Dollar Gets a Shot in the Arms by Japanese Finance Minister

Top Day Rec

06.12.09

University of Michigan consumer confidence is the key eco data point of the day. (When they leave the theater they don’t go out humming the overture).

The dollar got a shot in the arm as the Japanese finance minister said that the dollar’s status as a reserve currency isn’t under threat. This counteracted recent Russian statements.

 

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 with res at 102.26

June Swiss: pos with support at 91.55

June EC: pos with support at 138.45  

June Canadian: pos but below daily support of 89.65

June BP:  pos despite all its well chronicled problems. Support at 162.35       

Sept ES: pos with support at 921.25  

Sept NQ: potential reversal day      

Sept Mini Dow: pos with support at 8590

Aug Gold: really sloppy with support at 935    

July Silver: ditto with support at 14.70

July crude: in its own universe with support at 70.50        

July Soybeans: pos with support at 12.45

July Wheat: potential reversal day

Sept Ten Year: neg. with res at 114.20        

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International Markets

Sept Bund:  pos with support at 118.80       

June Dax: potential reversal day    

NKD: pos with  support at 100.141

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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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