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Phone: 312.920.0212
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Merrillville, IN 46410

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Hopes that European Union comes up with a strategy to end the debt crisis

Top Day Recommendations

10.17.11

Markets had been higher with the hope that the European Union will come up with a strategy to end the sovereign debt crisis within a week. The G-20 meeting concluded this weekend after endorsing parts of a plan to avoid a Greek default and insulate banks. The nascent plan has yet to be made public. It may include the devaluation of Greek bonds by as much as 50%. The European Financial Stability Facility stands at 611 billion and may be increased. Banks may have to hold a 9% reserve fund, up from 5% previously.

Difficulties remain as Greek PM Papandreou will ask parliament this week for bigger wage and pension cuts and may even ask for the dismissal of 30 thousand state workers.

Gains were pared when a German official expressed skepticism that the plan at the end of the week will result in a quick resolution to outstanding problems.

At 9:15 Industrial production is expected to show a fifth straight month of expansion while the Empire State Manufacturing Index is expected to show a contraction.

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

S+P

P

1134

1176

1201

1230

1241

1264

Dec Emini

P

2147

2257

2335

2384

2423

2479

Naz

 

 

 

 

 

 

 

Dec Yen

P

127.89

128.75

129.14

130.15

130.83

132.05

Dec EC

P

1319

1353

139.32

137.50

1404

1422

Dec 10

Year

N

126.25

127.14

127.23

128.17

128.22

129.18

Dec 30

Year

N

135.20

137.01

137.19

139.14

140.20

142.26

Nov

Soybeans

P

11.17

11.93

12.38

12.80

13.11

13.52

Dec Corn

N

5.74

6.07

6.32

6.48

6.63

6.87

Dec Gold

P

1617

1649

1668.5

0

1694.50

1703

1735

Dec Silver

N

30.27

31.22

31.40

32.75

33.11

34.05

Dec

Copper

P

316

329

333

345

342

357

Nov

Crude

P

81.14

84.21

84.57

88.16

88.88

90.48

 

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.