Caterpillar beat the street and lifted stocks and stock futures overnight

Top Day Rec

07.21.09

No economic releases today. All that is slated is testimony from the Fed Chairman on the Hill.

Caterpillar beat the Street and that lifted stocks overnight.

Lawmakers will be looking for an exit strategy form the Chairman in terms if how he plans to withdraw massive capital infusions before they result in inflationary pressures.

August crude comes off the board today.

 

Jul 20	10:00	Leading Indicators	Jun		0.5%	0.5%	1.2%
Jul 22	10:30	Crude Inventories	07/17		NA	NA	-2.81M
Jul 23	08:30	Initial Claims	07/18		540K	NA	522K
Jul 23	10:00	Existing Home Sales	Jun		4.85M	4.80M	4.77M
Jul 24	09:55	Mich Sentiment-Rev	Jul		64.5	64.6	64.6

 

Current views, speculations and suggestions

(good till close of business today). These are technical in nature only.

 

Sept Yen: neg with res at 107.00 

Sept Swiss: pos with support at 93.00

Sept EC: neg with res at 142.77  

Sept Canadian: pos with support at 89.33

Sept BP:  pos with support at 163.80      

Sept ES: pos with support at 938.50     

Sept NQ: pos with support at 1528        

Sept Mini Dow: pos with support at 8710 

Aug Gold: pos with support at 938.70    

Sept Silver: pos with support at 13.41

Sept Copper: pos with support at 242.00

Sept crude: pos with support at 64.30. August expires today.     

Nov Soybeans: potential reversal day

Sept Wheat: potential reversal day

Sept Ten Year: neg with res at 117.15      

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International Markets

Sept Bund:  neg with res at 121.40

Sept Dax: pos and above daily res of 5090

NKD: pos and above daily res of 9740

 

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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. Some find it appropriate to look at the margin requirement and use that as a stop or if it’s a steep initial requirement, use half.

 

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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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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.