All Time Highs on Mini Nasdaq 100 and Mini SP 500 Futures!

Movers and shakers! 

By Mark O'Brien, Senior Broker

 

 

General:  

 

Fresh inflation data was released this morning, giving Federal Reserve officials one last glimpse at how their battle against inflation is progressing as they prepare for their final interest rate decision of 2024 next week.  The November Consumer Price Index climbed 2.7% percent year-over-year.  While this was in line with economists’ expectations, the report was a reminder that the central bank has yet to achieve a full victory. 

Fed policymakers will decide whether or not to cut interest rates for a third and final time this year at their Dec. 17-18 gathering, and they will also release a fresh set of economic projections for 2025. 

The Fed aims for 2 percent yearly inflation, although they define that goal using a separate but related index, the Personal Consumption Expenditures measure. That will come out on Dec. 20, so this is the last big inflation report officials will have in hand before their meeting.  

 

Stock Indexes:   

 

Today, the Dec. E-mini Nasdaq futures rose over 400 points – an $8,000 per contract move – and above 21,800 to its latest all-time high.  Still yet to close above 6100 despite trading intraday above that mark five of the last six sessions, including today, the E-mini S&P 500 is within single-digit points of closing at its own all-time high, surpassing the 6096.75 close last Friday, Dec. 6. 

 

Crypto:   

 

December Bitcoin futures once again pierced the $100,000 level with today’s ±$5,000/±5.25 move up and is set to post its latest all-time closing price after closing at $101,580 last Friday, Dec. 6.  As of this typing, Dec. Bitcoin is trading at $102,150. 

 

Energy: 

 

January natural gas jumped over 20 cents per million British thermal units (MMBtu) – a $2,000 per contract move) in its largest single-day move in months.  The rally coincides with colder weather sweeping across the Midwest and Northeast.  Overnight and 3-5-day forecasts are trending colder and boosting near-term demand. 

 

Softs: 

 

Yesterday, March coffee futures traded up to all-time highs – above a 1977 price point – as analysts and traders expect crops in Brazil and Vietnam - the world's two largest producers – to shrink.  Brazil experienced one of its worst droughts in 70 years during August and September, followed by heavy rains in October, raising fears that the flowering crop could fail.  Vietnam’s crops experienced a similar weather cycle.  One of the most heavily leveraged futures contracts: each one-cent move is $375, the March contract has sot up ±$1.00 per pound – from its $2.42 close on Nov. 1 to its $3.34 close yesterday, a ±$34,500 per contract move.  Coffee is the world's second most traded commodity by volume, after crude oil. 

 

Trading Levels for the unique date of 12.12.24:

 

Reports for 12.12.24:

Ilan Levy-Mayer, M.B.A

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