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Oil inventories out at 10:30 and yen remains buoyant on risk aversion trades

Top Day Rec

07.08.09

The calendar continues to be on the light side with the release of the oil inventories out at 10:30 while consumer credit is out later in the day.

Another round of auctions today with the 10 year.

The markets continue to be hung over from last Fridayís unemployment figures which effectively stomped on the green shoots so ubiquitously sighted since March.

The Yen remains buoyant on risk aversion trades.  

      

Jul 06

10:00

ISM Services

Jun

 

NA

46.0

44.0

 

Jul 08

10:30

Crude Inventories

07/03

 

NA

NA

-3.66M

 

Jul 08

15:00

Consumer Credit

May

 

NA

-$7.5B

-$15.7B

 

Jul 09

08:30

Initial Claims

07/04

 

NA

NA

NA

 

Jul 09

10:00

Wholesale Inventories

May

 

NA

-1.0%

-1.4%

 

Jul 10

08:30

Export Prices ex-ag.

Jun

 

NA

NA

0.3%

 

Jul 10

08:30

Import Prices ex-oil

Jun

 

NA

NA

0.2%

 

Jul 10

08:30

Trade Balance

May

 

NA

-$30.0B

-$29.2B

 

Jul 10

09:55

Mich Sentiment-Prel

Jul

 

NA

71.0

70.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                     

Current views, speculations and suggestions

(good till close of business today)

 

Sept Yen: pos with support at 105.20 

Sept Swiss: pos but below daily support of 9150

Sept EC: potential reversal day    

Sept Canadian: neg with res at 86.50

Sept BP:  neg with res at 162.30      

Sept ES: pos with support at 870    

Sept NQ: potential reversal day       

Sept Mini Dow: neg with res at 8250  

Aug Gold: positive daily support of 917   

Sept Silver: neg with res at 13.35

Aug crude: neg with res at 64.50    

Nov Soybeans: neg with res at 9.48

Sept Wheat: neg with res at 5.22

Sept Ten Year: pos with support at 116.24          

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

International Markets

Sept Bund:  pos with support at 121.50       

Sept Dax: neg with res at 4676

NKD: neg with res at 9700

 

***********  

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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