British Pound Higher Today But Trend Still Negative

Top Day Rec

06.09

The lack of eco news continues today with just the release of wholesale inventories at 10. Thunderstorms gather on Wall Street, literally.

Treasury auction later today.

British Pound is higher today as UK housing stabilizes but trend still negative. Political situation between Labor and Tories remains very unstable while top tax rate moves to 50% on anyone making 218K or more.

 

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. short term: as long as it trades higher than 101.71, expect a test of 102.26     

June Swiss: potential reversal day

June EC: potential reversal day   

June Canadian: pos and above daily res of 90.49

June BP:  neg.  Needs to build time under 161.46 to retest 159.80.     

June ES: potential reversal day  

June NQ: pos. as long as it trades above 1489.00, look for a test of 150.50     

June Mini Dow: pos as long as it trades above 8735, look for a test of 8884

Aug Gold: potential reversal day    

July Silver: potential reversal day

July crude: potential reversal day.         

July Soybeans: pos and as long as it trades above 12.29, look for a test of 12.42

July Wheat: potential reversal day

Sept Ten Year: neg. needs to build time under 113.11 to set up a test of 112.28         

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International Markets

Sept Bund:  pos and as long as it trades above 118.00, look for a test of 118.55       

June Dax: neg with res at 5057    

NKD: pos with  support at 9761

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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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