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Focus is on the EU summit and Portuguese aid package

Top Day Recommendations

5.17.11

Most of the current focus remains on the EU summit. The ECB ratifies Portuguese aid package yesterday. Then there’s the aftermath of the DSK situation. Trichet’s successor has been selected. Other than that, markets are just vibrating, no real directional movement this morning unless you want to highlight the 136 pip move lower in the Yen overnight. HWP said that the next quarter will be difficult and the stock is reflecting those sentiments before the opening. The Federal budget impasse and the possible shut down of the government remains the pink elephant in the room. Housing starts and building permits both lower than expected. Other than that, everything else seems to be marginally higher or lower and that’s that for that. .

Week of May 16 - May 20

Date ET Release For Actual Briefing.com Consensus Prior Revised From
May 16 08:30 Empire Manufacturing May 17 18 21.7
May 16 09:00 Net Long-Term TIC Flows Mar NA NA $26.9B
May 16 10:00 NAHB Housing Market Index May 16 16 16
May 17 08:30 Housing Starts Apr 530K 565K 549K
May 17 08:30 Building Permits Apr 570K 590K 594K
May 17 09:15 Industrial Production Apr 0.4% 0.5% 0.8%
May 17 09:15 Capacity Utilization Apr 77.5% 77.7% 77.4%
May 18 07:00 MBA Mortgage Index 05/13 NA NA +8.2%
May 18 10:30 Crude Inventories 05/14 NA NA 3.781M
May 18 14:00 FOMC Minutes May
May 19 08:30 Initial Claims 05/14 400K 420K 434K
May 19 08:30 Continuing Claims 05/07 3700K 3713K 3756K
May 19 10:00 Existing Home Sales Apr 5.40M 5.22M 5.10M
May 19 10:00 Philadelphia Fed May 15 17.5 18.5
Date ET Release For Actual Briefing.com Consensus Prior Revised From
May 19 10:00 Leading Indicators Apr 0.1% 0.0% 0.4%

Read more: http://briefing.com/Investor/Public/Calendars/EconomicCalendar.htm#ixzz1MHbQdSgx

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 PRD 1311 1322.50 1319.75 1336.25 1352` 1369
Emini Naz N 2338.50 2363.50 2318.25 2361.75 2400.50 2431
Yen P 121.97` 122.84 123.08 124.12 124.68 125.65
EC N 138.21 139.60 140.66 142.64 143.46 145.69
10 Year P 121.05 121.26 122.16 122.29 123.02 123.20
30 Year P 122.21 123.17 124.14 125.09 125.07 126.01
Soybeans PRD 12.88 13.08 13.18 13.39 13.55 13.804
Corn P 6.234 6.526 6.88 7.07 7.174 7.53
June Gold PRD 1450.3 1472.2 1482.9 1501 1521.4 1548.7
July Silver P 28.53 31.94 33.27 35.19 39.10 42.87
July Copper N 375 387.7 395.50 402.40 410.80 421.10
June Crude N 90.83 94.86 96.25 99.07 104.20 109.08

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.