Markets Remain Calm but Euro Futures Look Weak

Top Day Rec

06.08

No eco news today. Aftermath of Friday will continue to reverberate. Biggest move was the front end of the yield curve or the cost of money; look at Dec Eurodollars below. That’s a watershed day.

  

Jun 09	10:00	Wholesale Inventories	Apr		-1.0%	-1.0%	-1.6%
Jun 10	08:30	Trade Balance	Apr		-$29.5B	-$28.7B	-$27.6B
Jun 10	10:30	Crude Inventories	06/05		NA	NA	+2.87M
Jun 10	14:00	Treasury Budget	May		NA	-$175.0B	NA
Jun 10	14:00	Fed's Beige Book
Jun 11	08:30	Retail Sales	May		0.3%	0.3%	-0.4%
Jun 11	08:30	Retail Sales ex-auto	May		0.0%	0.2%	-0.5%
Jun 11	08:30	Initial Claims	06/06		610K	625K	621K
Jun 11	10:00	Business Inventories	Apr		-0.8%	-0.8%	-1.0%
Jun 12	08:30	Export Prices ex-ag.	May		NA	NA	-0.3%
Jun 12	08:30	Import Prices ex-oil	May		NA	NA	-0.7%
Jun 12	09:55	Mich Sentiment-Prel	Jun		70.5	70.0	68.7

 

 

Current views, speculations and suggestions

(good till close of business today)

 

June Yen: neg as long as it trades lower than 102.10 with an obj of 100.70    

June Swiss: neg as long as it’s lower than 92.50 with an obj of 90.50

June EC: neg as long as it trades below 140.50 with an obj of 137.25  

June Canadian: neg as long as it trades under 89.95 with an obj of 88.00

June BP:  neg as long as it trades below 160.50 with an obj of 157.50     

June ES: neg as long as it trades below 943.50 with an obj of 919.50

June NQ: neg  as long as it trades under 1495.00 with an obj of 1461.00   

June Mini Dow: neg as long as it trades under 8785 with an obj of 8575

Aug Gold: neg as long as it trades under 967 with an obj of 936    

July Silver: neg as long as it trades under 15.50 with an obj of 14.69

July crude: neg as long as it trades above 68.75 with an obj of 66.00.         

July Soybeans: neg as long as it trades under 12.24 with an obj of 12.125

July Wheat: neg as long as it trades below 6.276 with an obj of 6.09

Sept Ten Year: neg as long as it trades below 113.29 with an obj of 112.25        

**************

International Markets

Sept Bund:  pos as long as it trades above 117.95 with an obj of 118.35           

June Dax: neg as long as it trades below 5097 with a obj of 4979    

NK: neg  as long as it trades below 9865 with an obj of 9683   

***********  

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.    

********************************************

 

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

***********************     

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM.

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.