Futures Trading levels and Economic reports for Feb. 6th
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Dear Trader,
Dec. 11th 2007 we had a high of 1537. Jan 22nd a low of 1262 (day session). The market then made almost an exact 50% retracement to 1398 and then gave up more than 50 points.
Where does this puts us? At a wide band between 1321 and 1400. A break below 1321 can trigger new lows, a break above 1366 in the near term can lend more support to the upside (in my opinion anyways....see attached chart). In between all that is a wide range, plenty of volatility and it really comes down to money management and trade management for day-traders to survive and succeed.
LEVELS:
| Contract (March 2008) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1382.37 | 1846.50 | 12660 | 731.67 |
| Resistance 2 | 1372.93 | 1833.00 | 12575 | 725.33 |
| Resistance 1 | 1356.37 | 1806.00 | 12430 | 714.17 |
| Pivot | 1346.93 | 1792.50 | 12345 | 707.83 |
| Support 1 | 1330.37 | 1765.50 | 12200 | 696.67 |
| Support 2 | 1320.93 | 1752.00 | 12115 | 690.33 |
| Support 3 | 1304.37 | 1725.00 | 11970 | 679.17 |
| Contract | April Gold | March Euro | March Crude Oil | March Bonds |
| Resistance 3 | 912.20 | 1.4968 | 92.05 | 121 23/32 |
| Resistance 2 | 907.10 | 1.4893 | 91.03 | 121 5/32 |
| Resistance 1 | 898.70 | 1.4758 | 89.58 | 120 15/32 |
| Pivot | 893.60 | 1.4683 | 88.56 | 119 29/32 |
| Support 1 | 885.20 | 1.4548 | 87.11 | 119 7/32 |
| Support 2 | 880.10 | 1.4473 | 86.09 | 118 21/32 |
| Support 3 | 871.70 | 1.4338 | 84.64 | 117 31/32 |
REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits
Wednesday, February 06, 2008
Economic
8:30am Q4 Nonfarm Productivity (last 6.3%), Q4 Unit Labor Costs (last –2.0%)
10:30am Crude Oil/Gasoline/Distillate Inventories
1:00pm US Treasury's 10-year note auction results ($13B)
Events
8:30am Former Fed Chairman Greenspan speaks at the Council on Foreign Relations in Washington, DC. 10:00am Fed's Lacker speaks at Marshall University in West Virginia. 12:30pm Fed's Kroszner speaks on mortgage regulation in Washington, DC. 1:40pm Fed's Plosser speaks on economic outlook in Alabama. MBA Mortgage Applications (7:00, last 7.5%). Same Store Sales after the close. Ex-split: MCRS 2-1, SDA 3.33-1. Standard & Poor's World Money Show. Trades Ex-dividend: AA $0.17, AEP $0.41, MTG $0.025, ENT $0.75, IBM $0.40, PFE $0.32, BA $0.40, WFC $0.31.
Earnings
Before the Open: ARXT, ASX, LNT, ALVR, AHG, ATMI, BCRX, BIIB, CACH, CCJ, CI, CINF, DWSN, DVN, ENB, FORR, RAIL, HNI, IDEV, IACI, ITT, KIM, LII, LFUS, MAG, MKTX, MMS, MNI, MM, MNC, MGAM, NOV, NSR, NJR, NUS, OSCI, PDX, PXD, RL, RBC, RTIX, SLE, SBGI, SON, TIN, TMO, TWX, TWC, TEL, VYYO, WMG, WXS. During Trading Hours: PARL. After the Close: AEA, AKAM, ACL, ACLI, ANDE, ATML, AVB, CSCO, CREL, EXBD, CPII, CCI, DTLK, DHX, DSCM, EDS, ENH, FISV, FMC, GNK, GRP, GXP, HB, HUBG, INWK, NSIT, ICO, JKHY, KNL, MEAS, MET, MGI, NAPS, NAVR, NVT, EGOV, POL, POWI, PPDI, PRU, RACK, RJET, SCSS, SFLY, SSTI, SNWL, SPTN, SRCL, TLEO, ULTI, UNCA, UFPI, UTI, EICU, WEDC, WSH, WSH, WMS.
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 1:14 PM
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