Dollar Remains Weak and Crude Oil Futures Lower on the News of Oversupply from OPEC

Top Day Rec

06.02

Kind of a light eco news day with Pending Home sales at 10:00 and Auto and Truck sales at 2pm.

Overnight, crude is lower on ideas that OPEC is overproducing to cash in on higher price levels. The dollar remains weaker, generally, on the idea that US stimulus will lead to inflationary pressures. Copper consolidates. Gold trades technically. The Bond market remains the most volatile.

Jun 01	08:30	Personal Income	Apr	0.5%	-0.2%	-0.2%	-0.2%	-0.3%
Jun 01	08:30	Personal Spending	Apr	-0.1%	-0.3%	-0.2%	-0.3%	-0.2%
Jun 01	10:00	Construction Spending	Apr		-1.2%	-0.8%	0.3%
Jun 01	10:00	ISM Index	May		41.0	42.0	40.1
Jun 02	10:00	Pending Home Sales	Apr		NA	NA	3.2%
Jun 02	14:00	Auto Sales	May		NA	NA	3.2M
Jun 02	14:00	Truck Sales	May		NA	NA	3.8M
Jun 03	08:15	ADP Employment Change	May		-520K	-543K	-491K
Jun 03	10:00	Factory Orders	Apr		0.5%	0.3%	-0.9%
Jun 03	10:00	ISM Services	May		45.0	45.0	43.7
Jun 03	10:30	Crude Inventories	05/29		NA	NA	-5.41M
Jun 04	08:30	Initial Claims	05/30		610K	620K	623K
Jun 04	08:30	Productivity-Rev.	Q1		1.4%	1.2%	0.8%
Jun 04	08:30	Unit Labor Costs	Q1		2.7%	2.9%	3.3%
Jun 05	08:30	Average Workweek	May		33.2	33.2	33.2
Jun 05	08:30	Hourly Earnings	May		0.2%	0.2%	0.1%
Jun 05	08:30	Nonfarm Payrolls	May		-525K	-550K	-539K
Jun 05	08:30	Unemployment Rate	May		9.2%	9.2%	8.9%
Jun 05	14:00	Consumer Credit	Apr		-$6.0B	-$6.0B	-$11.1B

Current views, speculations and suggestions

June Yen: neg with res at 105.25

June Swiss: positive with support at 93.07

June EC: pos with support at 140.92

June Canadian: positive with support at 91.20

June BP: pos with support at 162.40.

June ES: pos with support at 921.25

June NQ: pos with support at 143.90

June Russell: pos with support at 504

June Mini Dow: pos with support at 8525

Aug Gold: positive with support at 972.50

July Silver: pos with support at 15.52

July crude: positive with support at 66.98.

July Soybeans: positive with support at 11.92

July Wheat: positive with support at 6.47

June Ten Year: neg with res at 118.01

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International Markets

June Bund: pos with support at 118.50

June Dax: pos with support at 5043

NK: pos with support at 9635

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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.

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Futures trading entails considerable risk and is not for everyone. An account can lose more than its initial investment. Stops are not necessarily filled at the stop level. Past performance is not a guarantee of future results.

Charles Kespert

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ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, AL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETIOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.