Top Day Recommendations
Sorry for the delay. Massive electronic problems. Not systemic just personal. I think they’re fixed. Delusion springs eternal. Several economic numbers released on the market this morning. Mostly strong. Weekly unemployment claims were positive while industrial capacity and utilization a little soft. Empire state manufacturing index strong. Best level since may, I think. Of course yesterday was a technical deluge as market aftermarket plowed through support levels in the wake of a less than robust conclusion to the FOMC meeting and the opinion that the ECB is unwilling to do too little too late to stave the euro zone crisis consequently gold and oil both collapsed as the market decided to D. leverage ahead of the holidays. OPEC raised its production ceiling to 30 million barrels per day as the first change in three years. There was a bit better taste for a Spanish bond auction this morning that there really isn’t saying much. Gold seems intent on banging into 1550 to see what’s there.
Here’s a good spread look at: notes against bonds. We’re heading into good resistance levels that go back to the 2008 meltdown.
Week of December 12 - December 16
|Dec||08:30||Retail Sales ex-auto||Nov||0.6%||0.5%||0.6%|
|Dec||14:15||FOMC Rate Decision||Dec||0.25%||0.25%||0.25%|
|Dec||07:00||MBA Mortgage Index||12/10||NA||NA||12.8%|
|Dec||08:30||Export Prices ex-ag.||Nov||NA||NA||-1.5%|
|Dec||08:30||Import Prices ex-oil||Nov||NA||NA||-0.2%|
|Dec||09:00||Net Long-Term TIC||Oct||NA||NA||$68.6B|
Numbers are good up until the close of business today. These are strictly technical in nature, not fundamentally based or biased.
U is Up
D is Down
PRD is Potential Reversal Day
S2 is Weekly strong support
S1 is Weekly good support
DS is Daily Support
DR is Daily Resistance
R1 is Weekly Good Resistance
|R2 is Weekly Strong Resistance|
|Levels are for the most active futures contract|
|Daily Support and Resistance|
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.
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