US trade deficit comes in at 36.5 billion up 18% while import prices are higher due to higher oil prices

Top Day Rec

11.13

Happy Friday the 13^th. Templar Knights should take the day off.

Overnight, the US trade deficit comes in at 36.5 billion up 18%. Import price are also higher due to higher oil prices.

U of Michigan consumer sentiment will set the tone for the shank of the day.  

Overnight, Euro area grows by 0.4% and this modest expansion puts the brakes on yesterday’s slide. Crude fell on very low production numbers and builds in supplies showing a lack of economic demand and this blunted gold’s advance.  

Nov 12	08:30	Initial Claims	11/07		525K	510K	512K
Nov 12	08:30	Continuing Claims	10/31		5700K	5700K	5749K
Nov 12	11:00	Crude Inventories	11/06		NA	NA	-3.94M
Nov 12	14:00	Treasury Budget	Oct		-$150.0B	-$150.0B	-$155.5B
Nov 13	08:30	Export Prices ex-ag.	Oct		NA	NA	NA
Nov 13	08:30	Import Prices ex-oil	Oct		NA	NA	NA
Nov 13	08:30	Trade Balance	Sep		-$30.0B	-$31.9B	-$30.7B
Nov 13	09:55	Mich Sentiment-Prel	Nov		70.5	71.8	70.6

 

Current views, speculations and suggestions

(good till close of business today). These are technical in nature only, not fundamental.

 

Dec ES: pos with support at 1079.50

Dec NQ: pos with support at 1763.50 

Dec Mini Dow: pos with support at 1012.10

Dec Gold: pos with support at 1098.50

Dec Silver: pos with support at 17.05       

Dec Copper: neg with res at 298.00

Dec Yen: neg with res at 111.64        

Dec Swiss: neg with res at 99.20       

Dec EC: neg with res at 149.75

Dec Canadian: pos with support at 94.25    

Dec BP:  neg with res at 166.80  

Dec Aussie: neg with res at 93.00    

Dec Crude: pos with support at 75.75       

Jan Soybeans: potential reversal day    

Mar Wheat: pos with support at 5.42    

Dec Ten Year:  pos with support at 118.15     

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International Markets

Dec Bund: pos with support at 121.18    

Dec Dax:  pos with support at 5628

Dec NKD pos with support at 97.00

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N.B.: if you initiate a trade using ANY of these numbers use a STOP at least equivalent to 2 ½%. Repeat: use Stops.  Don’t think about using Stops. Use Stops. Some find it appropriate to look at the margin requirement and use that as a stop or if it’s a steep initial requirement, use half.

 

Charles Kespert

 

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