Trading levels and reports for November 2nd
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Dear Trader,
November started in complete contrast to October....and the market had its largest correction in more than few weeks.
So far, this is nothing more than just a correction and the market is still in a strong up trend. It will take a deeper downside correction to shift balance in favour of bears.
Friday monthly un-employment report will determine price action for the next few sessions.
LEVELS:
| Contract (Dec.. 2006) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1398.77 | 1782.00 | 12253.33 | 786.50 |
| Resistance 2 | 1392.83 | 1766.00 | 12205.67 | 780.00 |
| Resistance 1 | 1382.77 | 1742.00 | 12130.33 | 767.00 |
| Pivot | 1376.83 | 1726.00 | 12082.67 | 760.50 |
| Support 1 | 1366.77 | 1702.00 | 12007.33 | 747.50 |
| Support 2 | 1360.83 | 1686.00 | 11959.67 | 741.00 |
| Support 3 | 1350.77 | 1662.00 | 11884.33 | 728.00 |
| Contract (Dec. 2006) | Dec. Gold | Euro | Dec. Ten Years | Dec. US Bonds |
| Resistance 3 | 631.0333 | 1.2877 | 109 7/32 | 114 9/32 |
| Resistance 2 | 625.3667 | 1.2854 | 108 29/32 | 113 26/32 |
| Resistance 1 | 622.3333 | 1.2820 | 108 23/32 | 113 15/32 |
| Pivot | 616.6667 | 1.2797 | 108 13/32 | 113 |
| Support 1 | 613.6333 | 1.2763 | 108 7/32 | 112 21/32 |
| Support 2 | 607.9667 | 1.2740 | 107 29/32 | 112 6/32 |
| Support 3 | 604.9333 | 1.2706 | 107 23/32 | 111 27/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Thursday, Nov 2nd, 2006
Economic
07:45am ECB Rate Decision
08:30am Initial Jobless Claims (last 308K), Q3 Preliminary Nonfarm Productivity (last 1.6%), Unit Labor Costs (last 4.9%)
10:00am Sep Factory Orders (last 0.0%)
10:30am Natural Gas Inventories
Events
Same-Store Sale Reports Before the Open - including ANN ANF BEBE BJ CHRS CHS COST CVS DDS DG FDO FD GPS GES GYMB JCP JOSB JWN KSS LTD NWY PIR PLCE PSUN ROST SKS SHRP SMRT TLB TGT TJX WMT. CAT, CYMI, DPZ GAS analyst meetings. Goldman Sachs Global Capital Goods conference in NYC through 11/2. Keefe Bruyette Woods Securities Brokerage conference in NYC through 11/2. Merrill Lynch Global Energy conference in NYC through 11/2. Fed's Fisher speaks in NYC at 12:00pm. Fed's Bies speaks on Economic Outlook in Iowa at 8:15pm. Trading Ex-split: ACAP 3-2. Trades Ex-dividend: C $0.49, SO $0.388.
Earnings
Before the Open: TW AAP AGU ATK ALVR AMSC ABC AMCS ANSS AIV ILA AACC ATPG ABX BDX BRG BBI BWNG BPO BRKR CMX CBS CNP CTL CSK CMS CTSH CRK ED CRY CVS DJO EDO ENCY ENR ENTG ENZN EXR FAF GCA GLBL HSIC HOFF HURN HYC INCY NDE IART ICE IFF IP ITG ISTA JEC LB LEV LFUS LOJN HZO MCCC MGM MSA MNC NRP NSTC NXL NI NTMD NUS NWN OKS OSG PDX PEI PQ PDC PAA PXP PMI QCCO ROIAK RHB TSG SRE SM STN SFY TLM TNOX TSO THE TWGP TCC RIG TRXI USPH UNT VRX VNDA VIAC VPHM WST WLK WMB WPS ZGEN. After the Close: ARXX APCC ARP AQNT ARBX AGO ATML ADBL AVNX BIO CA CAB CALL CAPA CEGE CEPH CPHD CEM CNXS COGT CSTR CSC TRAK DRTE DIGE DGII DLLR DNB DRRX ERTS HLTH EVC EXEL GTW GMST GXP HAIN HVT HS HIW MOVE HTCH ICOS INCX IBI IRF IPAS DMX JDSU JSDA KCP LF LPSN LOOK MVSN MANT MAPS MXWL MDR MTD MWY NFS NAVR NKTR NBIX NEW NUVO PDLI POM PRFT PHTN PWAV QCOM RRGB RTEC SONE SGMS SINA SIX SFC STAK STEL CLUB UNTD USTR UVN VSAT VAS VIMC WBMD WEBM WTW WDC WFMI.
Note all time are EST. ANY AND ALL TIMES AND DATES ARE SUBJECT TO CHANGE WITHOUT NOTICE. INFORMATION HAS BEEN TAKEN FROM SOURCES DEEMED TO BE RELIABLE, BUT NO ASSURANCES CAN BE MADE TO THE ACCURACY OF ANY OF THIS INFORMATION.
This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!
Sincerely,
Ilan Levy-Mayer, M.B.A
Vice President
Cannon Trading Co Inc.
http://www.cannontrading.com
http://www.E-Futures.com
ilan@cannoncapital.com
Yahoo IM ilanlevy1970
310-859-9572
800-454-9572
Fax 310-859-0547
9301 Wilshire Blvd. Suite #614
Beverly Hills, Ca 90210
The finest compliment I can receive is a referral from a trusted client.
* Important Please Note:
Trading commodity futures and options involves substantial risk of loss.
The recommendations contained in this letter is of opinion only and does not guarantee any profits.
These are risky markets and only risk capital should be used.
Past performances are not necessarily indicative of future results.
posted by Cannon Trading at 1:20 PM
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