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The British Pound lower on the projected slower growth

Top Day Recommendations

3.23.11

Overnight, the British Pound is lower as the

Chancellor of the Exchequer says that growth will

come in lower than expected at 1.7% versus an

expected 2.1%. At the same time, their rate of inflation

is above 4%, well in excess of their targeted rate of

2.2%. BP is expected to raise rates soon even with a

slackening economy and this would drive money flows

to the Pound. Irish yields soar topping 10% for the

first time since the introduction of the Euro. Early

pressure on Euro in the belief that Portugal will not be

able to pass another round of austerity measures. The

Prime Minister says that he will resign if the measures

don’t pass. Critical day in crude for future

directionality. Interestingly enough, we see heating oil

lower on the board today even as the Northeast is

looking at a possible snow event today. Counter

intuitive at best. Copper breaks through technical

resistance levels. American icon Elizabeth Taylor

passes.

Date ET Release For Actual Briefing.com Consensus Prior Revised

From

Mar 21 10:00 Existing Home Sales Feb 4.80M 5.05M 5.36M

Date ET Release For Actual Briefing.com Consensus Prior Revised

From

Mar 22 10:00 FHFA Housing Price Index Jan NA NA -0.3%

Mar 23 07:00 MBA Mortgage Index 03/18 NA NA -0.7%

Mar 23 10:00 New Home Sales Feb 275K 288K 284K

Mar 23 10:30 Crude Inventories 03/19 NA NA 1.745M

Mar 24 08:30 Initial Claims 03/19 370K 384K 385K

Mar 24 08:30 Continuing Claims 03/19 3700K 3700K 3706K

Mar 24 08:30 Durable Orders Feb 0.2% 0.9% 3.2% 2.7%

Mar 24 08:30 Durable Orders ex Transportation Feb 0.5% 1.8% -3.0% -3.6%

Mar 25 08:30 GDP - Third Estimate Q4 2.9% 2.9% 2.8%

Mar 25 08:30 GDP Deflator - Third Estimate Q4 0.4% 0.4% 0.4%

Mar 25 09:55 Michigan Sentiment - Final Mar 69.0 68.0 68.2

Current views, speculations and suggestions.

They are good till close of business today. These are strictly technical

in nature, not fundamentally based or biased.

Legend

P is Positive

N is Negative

PRD is Potential Reversal Day

S2 is strong support

S1 is good support

DS is Daily Support

DR is Daily Resistance

R1 is Good Resistance

R2 is Strong Resistance

Levels are for the most active futures contract

Daily Support and Resistance

Trend S2 S1 DS DR R1 R2

Emini S+P P 1212.50 1243.50 1281.75 1299.75 1302 1331.50

Emini Naz PRD 2121 2171 2242 2271 2286 2351

Yen N 116.62 120.09 122.83 124.15 128.30 133.04

EC P 137.15 139.26 114.21 142.23 142.75 143.77

10 Year N 118.13 119.17 119.26 120.12 121.26 122.31

30 Year N 117.25 119.25 121.02 122.03 123.23 125.21

Soybeans P 12.235 12.93 13.36 13.80 14.08 14.55

Corn P 5.77 6.30 6.68 6.85 7.14 7.44

Apr Gold P 1358.3 1388.8 1420.6 1439.2 1441.6 1463.9

May Silver P 32.14 33.72 35.86 36.83 36.65 38.05

May Copper N 397 416 428 434 446.60 457

May Crude PRD 98.30 98.15 102.98 106.08 105.68 108.87

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.