Pound lifted by better than British industrial production news

Top Day Rec

09.08.09

 

Very light news day with just consumer credit out at the end of the day. Better than expected British industrial production lifts the Pound. Gold breaks above $1,000 for the first time since Feb as EC makes a new high for the year at DX a new low.

US labor markets continues to labor while the economy remains faced with excess capacity.  

Gold RSI signals a cautionary alert as it’s above 70

      

Sep 08	15:00	Consumer Credit	Jul		-8.5B	-4.0B	-10.3B
Sep 09	10:30	Crude Inventories	09/04		NA	NA	-372K
Sep 09	14:00	Fed's Beige Book
Sep 10	08:30	Initial Claims	09/05		-565K	560K	570K
Sep 10	08:30	Continuing Claims	09/29		6150K	6200K	6234K
Sep 10	08:30	Trade Balance	Jul		-25.5B	-27.4B	-27.0B
Sep 11	08:30	Export Prices ex-ag.	Aug		NA	NA	0.2%
Sep 11	08:30	Import Prices ex-oil	Aug		NA	NA	-0.2%
Sep 11	09:55	Mich Sentiment-Prel	Sep		69.0	67.8	65.7
Sep 11	10:00	Wholesale Inventories	Jul		-1.4%	-1.0%	-1.7%
Sep 11	14:00	Treasury Budget	Aug		-168.0B	-162.0B	-111.9B

 

 

Current views, speculations and suggestions

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

 

Sept Yen: pos with support at 107.30  

Sept Swiss: positive with support at 94.64 (unemployment there at 6 year high)    

Sept EC: positive but above daily res at 143.95  

Sept Canadian: pos with support at 92.14

Sept BP:  pos with support at 163.70        

Sept ES: pos with support at 1015

Sept NQ: pos with support at 1637   

Sept Mini Dow: pos with support at 9424

Dec Gold: pos with support at 993

Dec Silver: pos with support at 16.21  

Dec Copper: pos with support at 285

Oct Crude: neg with res at 69.60      

Nov Soybeans: neg with res at 9.52

Dec Wheat: neg with res at 4.77

Dec Ten Year:  pos with support at 116.26   

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International Markets

Dec Bund: pos with support at 121.05

Sept Dax:  potential reversal day

NKD:  neg with res at 10280

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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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