Cannon Trading Futures Blog: Daily Support and Resistance Levels
*To be removed, please reply with remove daytrading in subject line
Dear Trader,
Hope December will be a great month for everyone!
LEVELS:
| Contract (Dec.. 2006) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1422.10 | 1826.33 | 12424 | 802.33 |
| Resistance 2 | 1415.30 | 1815.17 | 12361 | 796.77 |
| Resistance 1 | 1409.30 | 1805.33 | 12307 | 791.88 |
| Pivot | 1402.50 | 1794.17 | 12244 | 786.32 |
| Support 1 | 1396.50 | 1784.33 | 12190 | 781.43 |
| Support 2 | 1389.70 | 1773.17 | 12127 | 775.87 |
| Support 3 | 1383.70 | 1763.33 | 12073 | 770.98 |
| | | | | |
| Contract | Feb. Gold | Dec. Euro | Jan. Crude Oil | March Bonds |
| Resistance 3 | 664.10 | 1.3441 | 64.74 | 115 7/32 |
| Resistance 2 | 659.30 | 1.3364 | 64.24 | 114 26/32 |
| Resistance 1 | 656.10 | 1.3308 | 63.69 | 114 19/32 |
| Pivot | 651.30 | 1.3231 | 63.19 | 114 6/32 |
| Support 1 | 648.10 | 1.3175 | 62.64 | 113 31/32 |
| Support 2 | 643.30 | 1.3098 | 62.14 | 113 18/32 |
| Support 3 | 640.10 | 1.3042 | 61.59 | 113 11/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Friday, Dec 1st, 2006
Economic
10:00am Nov ISM Manufacturing (last 51.2), ISM Prices Paid (last 47.0), Oct Construction Spending (last –0.3%)
Events
Fed's Bernanke gives welcome remarks at Monetary Policy Conference at 9amET. Fed's Plosser gives opening remarks at Conference at 9:30amET. Fed's Moskow on US Economic Outlook at 1pmET. Fed's lacker on regulators at 1:45pmET. ITW analyst meeting. CSFB Technology conference in Scottsdale through 12/1. Piper Jaffray Healthcare conference in NYC through 12/1. November total Vehicle Sales (last 16.2M). Domestic Vehicle Sales (last 12.4M). Trading Ex-split: EAT 3-2.
Earnings
Before the Open: KWD WMG. After the Close: None.
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.
*To be removed, please reply with remove daytrading in subject line
Dear Trader,
LEVELS:
| Contract (Dec.. 2006) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1403.10 | 1812.67 | 12269 | 787.17 |
| Resistance 2 | 1396.70 | 1799.83 | 12222 | 782.08 |
| Resistance 1 | 1392.80 | 1791.67 | 12189 | 779.17 |
| Pivot | 1386.40 | 1778.83 | 12142 | 774.08 |
| Support 1 | 1382.50 | 1770.67 | 12109 | 771.17 |
| Support 2 | 1376.10 | 1757.83 | 12062 | 766.08 |
| Support 3 | 1372.20 | 1749.67 | 12029 | 763.17 |
| | | | | |
| Contract (Dec. 2006) | Dec. Gold | Euro | Jan. Crude Oil | Dec. US Bonds |
| Resistance 3 | 650.37 | 1.3342 | 62.19 | 114 26/32 |
| Resistance 2 | 645.83 | 1.3283 | 61.70 | 114 16/32 |
| Resistance 1 | 641.57 | 1.3251 | 61.34 | 114 6/32 |
| Pivot | 637.03 | 1.3192 | 60.85 | 113 28/32 |
| Support 1 | 632.77 | 1.3160 | 60.49 | 113 18/32 |
| Support 2 | 628.23 | 1.3101 | 60.00 | 113 8/32 |
| Support 3 | 623.97 | 1.3069 | 59.64 | 112 30/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Wednesday, Nov 29th, 2006
Economic
08:30am Q3 Preliminary GDP Annualized (last 1.6%), GDP Price Index (last 1.8%), Personal Consumption (last 3.1%), Core PCE Q/Q (last 2.3%)
10:00am Oct New Home Sales (last 1.08M)
10:30am Crude Oil/Gasoline/Distillate Inventories
01:00pm Treasury's 5-year Note auction results
02:00pm Fed's Beige Book
Events
MBA Mortgage Applications (7:00, last –3.7%). Arthritis Advisory Committee meets at 8:00am. Fed's Geithner on financial stability panel at 9amET. AAP EOG MRO TQNT analyst meetings. Goldman Sachs Global Shipping conference in NYC. FBR Investor conference in NYC through 11/29. Merrill Lynch Health Services conference in NYC through 11/29. Lazard Capital Markets Life Sciences conference in NYC through 11/29. CIBC Mid and Small Cap Best Ideas conference in NYC through 11/29. CSFB Technology conference in Scottsdale through 12/1. Bear Stearns Commodities and Capital Goods conference in NYC through 11/30. Piper Jaffray Healthcare conference in NYC through 12/1. Same Store Sales After the Close - AEOS ARO HOTT MW ZUMZ. CACB replaces GLB in S&P Smallcap 600 after the close. Trades Ex-dividend: AIG $0.165, BAC $0.56, KO $0.31, EP $0.04, HAL $0.075, HIG $0.50, K $0.291, SLE $0.10.
