Crude demand is expected to drop /British Pound at 2 week low and a 4 month low against the EC

Top Day Rec

09.18.09

No eco data points this morning. Nada till Leading Economic Indicators on Monday. Overnight, nothing extraordinary. Squashing of flash trading should further reduce volume which is already anemic.

Crude demand is expected to drop as refiners shut down units for repairs. Distillates stand at 26 year highs.   

British Pound at a 2 week low and a 4 month low against the EC and action opens a test of 161.90.

The President will be on no less than 5 Sunday news shows. A ubiquitous presidency.    

 

 

 

   

Sep 21	10:00	Leading Indicators	Aug		NA	0.7%	0.6%
Sep 22	10:00	FHFA US Housing Price Index	Jul		NA	0.5%	0.5%
Sep 23	10:30	Crude Inventories	09/18		NA	NA	-4.73M
Sep 23	14:15	FOMC Rate Decision	Sep		NA	0.25%	0.25%
Sep 24	08:30	Initial Claims	09/19		NA	NA	NA
Sep 24	08:30	Continuing Claims	09/12		NA	NA	NA
Sep 24	10:00	Existing Home Sales	Aug		NA	5.33M	5.24M
Sep 25	08:30	Durable Orders	Aug		NA	0.1%	5.1%
Sep 25	08:30	Durables, ex Transporation	Aug		NA	0.8%	1.1%
Sep 25	09:55	Mich Sentiment-Rev	Sep		NA	70.0	70.2
Sep 25	10:00	New Home Sales	Aug		NA	440K	433K

 

Current views, speculations and suggestions

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

 

 

Dec Yen: pos with support at 109.12    

Dec Swiss: positive with support at 96.75    

Dec EC: positive with support at 146.50.  

Dec Canadian: pos with support at 93.26

Dec BP:  pos with res at 163.35 but see above        

Dec ES: pos with support at 1049

Dec NQ: pos with support at 1702 but RSI at 74 and under accumulation for 9 straight sessions with a doji yesterday

  

Dec Mini Dow: pos with support at 9685

Dec Gold: pos with support at 1001.50

Dec Silver: pos with support at 16.90   

Dec Copper: neg with res at 293

Oct Crude: res at 73.20       

Nov Soybeans: neg with res at 9.64

Dec Wheat: neg with res at 4.72

Dec Ten Year:  neg with res at 117.23   

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International Markets

Dec Bund: neg with res at 120.94  

Dec Dax:  pos with support at 5676

NKD:  pos with support at 103.30

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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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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.