Top Day Recommendations
8.19.11
Thankfully, today is an open date in terms of economic releases. Overnight, more stress with stocks lower universally. Gold surged higher but the line is so steep that one should fully expect margin increases. Stocks are well off their lows and oil has rebounded from good support at $80 basis October. Going forward, remember that the stock market is a discounting mechanism so expect to view August as a month of great opportunity from the vantage of December.
S+P chart continues to unfold classically.
On vacation next week. Throwing myself in the North Atlantic. With the Euro Zone crisis, the urge to try and swim to Portugal this year may be diminished.
|
Date |
ET |
Release |
For |
Actual |
Briefing.com Briefing.com |
Prior |
Revised |
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|
Forecast |
Consensus |
|
From |
|
|
Aug |
08:30 |
Empire Manufacturing |
Aug |
-7.70 |
0.0 |
-0.4 |
-3.76 |
|
|
|
15 |
|
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Aug |
09:00 |
Net Long-Term TIC |
Jun |
|
NA |
NA |
$23.6B |
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15 |
Flows |
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Aug |
10:00 |
NAHB Housing |
Aug |
|
15 |
15 |
15 |
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|
15 |
Market Index |
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|
Aug |
08:30 |
Jul |
|
575K |
608K |
629K |
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|
16 |
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||||||
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Aug |
08:30 |
Jul |
|
600K |
606K |
624K |
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|
16 |
|
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Aug |
08:30 |
Jul |
|
NA |
NA |
0.0% |
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|
16 |
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||||||
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Aug |
08:30 |
Jul |
|
NA |
NA |
-0.1% |
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|
16 |
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Aug |
09:15 |
Jul |
|
0.1% |
0.4% |
0.2% |
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|
16 |
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Aug |
09:15 |
Jul |
|
76.6% |
77.0% |
76.7% |
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|
16 |
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Aug |
07:00 |
MBA Mortgage Index |
08/13 |
|
NA |
NA |
+21.7% |
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|
17 |
|
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Aug |
08:30 |
PPI |
Jul |
|
0.1% |
0.0% |
-0.4% |
|
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|
17 |
|
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Aug |
08:30 |
Jul |
|
0.2% |
0.2% |
0.4% |
|
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|
17 |
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Aug |
10:30 |
Crude Inventories |
08/13 |
|
NA |
NA |
- |
|
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|
17 |
|
5.225M |
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|
Aug |
08:30 |
08/13 |
|
400K |
400K |
395K |
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18 |
|
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Aug |
08:30 |
08/6 |
|
3700K |
3698K |
3688K |
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|
18 |
|
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Aug |
08:30 |
CPI |
Jul |
|
0.2% |
0.2% |
-0.2% |
|
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|
18 |
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Aug |
08:30 |
Jul |
|
0.2% |
0.2% |
0.3% |
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|
18 |
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Aug |
10:00 |
Jul |
|
4.70M |
4.87M |
4.77M |
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|
18 |
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Aug |
10:00 |
Aug |
|
0.0 |
1.0 |
3.20 |
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|
18 |
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Aug |
10:00 |
Jul |
|
0.2% |
0.2% |
0.3% |
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|
18 |
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Numbers are good up until the 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
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Daily Support and Resistance |
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Trend |
S2 |
S1 |
DS |
DR |
|
R1 |
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R2 |
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Sept |
N |
1035 |
1106 |
1119.15 |
1179.50 |
1218 |
|
1259 |
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Emini |
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S+P |
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Emini |
N |
1898 |
2035 |
2031.50 |
2154 |
2255 |
2334 |
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Naz |
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Yen |
P |
125.90 |
128.09 |
130.47 |
131.13 |
131.87 |
133.46 |
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EC |
P |
139.46 |
140.92 |
142.40 |
144.23 |
143.89 |
145.40 |
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|
Sep 10 |
P |
125.07 |
127.17 |
130.04 |
131.17 |
131.19 |
133.11 |
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Year |
|
|
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|
Sep 30 |
P |
127.17 |
132.08 |
137.29 |
141.09 |
140.24 |
144.17 |
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Year |
|
|
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|
Nov |
N |
12.50 |
12.92 |
13.47 |
13.71 |
13.65 |
13.96 |
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Soybea |
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ns |
|
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Dec |
P |
6.49 |
6.81 |
7.06 |
7.22 |
7.34 |
7.53 |
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Corn |
|
|
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Dec |
P |
1613.5 |
1681 |
1813 |
1858 |
1817 |
1885 |
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Gold |
|
|
|
|
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|
Sept |
P |
35.45 |
37.26 |
40.19 |
41.44 |
40.63 |
42.20 |
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Silver |
|
|
|
|
|
|
|
|
|
Sept |
N |
367 |
384 |
391.50 |
403 |
414 |
428 |
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Copper |
|
|
|
|
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|
Oct |
N |
71.13 |
78.21 |
79.95 |
86.30 |
89.87 |
94.45 |
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Crude |
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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.