Weekly Market Recap – October 8, 2021

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Weekly Market Recap – October 8, 2021

The news that shaped Wall Street’s mood for the week was that Senate minority leader McConnell, on Wednesday, without making any demands, offered Democrats an emergency short-term extension to the Federal debt ceiling into December. The transition to the closing months of 2021 is marked by higher gas prices at the pump. Also of note, are shortages of certain essential staples and consumer goods stemming from the growing logjam of container ships at major U.S. port cities.

Monthly economic statistics compared with previous releases were: factory orders +1.2% vs. +0.7%, balance of trade -$73.3 billion vs. -$70.3 billion, consumer credit $14.0 billion vs. $17.0 billion, wholesale inventories (revision) 0.0% vs. +1.2%, non farm payrolls 194,000 vs. 366,000, and the unemployment rate 4.8% vs. 5.2%. Weekly initial jobless claims were 326,000 vs. 364,000.

After a week of less negative financial market news than the two previous weeks, the indices we track ended as follows: DJI 34,746.25 (+1.2%), S&P 500 4,391.34 (+0.8%), NASDAQ Composite 14,579.54 (+0.1%), CBOE VIX, 18.77 (-11.3%), U.S. Dollar Index 94.10 (+0.0%), and S&P’s GSCI 576.87 (+2.7%).

Metals futures contracts on our radar were mostly higher. The settlements and corresponding percentage movements were: gold at $1,757.40 (-0.1%), silver at $22.705 (+0.7%), platinum at $1,028.20 (+5.6%), palladium at $2,073.00 (+8.9%), copper at $4.2755 (+2.1%), and aluminum at $2,966 (+3.8%).

Natural gas backed off from ten-year highs due to greater-than-expected storage numbers, an increase in reported production, and a warmer U.S. temperature forecast. The November contract eased 1.0% for the week, ending at $5.565 per mmBtu. The petroleum sector of the energy category maintained the strength from the prior week. NYMEX WTI spiked 4.6% to $79.35 per barrel, and Brent crude went out at $82.39 (+3.9%). U.S. refined products followed suit: heating oil gained 3.8%, closing the week at $2.4737, and RBOB gasoline added 5.2% to $2.3662 per gallon.

The nine agricultural futures we monitor were mixed in terms of directional movement, five decreased and four increased. The contracts that lost value were: soybeans at $12.43 (-0.3%), corn at $5.30½ (-2.0%), wheat at $7.34 (-2.8%), coffee at $2.0135 (-1.3%), and lean hogs at 81.500 (-4.3%). The gainers were: sugar at 20.29¢ (+1.1%), cocoa at $2,750 (+1.5%), cotton at 110.60¢ (+5.8%), and live cattle at 130.250 (+4.0%).

 

Futures Referenced in Market Recap

Exchange Commodity Contract Month
CME Live Cattle December
CME Lean Hogs December
CBT Soybeans November
CBT Corn December
CBT Wheat December
ICE Coffee December
ICE Cocoa December
ICE Sugar March
ICE Cotton December
ICE Brent Crude December
NYMEX WTI Crude November
NYMEX ULSD (Heating Oil) November
NYMEX RBOB (Gasoline) November
NYMEX Natural Gas November
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 205.6% United States
2 Nikolai Dmitriev 182% Russia
3 Jürg Diemand 158.2% Switzerland
4 Graeme Adams 118% New Zealand
5 Lisa Chen 87.7% Canada

January 1, 2021 – October 14, 2021


2021 World Cup Championship of Forex Trading®​
RANK NAME NET RETURN LOCATION
1 Raul Glavan 285.5% Germany
2 Patrick Nill 246.9% Germany
3 Cristian Franchi 168.9% Italy
4 Sergey Shirko 132.8% Latvia
5 Tobias Baerlin 104.2% Germany

January 1, 2021 – October 14, 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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