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The squeaky oil gets the wheel

Top Day Recommendations

11.24.10

A relief rally ensued in the Pac Rim last night with the dollar and bonds initially

lower. Hard to grasp but allegedly the action by North Korea against the South

was a strategic act to get the United States back to the nuclear bargaining table

for unilateral discussions. Others believe that it was a cry for help as the North

needs an infusion of international relief. “The squeaky wheel gets the oil.” The

North may be suffering from a diminished sense of self. China remains reluctant

to become involved with any of this. On the other side of whirling blue ball, Ireland

is very close to a potential bank run. How do you say train wreck in Gaelic? If a

complete stranger came up to you and told you that they had money on deposit in

an Irish bank, what would you recommend? Portugal is soon to be the stage of

workers’ strikes on a scale not seen in 22 years. If you’re looking for something to

do between football games on Thursday, you could bid on a Spanish building

crane; the rest of the world is. Hard to believe that Spanish unemployment is at

21%.

With the holiday Thursday, this is the last day of the week for eco data. Everything

bunches up with personal income and spending to continuing claims to U of

Michigan consumer sentiment figures and crude inventories all spilling out one

after the other; a veritable economic cornucopia. Lots of Potential Reversal Days

today.

Week of November 22 - November 26

Date ET Release For Actual Briefing.com Consensus Prior Revised

From

Nov 23 08:30 GDP - Second Estimate Q3 2.5% 2.4% 2.0%

Nov 23 08:30 GDP Deflator – Second

Estimate

Q3 2.3% 2.3% 2.3%

Nov 23 10:00 Existing Home Sales Oct 4.20M 4.42M 4.53M

Nov 23 14:00 Minutes of FOMC Meeting Nov 3

Nov 24 07:00 MBA Mortgage Applications 11/19 NA NA -14.4%

Nov 24 08:30 Personal Income Oct 0.6% 0.4% -0.1%

Nov 24 08:30 Personal Spending Oct 0.7% 0.5% 0.2%

Nov 24 08:30 PCE Prices - Core Oct 0.0% 0.1% 0.0%

Nov 24 08:30 Durable Orders Oct -1.5% -0.3% 3.3%

Nov 24 08:30 Durable Orders –ex

transportation

Oct 0.4% 0.4% -0.8%

Date ET Release For Actual Briefing.com Consensus Prior Revised

From

Nov 24 08:30 Initial Claims 11/20 440K 442K 440K

Nov 24 08:30 Continuing Claims 11/13 4275K 4280K 4295K

Nov 24 09:55 Michigan Sentiment - Final Nov 70.0 69.4 69.3

Nov 24 10:00 New Home Sales Oct 315K 312K 307

Nov 24 10:00 FHFA Home Price Index (q/q) Q3 NA NA 0.9%

Nov 24 10:30 Crude Inventories 11/20 NA NA -7.29M

Current views, speculations and suggestions

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

only, not fundamentally biased. PRD denotes a Potential

Reversal of trend Day

Dec Emini S&P: PRD

Dec Emini Nasdaq: Negative with resistance at 2147

Dec Mini Dow: PRD

Dec Yen: PRD

Dec Swiss: negative in trend with resistance at 101.18

Dec Euro Positive PRD

Dec Canadian: PRD

Dec British Pound: negative with resistance at 159.07

Dec Aussie: Negative with resistance at 98.06

Dec Ten Year PRD

Dec 30 Year Bonds: Positive with support at 127.28 and 127.07.

Allegedly aligns with 13 week cycle

Mar Wheat: Negative with resistance at 6.90

Jan Beans: Positive with support at 12.11

Mar Corn: PRD

Feb Gold: negative with resistance at 1390

Mar Silver: PRD

Mar Copper: negative with resistance at 377.80

Jan Crude: negative with resistance at 82.14

Jan Nat Gas: positive with support at 4.31

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

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.

 

*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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