Earnings
Before the Open: OPSW TIF. After the Close: CHS SNPS TIVO.
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.
*To be removed, please reply with remove daytrading in subject line
Dear Trader,
We started a full week of trading with strong volatility in both the bonds and stock market. This may be a sign for the rest of the week as we are awaiting different economic reports, some with importance to the housing market.
LEVELS:
| Contract (Dec.. 2006) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1415.57 | 1846.50 | 12417 | 803.60 |
| Resistance 2 | 1409.03 | 1832.75 | 12358 | 797.40 |
| Resistance 1 | 1396.57 | 1806.50 | 12252 | 785.40 |
| Pivot | 1390.03 | 1792.75 | 12193 | 779.20 |
| Support 1 | 1377.57 | 1766.50 | 12087 | 767.20 |
| Support 2 | 1371.03 | 1752.75 | 12028 | 761.00 |
| Support 3 | 1358.57 | 1726.50 | 11922 | 749.00 |
| | | | | |
| Contract (Dec. 2006) | Dec. Gold | Euro | Jan. Crude Oil | Dec. US Bonds |
| Resistance 3 | 645.67 | 1.3267 | 61.40 | 114 22/32 |
| Resistance 2 | 643.33 | 1.3223 | 60.87 | 114 5/32 |
| Resistance 1 | 641.97 | 1.3186 | 60.60 | 113 28/32 |
| Pivot | 639.63 | 1.3142 | 60.07 | 113 11/32 |
| Support 1 | 638.27 | 1.3105 | 59.80 | 113 2/32 |
| Support 2 | 635.93 | 1.3061 | 59.27 | 112 17/32 |
| Support 3 | 634.57 | 1.3024 | 59.00 | 112 8/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Tuesday, Nov 28th, 2006
Economic
08:30am Oct Durable Goods Orders (last 8.3%), Durables Ex Transportation (last 0.5%)
10:00am Nov Consumer Confidence (last 105.4), Richmond Fed Manufacturing Index (last –2), Oct Existing Home Sales (last 6.18M)0
01:00pm Treasury's 2-year Note auction results
02:15pm Sep S&P/CaseShiller Home Price (last 5.2%
Events
ICSC/UBSW Chain Store Sales (7:45, last 2.0%). Redbook Retail Sales (8:55, last 3.2%). Treasury's Paulson discusses markets and Trade at London conference at 4amET. Fed's Bernanke on the Economic Outlook at 12:30pmET. Fed's Plosser on the Economic Outlook at 12:30pmET. Fed's Moskow on the US Economic Outook at 4:30pmET. HNT MTW PNR SVM Analyst meetings. Goldman Sachs Global Shipping conference in NYC. FBR Investor conference in NYC through 11/29. Merrill Lynch Health Services conference in NYC through 11/29. Lazard Capital Markets Life Sciences conference in NYC through 11/29. CIBC Mid and Small Cap Best Ideas conference in NYC through 11/29. CSFB Technology conference in Scottsdale through 12/1. ABC Consumer Confidence (last 0). Trading Ex-split: AME 3-2. Trades Ex-dividend: ALL $0.35, CBS $0.20, HD $0.225, LTD $0.15.
Earnings
Before the Open: AMWD JTX RTLX SKIL. After the Close: ARO DBRN RSTO SIGM LNUX.
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.
