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Markets are lower on carry over selling from Friday

Top Day Rec

08.17.09

 

It may be Monday but thereís more than enough to consider. Overnight, markets are lower on carry over selling from Friday which was triggered by lower than expected retails and a poor reading on consumer confidence. Loweís stated a contracting in sales by 9.5%. The only items that are green on the board this morning are the Yen and bonds on risk aversion. Japanís economy expended but missed questimates.   

 

Aug 17

08:30

Empire Manufacturing

Aug

 

5.00

2.20

-0.55

 

Aug 17

09:00

Net Long-Term TIC Flows

Jun

 

NA

$17.5B

-$19.8B

 

Aug 18

08:30

Building Permits

Jul

 

565K

576K

570K

 

Aug 18

08:30

Core PPI

Jul

 

0.1%

0.1%

0.5%

 

Aug 18

08:30

Housing Starts

Jul

 

580K

598K

582K

 

Aug 18

08:30

PPI

Jul

 

-0.2%

-0.2%

1.8%

 

Aug 19

10:30

Crude Inventories

08/14

 

NA

NA

+2.52M

 

Aug 20

08:30

Initial Claims

08/15

 

550K

553K

558K

 

Aug 20

10:00

Leading Indicators

Jul

 

0.6%

0.6%

0.7%

 

Aug 20

10:00

Philadelphia Fed

Aug

 

1.0

-2.0

-7.5

 

Aug 21

10:00

Existing Home Sales

Jul

 

5.10M

5.00M

4.89M

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

             
                           

Current views, speculations and suggestions

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

 

Sept Yen: pos with support at 104.80

Sept Swiss: pos but below daily support of 92.55  

Sept EC: positive with support at 140.65  

Sept Canadian: neg with res at 91.95

Sept BP:  pos but below daily support of 164.00         

Sept ES: pos with support at 981.00

Sept NQ: pos with support at 1575  

Sept Mini Dow: pos with support at 9105

Dec Gold: neg with res at 951      

Sept Silver: pos but below daily support of 14.23

Sept Copper: pos with support at 274  

Sept crude: neg with res at 70.30      

Nov Soybeans: possible reversal day  

Dec Wheat: neg with res at 5.15

Sept Ten Year:  pos with support at 116.24   

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International Markets

Sept Bund: pos with support at 121.28

Sept Dax:  neg with res at 5408

NKD: potential reversal day  

***********  

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.

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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

 

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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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