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Stocks higher overnight boosted by weekly lower jobless claims

Top Day Recommendations

5.19.11

Last data points of the week. Stocks were higher overnight and got a bit of a boost with weekly jobless claims down 29K. UK retail sales better but the trend on that currency is negative. The tsunami has officially thrown Japan into recession. The FOMC notes released yesterday suggested that the FED is looking to withdraw stimulus, just not in a hurry to literally raise rates. The end of QE2 is a defacto tightening, however as the buyer of first and last resort withdraws making the paper more expensive to draw buyers. Strangely we have a divergence today: there’s a seller in gold but not in silver. Bonds are finally coming off from their multi day rally.

June crude is coming off the board. Move to July asp.

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
Date ET Release For Actual Briefing.com Consensus Prior Revised From
May 19 10:00 Philadelphia Fed May 15 17.5 18.5
May 19 10:00 Leading Indicators Apr 0.1% 0.0% 0.4%

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 1311 1322.50 1328.50 1350.0 1352` 1369
Emini Naz PRD 2338.50 2363.50 2341.50 2373 2400.50 2431
Yen PRD 121.97` 122.84 121.62 123.31 124.68 125.65
EC N 138.21 139.60 141.75 142.68 143.46 145.69
10 Year P 121.05 121.26 121.29 123.02 123.02 123.20
30 Year P 122.21 123.17 123.22 125.01 125.07 126.01
Soybeans P 12.88 13.08 13.51 13.97 13.55 13.804
Corn P 6.234 6.526 7.306 7.69 7.174 7.53
June Gold N 1450.3 1472.2 1487.0 1502.0 1521.4 1548.7
July Silver P 28.53 31.94 34.11 35.81 39.10 42.87
July Copper PRD 375 387.7 404.40 411.50 410.80 421.10
July Crude N 90.83 94.86 98.54. 101.99 104.20 109.08

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

***********************

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MANY INHERENT LIMITATIONS, SOME OF WHICH

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