Top Day Recommendations
1.6.12
The expectation for non farm payroll was 200K in jobs growth with the headline number inching down to 8.7%. The ADP private jobs forecast did nothing to dissuade this expectation.
The EC continued to trend lower against everything while crude oil had quite the reversal with a build in stocks and Turkey pressured Iran to reconsider any thought about blocking the Straits.
The actual number comes in at 200K with the headline at 8.5%. These are good numbers. This is dollar positive. Maybe the yearly projection of 8% isn’t so off base after all.
The Week of January 02 - January 06
| Date | ET | Release | For | Actual | Briefing.com Briefing.com | Prior | Revised | |
| Forecast | Consensus | From | ||||||
| Jan | 10:00 | ISM Index | Dec | 53.2 | 53.4 | 52.7 | ||
| 03 | ||||||||
| Jan | 10:00 | Construction | Nov | 0.2% | 0.5% | 0.8% | ||
| 03 | Spending | |||||||
| Jan | 14:00 | FOMC Minutes | 12/13 | |||||
| 03 | ||||||||
| Jan | 07:00 | MBA Mortgage Index | 12/31 | NA | NA | -2.6% | ||
| 04 | ||||||||
| Jan | 10:00 | Factory Orders | Nov | 2.6% | 2.1% | -0.4% | ||
| 04 | ||||||||
| Jan | 14:00 | Auto Sales | Dec | NA | NA | 4.36M | ||
| 04 | ||||||||
| Jan | 14:00 | Truck Sales | Dec | NA | NA | 5.98M | ||
| 04 | ||||||||
| Jan | 07:30 | Challenger Job Cuts | Dec | NA | NA | -12.8% | ||
| 05 | ||||||||
| Date | ET | Release | For | Actual | Briefing.com Briefing.com | Prior | Revised | |
| Forecast | Consensus | From | ||||||
| Jan | 08:15 | ADP Employment | Dec | 200K | 180K | 206K | ||
| 05 | Change | |||||||
| Jan | 08:30 | Initial Claims | 12/31 | 375K | 375K | 381K | ||
| 05 | ||||||||
| Jan | 08:30 | Continuing Claims | 12/24 | 3650K | 3620K | 3601K | ||
| 05 | ||||||||
| Jan | 10:00 | ISM Services | Dec | 53.0 | 53.0 | 52.0 | ||
| 05 | ||||||||
| Jan | 11:00 | Crude Inventories | 12/31 | NA | NA | 3.899M | ||
| 05 | ||||||||
| Jan | 08:30 | Nonfarm Payrolls | Dec | 165K | 150K | 120K | ||
| 06 | ||||||||
| Jan | 08:30 | Nonfarm Private | Dec | 200K | 170K | 140K | ||
| 06 | Payrolls | |||||||
| Jan | 08:30 | Unemployment Rate | Dec | 8.7% | 8.7% | 8.6% | ||
| 06 | ||||||||
| Jan | 08:30 | Hourly Earnings | Dec | 0.1% | 0.2% | -0.1% | ||
| 06 | ||||||||
| Jan | 08:30 | Average Workweek | Dec | 34.3 | 34.3 | 34.3 | ||
| 06 | ||||||||
Numbers are good up until the close of business today. These are strictly technical in nature, not fundamentally based or biased.
Legend
U is Up
D is Down
PRD is Potential Reversal Day
S2 is Weekly strong support
S1 is Weekly good support
DS is Daily Support
| DR is Daily Resistance | |||||||
| R1 is Weekly Good Resistance | |||||||
| R2 is Weekly Strong Resistance | |||||||
| Levels are for the most active futures contract | |||||||
| Daily Support and Resistance | |||||||
| Trend | WS2 | WS1 | DS | DR | WR1 | WR2 | |
| Mar | D | 1231.50 | 1242 | 1262.50 | 1280.75 | 1253 | 1271 |
| ES | |||||||
| Mar | U | 2232 | 2353 | 2316 | 2354 | 2296 | 2371 |
| Nasdaq | |||||||
| Mar | PRD | 127.64 | 128.87 | 129.32 | 13.034 | 130.78 | 131.46 |
| Yen | (D) | ||||||
| Mar | D | 127.50 | 128.58 | 126.65 | 129.03 | 130.87 | 132.06 |
| EC | |||||||
| Mar 10 | U | 129.08 | 130.06 | 130.05 | 130.27 | 131.20 | 132.05 |
| Year | |||||||
| Mar 30 | D | 140.26 | 142.26 | 141.22 | 143.02 | 146.01 | 147.08 |
| Year | |||||||
| Mar | U | 11..28 | 11.50 | 11.99 | 12.26 | 11.86 | 11.99 |
| Soybea | |||||||
| ns | |||||||
| March | U | 5.68 | 5.94 | 6.35 | 6.55 | 6.34 | 6.50 |
| Corn | |||||||
| Feb | U | 1481 | 1524 | 1602.9 | 16.43.9 | 1609 | 1652 |
| Gold | |||||||
| Mar | U | 24.67 | 26.27 | 28.78 | 29.71 | 29.34 | 30.82 |
| Silver | |||||||
| Mar | PRD | 327 | 335 | 338 | 347 | 349 | 353 |
| Copper | (D) | ||||||
| Feb | U | 96.24 | 97.64 | 99.85 | 103.26 | 101.22 | 103.18 |
| Crude | |||||||
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. But whatever you do, stop thinking about any other alternative and use Stops.
********************************************
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
***********************
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.