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The pound sterling depreciates 17% on the British austerity cuts

Top Day Recommendations

10.20.10

This Week's Calendar

Overnight, the British announced austerity cuts. The pound sterling has

depreciated 17% from late 2008. These cuts will further pressure the Pound

going forward. Otherwise, the other markets have seemingly recovered

from yesterdayís increase in short-term rates by China.

The high point of the day should be the release of the Fedís beige book at

two oíclock. Of course the information there will be parsed with the intent

of discovering the timing, size and shape of that financial ocean liner, QE2.

The Yanks need todayís game more than the other guys. Donít count them

out yet.

Date ET Release For Actual Briefing.com Consensus Prior Revised

From

Oct 19 08:30 Housing Starts Sep 610K 550K 579K 608K 598K

Oct 19 08:30 Building Permits Sep 539K 550K 565K 571K 569K

Oct 20 07:00 MBA Mortgage Applications 10/15 NA NA 14.6%

Oct 20 10:30 Crude Inventories 10/16 NA NA -0.416M

Oct 20 14:00 Fed's Beige Book Oct

Oct 21 08:30 Initial Claims 10/16 450K 455K 462K

Oct 21 08:30 Continuing Claims 10/09 4450K 4400K 4399K

Oct 21 10:00 Leading Indicators Sep 0.3% 0.3% 0.3%

Oct 21 10:00 Philadelphia Fed Oct 1.5 1.4 -0.7

Current views, speculations and suggestions

good till close of business today). These are technical in nature

only, not fundamentally biased.

Dec Emini S&P: positive with support at 1153.00

Dec Emini Nasdaq: potential reversal day

Dec Mini Dow: positive with support at 10848

Dec Gold: positive with support at 1325.0

Dec Silver: positive with support at 23.40

Dec Copper: positive with support at 373.0

Dec Yen: positive with support at 122.17

Dec Swiss: positive but below support at 102.26

Dec Euro Currency: positive with support at 136.24

Dec Canadian: negative with resistance at 97.82

Dec British Pound: negative with resistance at 158.60

Dec Aussie: positive with support at 95.16

Dec Crude: positive with support at 78.80

Nov Nat Gas: negative with resistance at

Dec Wheat: negative with resistance at 6.89

Jan Beans: positive with support at 11.76

Dec Corn: negative with resistance 5.57

Dec Ten Year Notes: positive with support at 126.17

Dec 30 Year Bonds: potential reversal day

March Eurodollar: negative with resistance at 99.59

**************

N.B.: if you initiate a trade using ANY of these

numbers use a STOP at least equivalent to 2 Ĺ%.

Repeat: use Stops. Donít think about using Stops.

Use Stops. Some find it appropriate to look at the

margin requirement and use that as a Stop or if

itís 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.

 

*The risk of loss exists in futures and commodity investing. Past performance is not indicative of future results or performance. Only risk capital should be used when making investments in the commodity markets.

 

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