Alphabet (NASDAQ:GOOGL) and Amazon (NASDAQ:AMZN) Earnings Weak
Alphabet and Amazon earnings did not have investors singing the A-B-C’s and the Stock Market continued to slump. Hopefully the 3rd Quarter GDP data will stop the meltdown. On the Corn front, the market has shifted the focus of stocks or carryover and worries about storage to weather concerns slowing harvest and lower yield expectations. In the overnight electronic session the December Corn is currently trading at 362 ¾ which is 1 ¾ of a cent higher. The trading range has been 363 ½ to 361 ¾.
On the Ethanol front slumping sales have lowered interest in this market with the many equations from other markets that fuel this market. However, with the Iran sanctions kicking in November 1st and rollovers kicking in the market is showing more activity where investors are still sketchy of what the market priced in with all the trade and political maneuvering.
In the overnight electronic session the November contract is currently trading at 1.265 which is .005 higher. The trading range has been 1.265 to 1.261 with 3 contracts traded. The market is currently showing 2 bids @ 1.264 and 2 offers @ 1.266 with Open Interest at 320 contracts, while the December contract is currently trading at 1.285 which is .008 higher. The trading range has been 1.285 to 1.278 with 3 contracts traded. The market is currently showing 3 bids @ 1.282 and 3 offers @ 1.286 and Open Interest at 1,946 contracts.
On the Crude Oil front we wait for the market to get back to basic fundamentals and we should take off like a rocket ship. Low Distillate supplies and if we throw in a cold winter into the mix, Katy Bar the Door! Let’s hope we have a moderate winter. In the overnight electronic session the December Crude Oil is currently trading at 6671 which is 62 points lower. The trading range has been 6704 to 6620.
On the Natural Gas front were coming in lower this morning. Last trading Day on the November contract is Monday so if you have a position it would be best to rollover or liquidate today. In the overnight electronic session the December Natural Gas is currently trading at 3.196 which is 6 cents lower. The trading range has been 3.233 to 3.172.