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A contraction in Chinese and European manufacturing last night has driven equities lower

Top Day Recommendations

4.23

A contraction in Chinese and European manufacturing last night has driven equities lower. Another negative was the second place showing by Sarkozy in the French elections and the capture of 20% of the vote by the far right. This was the first round, however yet Sarkozy continues to be projected as losing his reelection bid. He is the first incumbent not to win the first round since 1958. The stronger dollar has put pressure on the metals. Kellogg reduced its profit projections.

Week of April 23 - April 27

Date ET Release For Actual Briefing.com Briefing.com Prior Revised
          Forecast Consensus   From
Apr 09:00 Case-Shiller 20-city Feb   -3.4% -3.4% -3.8%  
24 Index    
             
Apr 10:00 Consumer Confidence Apr   71.0 69.5 70.2  
24    
               
Apr 10:00 New Home Sales Mar   320K 320K 313K  
24    
               
Apr 10:00 FHFA Housing Price Feb   NA NA 0.0%  
24 Index    
             
Apr 07:00 MBA Mortgage Index 04/21   NA NA 6.9%  
25    
               
Apr 08:30 Durable Orders Mar   -2.5% -1.9% 2.4% 2.2%
25  
               
Apr 08:30 Durable Goods -ex Mar   0.0% 0.5% 1.8% 1.6%
25 Transportation  
             
Apr 10:30 Crude Inventories 04/21   NA NA 3.856M  
25    
               
Apr 12:30 FOMC Rate Decision Apr   0.25% 0.25% 0.25%  
25    
               
Apr 08:30 Initial Claims 04/21   365K 373K 386K  
26    
               
Apr 08:30 Continuing Claims 04/14   3300K 3300K 3297K  
Date ET Release For Actual Briefing.com Briefing.com Prior Revised
          Forecast Consensus   From
26                
Apr 10:00 Pending Home Sales Mar   1.0% 0.5% -0.5%  
26    
               
Apr 08:30 GDP-Adv. Q1   2.6% 2.6% 3.0%  
27    
               
Apr 08:30 Chain Deflator-Adv. Q1   2.0% 2.2% 0.9%  
27    
               
Apr 08:30 Employment Cost Q1   0.5% 0.5% 0.4%  
27 Index    
             
Apr 09:55 Michigan Sentiment - Apr   76.0 75.7    
27 Final      
             

MARKET PLACE

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
             
               
June D 1344 1359 1364.50 1381 1390 1405
           
ES              
June D 2607 2640 2645 2698.25 2721 2769
           
Nasdaq              
June D 120.9 121.76 122.37 123.07 124.05 125.48
0          
Yen            
             
June PRD(U) 129.1 13068 131.55 132.56 133.00 133.82
8          
EC            
             
June U 131.0 131.11 131.11 131.30 131.30 132.07
0          
10            
             
Year              
June U 140.1 141.03 141.18 142.20 142.16 143.01
9          
30            
             
Year              
July PRD(U) 13.90 14.19 14.25 14.66 14.69 14.88
           
Soybea              
ns              
July D 5.77 5.90 5.95 6.14 6.17 6.31
           
Corn              
June D 1616 1629 1638 1647 1658 1673
           
Gold              
May U 30.77 31.58 31.33 31.85 33.05 33.46
           
Silver              
July D 352 360 359 374 375 381
           
Copper              
June D 100.5 102.28 102.93 104.75 105.65 107.26
2          
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.