Cannon Trading Co. Inc.
We believe. The next frontier in futures trading.
Since 1988

Cannon Trading Futures Blog: Daily Support and Resistance Levels

Tuesday, December 11, 2007

Futures Trading levels and Economic reports for Dec. 12th

 
*To be removed, please reply with remove daytrading in subject line
 
Dear Trader,
 

Big sell off right after the FOMC decision of 25 basis points came out. While it seemed that 25 basis cut was what was widely expected, the stock market obviously was hoping for another 50 basis and when that didn't happen we saw a 50+ points sell off on the SP500 and more than 300 points on the Dow Jones.

 

Today's action inflicted damage on the daily charts and my next target on the way down is 1456 followed perhaps by new lows below the 1400 over the next few days/weeks. (please view this as an opinion only and refer for risk disclosure at the bottom of this email).

 
LEVELS:
 
Contract (DEC. 2007)  SP500 (big & Mini) Nasdaq100 (big & Mini) Dow Jones (big & Mini) Mini Russell
Resistance 3 1562.30 2202.00 14048 816.00
Resistance 2 1544.40 2177.00 13921 806.00
Resistance 1 1511.30 2134.00 13685 786.00
Pivot 1493.40 2109.00 13558 776.00
Support 1 1460.30 2066.00 13322 756.00
Support 2 1442.40 2041.00 13195 746.00
Support 3 1409.30 1998.00 12959 726.00
         
Contract  December Gold Dec. Euro Jan. Crude Oil Dec. Bonds 
Resistance 3 827.73 1.4829 93.14 118 17/32
Resistance 2 822.77 1.4790 91.85 117 16/32
Resistance 1 819.93 1.4718 90.51 117     
Pivot 814.97 1.4679 89.22 115 31/32
Support 1 812.13 1.4607 87.88 115 15/32
Support 2 807.17 1.4568 86.59 114 14/32
Support 3 804.33 1.4496 85.25 113 30/32
 
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
 

Wednesday, December 12, 2007


Economic
8:30am Oct Trade Balance (-$56.5B), Nov Import Price Index (last m/m 1.8%, y/y 9.6%)
10:30am Crude Oil/Gasoline/Distillate Inventories
2:00pm Nov Monthly Budget Statement (last –$73.0B)
Events
FDA to discuss NDA Pulzium IV solution, Solvay Pharmaceuticals for atrial fibrillation, 10:00am Coca Cola investor call, Smurfits Stone Q4 update call, Autozone Shareholders meeting, RBC Capital Markets Healthcare conference, MBA Mortgage Applications (7:00, last 22.5%). Trades Ex-dividend: MOT $0.05, AFF $0.403, CA $0.04, M $0.13, GCI $0.40
Earnings
Before the Open: none seen After the Close: ADCT, CKR, CPII, MATK, NOVL
 
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 / commodity broker
Cannon Trading Co Inc. - home of online futures trading
http://www.cannontrading.com 
http://www.E-Futures.com 
ilan@cannontrading.com

Yahoo IM ilanlevy1970
310-859-9572
800-454-9572
Fax 310-859-0547
9301 Wilshire Blvd. Suite #515
Beverly Hills, Ca 90210

 
* Important Please Note: 
IMPORTANT PLEASE NOTE:  TRADING COMMODITY FUTURES AND OPTIONS INVOLVE SUBSTANTIAL RISK OF LOSS.  THE RECOMMENDATIONS CONTAINED IN THE LETTER IS OF OPINION AND DOES NOT GUARANTEE ANY PROFITS.  THERE IS NOT AN ACTUAL ACCOUNT TRADING THESE RECOMMENDATIONS.   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 1:21 PM

0 Comments:

Post a Comment

<< Home