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Greece misses targets on deficit reduction plan

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.