Soybean Futures Price Up on Low Inventory Reports

Top Day Rec

05.04.09

UK is closed for a banking holiday. Japan is closed for a spring celebration. It’s been rumored that all US banks tested will pass the stress test of the Fed. Chinese industrial production is up for the first time in nine months. Soybeans pop on low inventories. A ferocious lobbying battle looms in the headlights as the President seeks to turn back currently legal offshore tax breaks for major corporations which save them in excess of 190 billion annually.   

 

May 04	10:00	Construction Spending	Mar		NA	-1.4%	-0.9%
May 04	10:00	Pending Home Sales	Mar		NA	0.0%	2.1%
May 05	10:00	ISM Services	Apr		NA	42.0	40.8
May 06	08:15	ADP Employment Change	Apr		NA	-643K	-742K
May 06	10:30	Crude Inventories	05/01		NA	NA	+4053K
May 07	08:30	Initial Claims	05/02		NA	NA	NA
May 07	08:30	Productivity-Prel	Q1		NA	0.9%	-0.4%
May 07	08:30	Unit Labor Costs	Q1		NA	2.5%	5.7%
May 07	15:00	Consumer Credit	Mar		NA	-$3.3B	-$7.5B
May 08	08:30	Average Workweek	Apr		NA	33.2	33.2
May 08	08:30	Hourly Earnings	Apr		NA	0.2%	0.2%
May 08	08:30	Nonfarm Payrolls	Apr		NA	-620K	-663K
May 08	08:30	Unemployment Rate	Apr		NA	8.9%	8.5%
May 08	10:00	Wholesale Inventories	Mar		NA	-1.0%	-1.5%

   

Current views, speculations and suggestions

 

June Yen: neg with res at 10135  

June Swiss: positive with support at 87.42

June EC: positive with support at 131.57   

June Canadian: positive with support at 83.90

June BP:  pos with support at 148.06.     

June ES: positive with support at 866.25

June NQ: positive with support at 1385  

June Russell: positive with support at 482    

June Mini Dow: positive with support at 8090

Jun Gold: potential reversal day    

July Silver: pos with support at 12.15

June crude: positive with support at 51.20         

July Soybeans: positive with support at 10.58

July Wheat: positive with support at 5.45

June Ten Year: neg with res at 12113       

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International Markets

June Bund: neg with res at 122.80        

June Dax: pos with support at 4725

NK: pos with support of 8810

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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.   

 

 Please feel free to visit www.vfmarkets.com.  For those without accts use 999999 and 5236 as a pin for access.  (pin changes monthly) 

Charles Kespert

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