Biotech Stocks. Drove action Lower on open then pulled indices higher with a rebound. IBB $16 range ,+$8 now. valeant pharmaceutical $25 range +$2 now.Until further notice Moves in Biotech will drive the Action in Spooz. 1869 area in Spooz also held before rebound.Consumer confidence released at 9:00, was highest since January and showed improved job picture and a hint of Inflation.Just what Doctor ordered for “risk”
Rebound in stocks weighs on Bonds,Put a bid into oil which just took out yesterday pit high.Dollar also moving higher on Strong Consumer confidence.We also see Yen sitting near session lows and again this is good for “risk on”.Consumer Confidence is watched by FOMC,Strong Payroll on Friday very well could put October in play.
Cattle markets; fundamentals haven’t changed markets still haven’t found a clearing price between supply and demand.Limit down front live and back month feeder.Live cattle for October goes first notice on October 5th,Looks like people trying to get out of longs before end of month.open interest dropping with prices is evidence of this.