Fed meeting takes place today, announcement tomorrow at 2:15

Top Day Rec

6.23.09

Existing home sales are expected to have increased for the second consecutive month. This would be the first such increase since the beginning of the housing crisis. Overnight, currencies are mixed with the Yen trading at a new recent high while the EC recovers lost ground. Talk that the BOE is happier with a weaker Pound has lent pressure there.

The FED begins a two day meeting. The announcement comes tomorrow at 2:15.

Two year notes being auctioned today.    

Jun 23	10:00	Existing Home Sales	May		NA	4.83M	4.68M
Jun 24	08:30	Durable Orders	May		NA	-0.9%	1.9%
Jun 24	08:30	Durable Orders, Ex-Transportation	May		NA	-0.5%	0.8%
Jun 24	10:00	New Home Sales	May		NA	360K	352K
Jun 24	10:30	Crude Inventories	06/19		NA	NA	-3.87M
Jun 24	14:15	FOMC Rate Decision
Jun 25	08:30	Initial Claims	06/20		NA	608K	NA
Jun 25	08:30	Q1 GDP - Final	Q1		NA	-5.7%	-5.7%
Jun 26	08:30	Personal Income	May		NA	0.2%	0.5%
Jun 26	08:30	Personal Spending	May		NA	0.4%	-0.1%
Jun 26	08:30	PCE Core	May		NA	0.2%	0.3%
Jun 26	09:55	Mich Sentiment-Rev	Jun		NA	69.0	69.0

 

 

Current views, speculations and suggestions

(good till close of business today)

 

Sept Yen: pos with support at 104.30

Sept Swiss: pos with support at 92.30

Sept EC: pos with support at 138.75.   

Sept Canadian: neg with res at 87.80

Sept BP:  neg with res at 164.60        

Sept ES: neg with res at 909.50    

Sept NQ: neg with res at 1458     

Sept Mini Dow: neg with res at 8440   

Aug Gold: positive with daily support of 915     

July Silver: neg with res at 14.03

Aug crude: potential reversal day        

Nov Soybeans: neg with res at 10.26  

Sept Wheat: neg with res at 5.825

Sept Ten Year: pos with support at 114.16        

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International Markets

Sept Bund:  pos with support at 119.73       

Sept Dax: neg with res at 4824

NKD: neg with res at 9810

 

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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.    

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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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.