Slew of Earnings Reports Affecting Index Futures Today

 Top Day Rec

04.21.09

No eco releases today. Bank of NY Mellon is down 9% in pre market trade on an earnings miss. Finally, yesterday, Wall Street began to question the spectacular bank earnings that have been reported. Goldman Sachs changed its reporting calendar effectively removing a 1.5 billion dollar loss from December while JP Morgan Chase reported earnings based on a drop in the price of their bonds and the ability to retire them at ever cheaper levels. BOA reported a profit based on the pricing of Merrill Lynch assets which it assumed at a value of 2.2 billion, higher then even Merrill had priced them.

Today is last trading day for front month crude.  

        

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: pos with support at 99.90

June Swiss: neg with res at 8684   

June EC:  neg with res at 130.10  

June Canadian: neg with res at 81.90

June BP:  neg with res at 149.30    

June ES: positive with support at 806.00

June NQ: positive with support at 1275  

June Russell: positive with support at 436    

June Mini Dow: pos with support at 761

Jun Gold: pos with support at 872

May Silver: pos with support at 11.85

June crude: neg with res at 51.20      

May Soybeans: potential reversal day   

May Wheat: neg with res at 5.19  

 June Ten Year: pos with support at 122.12       

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International Markets

June Bund: neg with res at 123.25        

June Dax: pos with support at 4340

NK: pos with support at 8560

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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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 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.