Top Day Recommendations
3.24.11
Latest eco data show a drop of jobless claims of 5k while
durables goods are lower as well. This is a slight equity
market negative and a slight bond market positive. Portugal
fails to pass austerity measures and is one step closer to a
bailout package. The need for Portugal will be at least 70
Billion. Portuguese 2 year notes at highest levels since 1999.
Irish economy contracts for the third consecutive year. UK
retail sales come in less than expected, 1.3% versus 2.4%
expected. . German manufacturing comes in less than
expected. European economic leaders commence a two day
meeting and the EC is slightly higher on hopeful prospects.
Heat/Gas spread is of interest. Heat blasted higher after the
earthquake/tsunami and has now turned tail. See 180 minute
chart below.
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
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 2239 2300 2286 2351
Yen N 116.62 120.09 123.34 124.02 128.30 133.04
EC P 137.15 139.26 140.47 141.77 142.75 143.77
10 Year N 118.13 119.17 119.16 120.10 121.26 122.31
30 Year N 117.25 119.25 120.16 121.31 123.23 125.21
Soybeans P 12.235 12.93 13.37 13.65 14.08 14.55
Corn P 5.77 6.30 6.704 6.866 7.14 7.44
Apr Gold P 1358.3 1388.8 1428.8 1444.20 1441.6 1463.9
May Silver P 32.14 33.72 36.41 38.21 36.65 38.05
May Copper PRD 397 416 433.20 448.30 446.60 457
May Crude P 98.30 98.15 104.64 106.60 105.68 108.87
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.