Futures Trading levels and Economic reports for Sept. 18th
Dear Trader,
VIX is up 20% at 36.14. VIX is volatility index and like the name suggests measures volatility.
We had a range of over 70 points between overnight and day session and market made several 20+ point moves in both directions several times.
I think the biggest mistakes traders make during high volatility period is that they don't think ahead before entering a trade and I will give a quick example:
A trader may have the right assessment that short term direction is down for example and he/she wants to go short. They see the market heading their way and they feel they must jump in or the market will leave them behind....while this may happen one out of 10 times, more often than not the trader will enter the trade but will get stopped out as the market swings because of high volatility. The smarter move will be to look at a chart and find an entry point that allows for a good risk / reward trade and by that I mean an entry level that will allow for a smaller stop loss to have a chance with a target in sight that consist for a common sense risk/reward trade.
| Contract (Dec. 2008) | SP500 (big & Mini) | Nasdaq100 (big & Mini) | Dow Jones (big & Mini) | Mini Russell |
| Resistance 3 | 1233.50 | 1772.00 | 11562 | 755.77 |
| Resistance 2 | 1217.00 | 1744.00 | 11353 | 738.43 |
| Resistance 1 | 1190.00 | 1710.00 | 11009 | 709.67 |
| Pivot | 1173.50 | 1682.00 | 10800 | 692.33 |
| Support 1 | 1146.50 | 1648.00 | 10456 | 663.57 |
| Support 2 | 1130.00 | 1620.00 | 10247 | 646.23 |
| Support 3 | 1103.00 | 1586.00 | 9903 | 617.47 |
| Contract | Dec Gold | Dec. Euro | Oct. Crude Oil | Dec. Bonds |
| Resistance 3 | 998.50 | 1.4808 | 104.88 | 126 1/32 |
| Resistance 2 | 935.70 | 1.4595 | 101.17 | 124 21/32 |
| Resistance 1 | 903.10 | 1.4469 | 98.79 | 123 13/32 |
| Pivot | 840.30 | 1.4256 | 95.08 | 122 1/32 |
| Support 1 | 807.70 | 1.4130 | 92.70 | 120 24/32 |
| Support 2 | 744.90 | 1.3917 | 88.99 | 119 12/32 |
| Support 3 | 712.30 | 1.3791 | 86.61 | 118 4/32 |
| DATE | CST | PERIOD | RELEASE | MFGR | MED | RANGE | PREV |
| 9/18 | 7:30 | 13-Sep | Initial Jobless Claims | - - | 440K | - - | 445K |
| THU | 7:30 | 6-Sep | Continuing Claims | - - | - - | - - | 3525K |
| | 9:00 | SEP | | - - | -10 | -15 - -5 | -12.7 |
| | 9:00 | AUG | Leading Indicators | - - | -0.20% | -.5% - +.3% | -0.70% |
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
posted by Cannon Trading at 1:21 PM
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