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Chinese stock market plummets on the heightened lending standard standards

Top Day Rec

08.31.09

The only number of the day will be the Chicago area purchasing managerís index at 9:45. Overnight, political power switches hands in Japan as the DPJ ousts the LDP. The market seemed ready for this, however. Stocks are lower on questionable valuations. This, plus the probability that China will raise lending standards has put a crimp in stocks this morning. London is closed for a banking holiday. Unemployment figures loom at weekís end.    

Aug 31

09:45

Chicago PMI

Aug

 

48.1

47.2

43.4

 

 

Sep 01

10:00

Construction Spending

Jul

 

-0.3%

-0.2%

0.3%

 

 

Sep 01

10:00

ISM Index

Aug

 

49.7

50.2

48.9

 

 

Sep 01

14:00

Auto Sales

Aug

 

NA

NA

4.2M

 

 

Sep 01

14:00

Truck Sales

Aug

 

NA

NA

4.2M

 

 

Sep 02

08:15

ADP Employment Change

 

 

-255K

-246K

-371K

 

 

Sep 02

08:30

Productivity-Rev.

Q2

 

6.1%

6.1%

6.4%

 

 

Sep 02

10:00

Factory Orders

Jul

 

1.5%

1.5%

0.4%

 

 

Sep 02

10:30

Crude Inventories

08/28

 

NA

NA

+128K

 

 

Sep 02

14:00

FOMC Minutes

Aug. 12

 

 

 

 

 

 

Sep 03

08:30

Initial Claims

08/29

 

550K

570K

570K

 

 

Sep 03

10:00

ISM Services

Aug

 

48.7

48.0

46.4

 

 

Sep 04

08:30

Average Workweek

Aug

 

33.1

33.1

33.1

 

 

Sep 04

08:30

Hourly Earnings

Aug

 

0.0%

0.1%

0.2%

 

 

Sep 04

08:30

Nonfarm Payrolls

Aug

 

-265K

-225K

-247K

 

 

Sep 04

08:30

Unemployment Rate

Aug

 

9.5%

9.5%

9.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
                           
                           

 

Current views, speculations and suggestions

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

 

Sept Yen: pos with support at 106.70  

Sept Swiss: positive with support at 93.75   

Sept EC: positive with support at 142.10  

Sept Canadian: pos but below daily support of 90.60

Sept BP:  neg with res at 163.40      

Sept ES: pos with support at 1012.00

Sept NQ: pos with support at 1609.00  

Sept Mini Dow: pos with support at 9400

Dec Gold: neg with res at 965.70     

Sept Silver: neg with res at 15.00

Sept Copper: pos with support at 281.00

Oct Crude: res at 72.60      

Nov Soybeans: neg with res at 10.06  

Dec Wheat: potential reversal day

Sept Ten Year:  pos with support at 117.18   

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

International Markets

Sept Bund: pos with support at 122.26

Sept Dax:  pos with support at 5445

NKD:  pos but below daily support of 104.70

***********  

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.

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

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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