An increase in Chinese industrial production lifts all markets

Top Day Rec

11.11

Today is Veteran’s Day and a government holiday. Because of this, another day without data points and this includes the Department of Energy release of the weekly supply and demand figures for oil. That will come out Thursday. The American Petroleum Institute stated that crude stocks increased by 1.22 million barrels, a slight negative.

An increase in Chinese Industrial Production helps lift all markets overnight. A relatively calm response in the aftermath of the clash between North and South Korea helped as well. BOE won’t end stimulus program while BP pessimism is at near record levels.     

Nov 12	08:30	Initial Claims	11/07		525K	510K	512K
Nov 12	08:30	Continuing Claims	10/31		5700K	5700K	5749K
Nov 12	11:00	Crude Inventories	11/06		NA	NA	-3.94M
Nov 12	14:00	Treasury Budget	Oct		-$150.0B	-$150.0B	-$155.5B
Nov 13	08:30	Export Prices ex-ag.	Oct		NA	NA	NA
Nov 13	08:30	Import Prices ex-oil	Oct		NA	NA	NA
Nov 13	08:30	Trade Balance	Sep		-$30.0B	-$31.9B	-$30.7B
Nov 13	09:55	Mich Sentiment-Prel	Nov		70.5	71.8	70.6

 

Current views, speculations and suggestions

(good till close of business today). These are technical in nature only, not fundamental.

 

Dec ES: pos with support at 1081.00

Dec NQ: pos with support at 1751.50 

Dec Mini Dow: pos with support at 1004.00

Dec Gold: pos with support at 1096.50

Dec Silver: pos with support at 17.04       

Dec Copper: neg with res at 302.50

Dec Yen: neg with res at 111.99 (traded there last night)        

Dec Swiss: neg with res at 99.68       

Dec EC: neg with res at 150.61

Dec Canadian: pos with support at 94.58    

Dec BP:  pos with support at 165.18

Dec Aussie: pos with support at 91.97  

Dec Crude: pos with support at 77.80       

Jan Soybeans: neg with res at 9.81   

Mar Wheat: pos with support at 5.315    

Dec Ten Year:  pos with support at 118.11     

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International Markets

Dec Bund: potential reversal day    

Dec Dax:  pos with support at 5592

Dec NKD pos with support at 9878

 

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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.

 

Charles Kespert

 

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