*To be removed, please reply with remove daytrading in subject line
Dear Trader,
| S&P Z | | | NASDAQ Z |
| | | | | | |
| RESISTANCE | | | RESISTANCE | |
| | 1,434.00 | | | | 1,915.00 | |
| | 1,429.00 | | | ******* | 1,901.00 | |
| ******* | 1,425.00 | | | | 1,887.00 | |
| | 1,420.50 | | | | 1,874.00 | |
| ******* | 1,417.00 | | | ******* | 1,865.00 | |
| | 1,414.00 | | | ****** | 1,850.00 | |
| ****** | 1,410.00 | | | ***** | 1,839.00 | |
| ***** | 1,406.00 | | | ** | 1,829.00 | |
| | | | | | |
| CLOSE | 1,402.90 | | | CLOSE | 1,820.25 | |
| | | | | | |
| SUPPORT | | | SUPPORT | |
| ***** | 1,401.00 | | | *** | 1,808.00 | |
| ****** | 1,395.00 | | | **** | 1,802.00 | |
| ******* | 1,391.20 | | | ***** | 1,793.00 | |
| | 1,387.50 | | | ****** | 1,783.00 | |
| ******* | 1,385.50 | | | ******* | 1,778.00 | |
| | 1,380.20 | | | | 1,764.00 | |
| | 1,377.00 | | | | 1,758.00 | |
| | 1,373.50 | | | | 1,750.00 | |
| | | | | | | |
| BONDS Z | | | CRUDE F | |
| | | | | | |
| RESISTANCE | | | RESISTANCE | |
| ******* | 115.26 | | | | 62.40 | |
| | 115.14 | | | ******* | 62.00 | |
| | 115.02 | | | | 61.60 | |
| ******* | 114.23 | | | ****** | 61.30 | |
| | 114.14 | | | ***** | 60.80 | |
| ******* | 114.02 | | | | 60.45 | |
| ****** | 114.00 | | | **** | 60.00 | |
| ***** | 113.24 | | | ** | 59.60 | |
| | | | | | |
| CLOSE | 113.14 | | | CLOSE | 59.24 | |
| | | | | | |
| SUPPORT | | | SUPPORT | |
| **** | 113.04 | | | ** | 59.10 | |
| | 112.26 | | | | 58.75 | |
| ***** | 112.20 | | | | 58.30 | |
| ****** | 112.10 | | | ***** | 58.00 | |
| ******* | 112.06 | | | ****** | 57.60 | |
| | 111.28 | | | ******* | 57.21 | |
| ******* | 111.18 | | | | 56.75 | |
| | 111.07 | | | ******* | 56.60 | |
| | | | | | | |
Barchart.com U.S. Morning Call for Monday, November 27, 2006 Overnight Global News
- US consumer spending was very strong over the Thanksgiving weekend at +19% yr/yr, according to the National Retail Federation. The report said that there were fewer shoppers in stores than the previous year (140 mln vs 145 mln last year) but that they spent more money as retailers cut prices to draw consumers into stores. That was good news for the US economy but bad news for retailers that undercut their profit margins by slashing prices. Shoppers over the weekend appeared to be focusing mainly on sale-priced goods. In a separate report, ShopperTrak RCT Corp reported that sales on Black Friday (the day after Thanksgiving) were up +6% yr/yr. On-line shopping on Black Friday was up +42% yr/yr, according to ComScore Networks.
- Bank of Japan Governor Fukui said today that the BOJ will decide when to raise interest rates after it fully examines "if the economy and prices will develop in line with our projections." Mr. Fukui's comments were less hawkish than recent comments and reduced the chances for a BOJ rate hike in December. Mr. Fukui may have been trying to take some of the upward pressure off the yen which has rallied sharply against the dollar in the past week to post a new 3-1/2 month high.
Overnight U.S. Stock News - Dec S&Ps this morning are trading -1.70 points due to lower T-note prices (-3.5 ticks) and higher crude oil prices (+57 cents). The US stock market last Friday closed mildly lower (Dow -0.38%, S&P 500 -0.37%, Nasdaq Composite -0.23%). Bearish factors last Friday center on long liquidation pressure and concern about the weaker dollar. Bullish factors included the slightly higher close in T-note prices and the sharp 93-cent sell-off in crude oil prices last Wednesday.
- European stocks today are trading moderately lower (Stoxx -0.69%, FTSE -0.51%) as the strong euro dampens revenue prospects for Europe's exporters and as the market reacts to higher crude oil prices today. The Nikkei index today closed +0.96% as the Japanese stock market was helped by the dovish comment by BOJ chief Fukui and was able to shake off concerns about the recent rally in the yen against the dollar (which will hurt Japanese exports to the US).
