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Bailout package for Greece pushes markets higher

Top Day Recommendations

5.10.11

The hope that a newly refined bailout package will prevent a Greek default has markets higher this morning. The IMF is providing more money as long as certain state owned assets are pledged as collateral. Many in Greece are arguing against this. Many in the EC see a Greek modification leading to a modification for Ireland and Portugal so they are against it as well. And there are those who believe that a Greek modification won’t mean anything ultimately after all. The import price index is up 2.2%, higher than expected thanks to energy. Year over year that’s an increase of 11%, significant. EC is higher this morning, ore on an unwind of the EC/Yen cross than anything else. Chinese trade surplus balloons to 11.4 billion from expectations of 3.2 billion.

This Week's Calendar

May 09 - May 13

Date ET Release For Actual Briefing.com Consensus Prior Revised From
May 10 08:30 Export Prices ex-ag. Apr NA NA 1.3%
May 10 08:30 Import Prices ex-oil Apr NA NA 0.6%
May 10 10:00 Wholesale Inventories Mar 0.9% 1.0% 1.0%
May 11 07:00 MBA Mortgage Index 05/06 NA NA +4%
May 11 08:30 Trade Balance Mar -$45.0B -$47.8B -$45.8B
May 11 10:30 Crude Inventories 05/07 NA NA 3.421M
May 11 14:00 Treasury Budget Apr NA NA $82.7B
May 12 08:30 Initial Claims 05/07 400K 423K 474K
May 12 08:30 Continuing Claims 04/30 3700K 3700K 3733K
May 12 08:30 PPI Apr 0.5% 0.5% 0.7%
May 12 08:30 Core PPI Apr 0.1% 0.2% 0.3%
May 12 08:30 Retail Sales Apr 1.0% 0.6% 0.4%
May 12 08:30 Retail Sales ex-auto Apr 1.0% 0.5% 0.8%
May 12 10:00 Business Inventories Mar 1.0% 0.9% 0.5%
May 13 08:30 CPI Apr 0.3% 0.4% 0.5%
May 13 08:30 Core CPI Apr 0.1% 0.1% 0.1%
May 13 09:55 Mich Sentiment May 70.5 69.8 69.8

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 N 1296 1315 1327 1347 1363 1392
S+P
Emini Naz N 2124 2348 2361 2397 2413 2452
Yen P 120.85 122.54 123.66 124.80 125.85 127.41.
EC PRD 138.83 141.10 142.20 145.00 147.34 151.45
10 Year P 120.09 121.09 121.23 122.21 122.27 123.14
30 Year P 121.00 122.21 123.17 124.30 125.12 126.14
Soybeans N 12.49 12.87 13.08 13.42 13.83 14.41
Corn PRD 6.28 6.57 6.71 7.104 7.38 7.90.
June Gold N 1396.0 1446.0 1476 1514 1560..0 1626.0
July Silver N 23.79 29.76 33.40 36.79 44.87 54.10
July Copper N 371 384 392 411 418 439
June Crude N 82.30 90.18 93.74 101.49 110.38 122.27

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.