Top Day Recommendations
10.03.11
Institute for Supply Management Index will be noted at its 10 am release as it is a well followed barometer of economic activity. The EC is trading at an eight month low ahead of yet another meeting of European financeministers to address the Euro Zone debt crisis. US Bonds are higher on the continuing possibility of a Greekdefault and the Fed’s twist program. Crude oil lower again this morning after suffering through its worstquarter in terms of price action since 2008 (good for consumers though as lower oil prices are the same as a taxcut for all). Gold is higher as Greece confirms that it will miss targets on its deficit reduction plan.
Numbers are good up until the close of business today. These are strictly technical in nature, not fundamentally basedor 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 S+P |
P |
1068.5 0 |
to 97.25 |
1111.7 5 |
1115.00 |
1172.50 |
1218.50 |
|
Dec Emini Naz |
N |
2017.5 0 |
2076.00 |
2105 |
2181 |
2239.00 |
2343.50 |
|
Dec Yen |
PRD (D) |
128.53 |
129.20 |
129.38 |
130.61 |
130.98 |
132.09 |
|
Dec EC |
N |
131.56 |
132.86 |
132.47 |
135.47 |
136.13 |
138.12 |
|
Dec 10 Year |
PRD (u) |
128.07 |
129.05 |
129.21 |
130.15 |
131.02 |
132.01 |
|
Dec 30 Year |
PRD( U) |
137.03 |
139.27 |
141.14 |
144.12 |
145.11 |
148.03 |
|
Nov Soybeans |
N |
11.07 |
11.43 |
11.33 |
12.20 |
12.46 |
13.14 |
|
Dec Corn |
N |
5.43 |
5.79 |
5.63 |
6.21 |
6.41 |
6.90 |
|
Dec Gold |
PRD (U) |
1469 |
1548 |
|
|
1692 |
1757 |
|
Dec Silver |
N |
22.47 |
26.22 |
29.83 |
32.05 |
33.66 |
37.34 |
|
Dec Copper |
N |
281 |
296 |
296 |
328 |
337 |
363 |
|
Nov |
N |
72.55 |
75.65 |
75.62 |
82.11 |
83.30 |
87.87 |
N.B.: if you initiate a trade using ANY of these numbers use a STOP at least equivalent to 2½%. Repeat: use Stops. Don’t think about using Stops. Use Stops. Some find it appropriateto 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 anduse 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.