (+6.6%), coffee at $2.2195 (+7.5%), sugar at 20.01¢ (+0.4%), cocoa at $2,525 (+3.1%), cotton at 117.69¢ (+0.7%), and live cattle at 132.125 (+0.2%).

 

Futures Referenced in Market Recap

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

 

Current Standings​

2021 World Cup Championship of Futures Trading®
RANK NAME NET RETURN LOCATION
1 Kevin S McCormick 241.8% United States
2 Jürg Diemand 157.1% Switzerland
3 Lisa Chen 146.9% Canada
4 Marek Chrastina 106.6% Slovakia
5 Princely Mathew 104.2% United States

January 1, 2021 – November 29, 2021


2021 World Cup Championship of Forex Trading®​
RANK NAME NET RETURN LOCATION
1 Lorenzo Misino 405.5% Italy
2 Patrick Nill 242.3% Germany
3 Sergey Shirko 200.7% Latvia
4 Raul Glavan 200.2% Germany
5 Cristian Franchi 200.2% Italy

January 1, 2021 – November 29, 2021


2020-2021 Global Cup Trading Championship​
RANK NAME NET RETURN LOCATION DIVISION
1 Jan Smolen 247.6% Slovakia Futures
2 Stefan Seibert 222.7% Germany Futures
3 Marek Chrastina 182.4% Slovakia Futures
4 Patrick Nill 125.7% Germany Futures
5 Maxim Schulz 78.8% Germany Futures

June 1, 2020 – May 28, 2021 – Final

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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