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Hoping that China rescues Euro Zone

Top Day Recommendations

9.14.11

 

Markets higher overnight on the idea that China will somehow come to the rescue of the Euro Zone. They originally said they would not be the buyer of last resort but this morning the tune is “we might at a cost; how about a most favored nation status at the WTO?” Moody’s downgrades Soc Gen and Credit Agricole based on the long term debt carried in their portfolios, Producer Price Index and Core PPI out at 8:30. With equities flashing higher in the early going, bonds are lower and so is gold.

 

Stock index futures are now trading December as front month. What happened to summer? I also rolled to November crude.

 

 

 

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

 

Daily Support and Resistance

 

Trend              S2                  S1                 DS                    DR

R1                R2

Dec Emini

PRD

1098.2

1134

1146

1189

1195

1233.50

 

5

 

 

 

 

 

 

S+P

(U)

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec Emini

P

2038

2103.50

2177

2257

2293.25

2309.50

 

 

 

 

 

 

 

 

Naz

 

 

 

 

 

 

 

 

Yen

P

127.34

128.22

129.64

130.41

130.19

131.28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EC

PRD

131.97

134.27

135.98

137.80

140.85

145.13

 

 

 

 

 

 

 

 

 

(U)

 

 

 

 

 

 

 

Dec 10

PRD

129.07

130.02

129.29

130.19

131.12

131.27

 

 

 

 

 

 

 

 

Year

(D)

 

 

 

 

 

 

 

Dec 30

P

138.04

139.23

139.00

141.05

142.13

143.16

 

 

 

 

 

 

 

 

Year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nov

N

13.96

14.11

13.71

14.01

14.38

14.49

 

 

 

 

 

 

 

 

Soybeans

 

 

 

 

 

 

 

 

Dec Corn

P

7.09

7.22

 

 

7.57

7.78

 

 

 

 

 

 

 

 

Dec Gold

PRD

1729

1795

7.10

7.42

1925

1989

 

 

 

 

 

 

 

 

 

(D)

 

 

 

 

 

 

 

Dec Silver

N

38.69

40.06

40.39

41.68

43.12

44.81

 

 

 

 

 

 

 

 

Dec

N

388

394.50

391

401

411.00

421.80

 

 

 

 

 

 

 

 

Copper

 

 

 

 

 

 

 

 

Nov

P

79.60

83.30

88.61

91.27

90.59

94.17

 

 

 

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 foreveryone. 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.