Top Day Recommendations
10.13.11
Weekly jobless claims came in at -1000 to 404,000. The trade balance came in at -45.6 billion virtually on the forecast number. Overnight markets are fairly sloppy. The dollar is stronger while crude oil is lower based on a reduction in world demand figures by the IEA. Crude 1.20 lower on this news. Also copper stockpiles in China as reported in the Financial Times were much higher than expected. On this news copper is down over seven cents also in statistics released last night Chinese exports are lower than expected and this has put some pressure on the Australian dollar. The reason that the Australian dollar is holding up fairly well is better than expected unemployment figures there. Fitch came out this morning and downgraded some UK banks while Berlusconi is looking for a vote of confidence. Chatter in foreign-exchange circles has it that the Greek Prime Minister Papandreou is looking to accept any deal that will lighten the debt burden of his country. Is this a precursor to an eventual default? Some say that Greece is printing drachmas even as this is being written.
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
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Dec Emini |
P |
1026.5 |
1090.75 |
1180.5 |
1216 |
1196.50 |
1238.00 |
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S+P |
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0 |
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0 |
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Dec Emini |
P |
1963.5 |
2082.50 |
2271.0 |
2325.00 |
2273.00 |
2346.00 |
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0 |
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Naz |
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0 |
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Dec Yen |
P |
128.72 |
129.50 |
128.66 |
130.74 |
130.87 |
131.64 |
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Dec EC |
P |
129.71. |
131.76 |
136.26 |
138.78 |
135.86 |
137.23 |
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Dec 10 |
N |
126.12 |
128.09 |
127.14 |
128.13 |
130.22 |
132.16 |
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Year |
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Dec 30 |
N |
136.15 |
138.28 |
137.17 |
140.00 |
145.02 |
148.27 |
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Year |
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Nov |
P |
11.28 |
11.43 |
12.19 |
12.53 |
11.84 |
12.04 |
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Soybeans |
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Dec Corn |
N |
5.51 |
5.75 |
6.28 |
6.54 |
6.20 |
6.41 |
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Dec Gold |
P |
1552 |
1598.7 |
1648 |
1697 |
1683.6 |
1725.0 |
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Dec Silver |
N |
26.42 |
28.82 |
31.35 |
33.30 |
33.24 |
35.25 |
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Dec |
P |
286 |
307 |
328 |
345 |
341 |
354 |
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Copper |
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Nov |
P |
71.55 |
77.21 |
83.50 |
85.50 |
86.26 |
89.65 |
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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.