- Wal-Mart (WMT) is down -0.5% this morning in European trading after reporting over the weekend that Nov same-store sales fell -0.1%, which was the worst showing in more than a decade. The market was also concerned about the initial Thanksigiving holiday shopping reports which suggested that consumers are focusing on bargains.
- ExxonMobil (XOM) is up +0.3% this morning in European trading after this morning's sharp rally in oil prices.
- GM is trading slightly lower by -0.1% in European trading this morning after a report in the Wall Street Journal citing research group IRN Inc as predicting that 2007 US vehicle sales will drop to the lowest level since 1998.
- Lowe's may see some support today from news that Bank of America raised its rating on the stock to "buy" from "neutral."
- Avon Products (AVP) may see some strength today after a favorable weekend article in Barron's which cited a Citigroup analyst as saying that Avon's stock may reach $37 in improving margins, although there are still concerns about sales person recruiting problems because of proposed FTC rules. Avon on Friday closed +0.13 at $33.28.
Today's U.S. Market Focus - This week’s US economic calendar is very busy. Tuesday brings comments by Treasury Secretary Paulson which could affect the dollar, Oct durable goods (expected -5.0%), the Conference Board’s Nov US consumer confidence index (expected +0.6 to 106.0), Oct existing home sales (expected -0.6%), comments by Fed Chairman Bernanke on the US economy, and the 2-year T-note auction. Wednesday brings the Q3 GDP revision (expected revised upward to +1.8% from +1.6%), Oct new home sales (expected -2.3%), the 5-year T-note auction, and the Fed’s Beige Book report ahead of the Dec 12 FOMC meeting. Thursday brings the Oct core PCE deflator (expected +2.3% vs +2.4% in Sep), and the Chicago Fed Purchasing Managers index (expected +0.9 to 54.4). Friday brings comments by Fed Chairman Bernanke, the Nov ISM manufacturing index (expected +0.6 to 51.8), and Nov US auto sales (expected 16.4 mln units vs 16.2 mln units in Oct).
- Fed policy - Expectations for Fed policy eased slightly last week after the weaker than expected Univ of Michigan US consumer confidence report of 0.2 to 92.1 (vs expectations of +1.0 to 93.3). The market is currently discounting no chance of a rate change at the next two FOMC meetings on Dec 12 and Jan 30-31. The market is discounting a 36% chance of a 25 bp rate cut to 5.00% at the following meeting on March 20-21 and is fully discounting that rate cut to 5.00% by June. The market is discounting a 54% chance of a further 25 bp rate cut to 4.75% by September.
- Dec T-note prices this morning are trading -3.5 ticks on news of strong retailer sales over the Thanksgiving weekend. T-notes are also being hurt by the weak dollar and concern that it may dampen foreign demand at this week's 2-year and 5-year T-note auctions. T-note prices last Friday closed slightly higher by 2.5 ticks on upward momentum from last week's rally which was prompted by weak US economic data. The main bearish factor last Friday was the sharp sell-off in the US dollar which undercuts the value of US-denominated securities for foreign investors.
- The dollar this morning is mixed with the dollar/yen up +0.15 yen and the euro/dollar up +0.23 cents. The dollar today is seeing some short-covering. The yen today was undercut by BOJ chief Fukui's dovish comments. The dollar late last week fell sharply on weaker US interest rate differentials and concern about whether China will step up its dollar diversification program.
- Jan crude oil prices this morning are trading +57 cents. The main bullish factor this morning is a London newspaper report citing Saudi Oil Minister Ali al-Naimi as saying that OPEC at its December 14 meeting may implement another production cut if oil prices fail to stabilize on the Oct 20 cut. The Nymex was closed last Friday during the Thanksgiving holiday. Jan crude oil prices last Wednesday fell sharply by -93 cents due to Wedesday's DOE report which showed a sharp 5.2 mln bbl increase in crude oil inventories. Product inventories were mixed with a 1.4 mln bbl rise in gasoline inventories and a 1.2 mln bbl decline in distillate inventories. Crude oil prices also reacted negatively on Wednesday to warm weather crossing the midwestern and northeastern US.
Today's U.S. Earnings Reports Earnings reports (confirmed releases for companies with market caps above $1 bln listed by mkt cap): DCI-Donaldson (IBES consensus earnings estimate: $0.425 per share). OHI-Omega Healthcare (.170)
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.