Crude Futures Prices Lower on the Threat of Higher Inventories

Top Day Rec

04.20.09

A quarter of all companies report this week and ahead of this the equities market is softer and the dollar is stronger. BOA and IBM report today.  The Dax, FTSE and CAC were all lower by 1 to 2+% while the Nikkei was higher by 0.19.

Crude is lower on the threat of higher inventories and slack usage. Other than that, it’s a light news week in terms of data points.

        

Apr 20

10:00

Leading Indicators

Mar

NA

-0.2%

-0.4%

Apr 22

10:35

Crude Inventories

04/17

NA

NA

+5670K

Apr 23

08:30

Initial Claims

04/18

NA

630K

610K

Apr 23

10:00

Existing Home Sales

Mar

NA

4.65M

4.72M

Apr 24

08:30

Durable Orders

Mar

NA

-1.5%

5.1%

Apr 24

08:30

Durable Orders, Ex-Auto

Mar

NA

-1.2%

3.9%

Apr 24

10:00

New Home Sales

Mar

NA

340K

337K

Current views, speculations and suggestions

 

June Yen: neg with res at 101.70

June Swiss: neg with res at 8684   

June EC:  neg with res at 131.38  

June Canadian: potential reversal day (lower)

June BP:  potential reversal day (lower)    

June ES: positive with support at 846.00

June NQ: positive with support at 1326   

June Russell: positive with support at 461    

June Mini Dow: pos with support at 795

Jun Gold: pos with support at 861

May Silver: potential reversal day

June crude: neg with res at 52.50      

May Soybeans: positive with support at 10.32  

May Wheat: neg with res at 5.29  

 June Ten Year: potential reversal day       

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International Markets

June Bund: neg with res at 122.38        

June Dax: pos with support at 4550

NK: pos with support at 8880

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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.   

  

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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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