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Dollar drops on China's call for a super currency

Top Day Rec

6.26.09

This morning personal income comes in at .3 while spending comes in better than expected at 1.4. University of Michigan consumer confidence at 9:55.

 

Overnight, China calls for a super currency to stand as a reserve currency in place of the dollar. Theyíve done this before. It seems to be massively counterproductive to their US debt holdings. DX drops below 80. Gold higher on this.

    

Jun 23

10:00

Existing Home Sales

May

 

NA

4.83M

4.68M

 

Jun 24

08:30

Durable Orders

May

 

NA

-0.9%

1.9%

 

Jun 24

08:30

Durable Orders, Ex-Transportation

May

 

NA

-0.5%

0.8%

 

Jun 24

10:00

New Home Sales

May

 

NA

360K

352K

 

Jun 24

10:30

Crude Inventories

06/19

 

NA

NA

-3.87M

 

Jun 24

14:15

FOMC Rate Decision

 

 

 

 

 

 

Jun 25

08:30

Initial Claims

06/20

 

NA

608K

NA

 

Jun 25

08:30

Q1 GDP - Final

Q1

 

NA

-5.7%

-5.7%

 

Jun 26

08:30

Personal Income

May

 

NA

0.2%

0.5%

 

Jun 26

08:30

Personal Spending

May

 

NA

0.4%

-0.1%

 

Jun 26

08:30

PCE Core

May

 

NA

0.2%

0.3%

 

Jun 26

09:55

Mich Sentiment-Rev

Jun

 

NA

69.0

69.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current views, speculations and suggestions

(good till close of business today)

 

Sept Yen: pos with support at 104.25

Sept Swiss: pos and above daily res at 92.14

Sept EC: pos and trading just above daily res at 140.87  

Sept Canadian: neg with res at 87.25

Sept BP:  neg with res at 166.00      

Sept ES: pos with support at 899    

Sept NQ: potential reversal day or confirmation of trend day (down)     

Sept Mini Dow: neg with res at 8490  

Aug Gold: positive and trading at daily res of 948   

July Silver: pos and trading above daily res of 14.20 

Aug crude: pos with support at 68.60   

Nov Soybeans: neg with res at 10.13

Sept Wheat: neg with res at 5.686

Sept Ten Year: pos with support at 115.23        

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

International Markets

Sept Bund:  pos with support at 120.40       

Sept Dax: neg with res at 4858

NKD: neg with res at 100.36

 

***********  

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.

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

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.

  

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