Top Day Recommendations
10.07.11
Today’s consensus for the unemployment number in nonfarm payroll seems to range anywhere from 50 to70,000 with the headline number of remaining at 9.1%. Obviously the last two days in the stock market of short a great deal of hope; hopefully that hope will not be dashed. Monday is Columbus Day but it is not a marketholiday. Private sector jobs are supposed to have been created at a pace of 90,000, total jobs created this wascoming to 55,000. Some are factoring a return to work of 40,000 Verizon strikers.
New Yorkers this morning seem to be walking around in a daze as a result of the abrupt end to the Yankeesseason. At least they have jets/patriots to look forward to.
The Wall Street occupiers have legs. The protest seemed to be growing. It continues to lack focus, however.Maybe they should focus on bank lending practices; of the banks with ninja loans allowed people to buy houses they couldn’t afford which in turn inflated housing bubble until that burst driving interest rates to zero andeven with the cost of money
cheaper than it’s ever been banks now won’t lend money to anyone.
Unemployment Friday can be one of the most treacherous trading days of the month. The only way to dealwith it is to reduce your size and tighten your stops. Good luck and enjoy the weekend.
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 |
1097.25 |
1137.5 0 |
1169.00 |
1172.50 |
1218.50 |
|
Dec Emini |
P) |
2017.5 |
2076.00 |
2164.2 |
2229.50 |
2239.00 |
2343.50 |
|
Naz |
|
0 |
|
5 |
|
|
|
|
Dec Yen |
P |
128.53 |
129.20 |
130.35 |
130.86 |
130.98 |
132.09 |
|
Dec EC |
P |
131.56 |
132.86 |
132.86 |
134.96 |
136.13 |
138.12 |
|
Dec 10 Year |
N |
128.07 |
129.05 |
128.27 |
130.03 |
131.02 |
132.01 |
|
Dec 30 Year |
PRD (D) |
137.03 |
139.27 |
140.29 |
143.23 |
145.11 |
148.03 |
|
Nov Soybeans |
N |
11.07 |
11.43 |
11.44 |
11.78 |
12.46 |
13.14 |
|
Dec Corn |
N |
5.43 |
5.79 |
5.95 |
6.13 |
6.41 |
6.90 |
|
Dec Gold |
P |
1469 |
1548 |
1624 |
1671 |
1692 |
1757 |
|
Dec Silver |
PRD (U) |
22.47 |
26.22 |
30.76 |
32.73 |
33.66 |
37.34 |
|
Dec Copper |
N |
281 |
296 |
315 |
333 |
337 |
363 |
|
Nov Crude |
PRD (U) |
72.55 |
75.65 |
8014 |
8396 |
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.