Cannon Trading Futures Blog: Daily Support and Resistance Levels Blog

Futures Trading levels and Economic reports for May 12th

noreply@blogger.com (Cannon Trading) — Fri, 09 May 2008 20:13:00 +0000

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Dear Trader,

Have a great weekend and a great trading week!

LEVELS:

Contract (June 2008)	SP500 (big & Mini)	Nasdaq100 (big & Mini)	Dow Jones (big & Mini)	Mini Russell
Resistance 3	1402.77	1995.67	12918	734.73
Resistance 2	1398.03	1984.33	12869	728.47
Resistance 1	1393.17	1973.67	12803	723.63
Pivot	1388.43	1962.33	12754	717.37
Support 1	1383.57	1951.67	12688	712.53
Support 2	1378.83	1940.33	12639	706.27
Support 3	1373.97	1929.67	12573	701.43

Contract	June Gold	June Euro	June Crude Oil	June Bonds
Resistance 3	914.00	1.5583	129.07	118 13/32
Resistance 2	902.40	1.5523	127.66	118 1/32
Resistance 1	894.40	1.5487	126.90	117 21/32
Pivot	882.80	1.5427	125.49	117 9/32
Support 1	874.80	1.5391	124.73	116 29/32
Support 2	863.20	1.5331	123.32	116 17/32
Support 3	855.20	1.5295	122.56	116 5/32

REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits

Monday, May 12, 2008

Economic

2:00pm April Budget Statement (last $177.7B)

Events

9:15am Fed's Evans speaks about US economic outlook in Illinois. 7:15pm Fed's Lockhart speaks at financial markets conference. AFSA Finance Industry Investor's Conference. IEEE Photovoltaic Specialists Conference. International Financial Services Association Trade Conference. SourceMedia CTST Conference. UBS Global Financial Services Conference. Trades Ex-dividend: NE $0.04, ED $0.585, CFC $0.15, FO $0.42.

Earnings

Before the Open: KDE, ARQL, BKUNA, BLG, CNTY, CHTR, CDE, CODI, CRYP, DTG, DHT, EMAG, EMMS, EVR, GNA, GTXI, HL, HOC, HWCC, IMAX, IPSU, IMB, VTIV, ISIS, JASO, JRT, KNOL, MBI, MED, NNI, NUHC, ORBK, OHB, PEIX, PWRD, PETS, PMI, RDN, RADN, S, SPF, TTI, TRGL, VAL, XOMA. After the Close: BYI, BWY, CTLM, CBAK, CLWR, COGT, CUZ, DTSI, DXPE, FLR, KNXA, LDK, MDR, MIVA, NMSS, NUAN, PROS, PGIC, TWTC, WRNC, WSPI, XFML, ZOLT.

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.

May monthly outlook + Futures Trading levels and Economic reports for May 9th

noreply@blogger.com (Cannon Trading) — Thu, 08 May 2008 20:45:00 +0000

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Dear Trader,

Looking for Calmer Waters

by Trade the News Staff

Bullish sentiment grew in April as what may be the final write-down confessions by major banks were revealed to the market. The dollar strengthened against other currencies as some encouraging US data helped restore confidence. The sentiment shift was also propelled by the FOMC cutting an additional 25 basis points and signaling it would pause and allow the rate cuts to work their way through the economy. Another salutary sign: the two-year Treasury note spent most of the last month above the Fed Funds target rate. Events in the month of May will either prove that the economy and markets are truly recovering from the credit crunch or show that the recent positive sentiment is premature.

Equities
As of May 1st, equity markets have staged a solid comeback, with the DJIA down only 2% on the year. First quarter earnings season wraps up in the beginning of the month after mixed results in April. Surprisingly poor results from the likes of GE were offset by positive surprises such as Google. This uneasy trend may continue for the rest of earnings season. Some of the earnings reports that may exert some influence on the market this month include Cisco (reporting 5/6), Disney (5/6), AIG (5/8), Petrobras (5/12), Wal-Mart (5/13), ING (5/14), Hewlett-Packard (5/15) and Dell (5/29). Traders will be watching Cisco for more talk about weakness in corporate IT after the company said in its last report that it expected a sales slowdown for the next two to five quarters. Wal-Mart's quarterly report will yield some insight on how well the consumer is holding up. Also, at the end of the month the biotech sector may see some buying interest, as scientists will be presenting the latest data from their most promising new cancer drugs ahead of the ASCO conference, starting May 31.

Commodities
The energy market saw crude oil futures driven up to the $120 mark, pushed by the weak dollar coupled with major supply disruptions in Nigeria and the UK. The weak dollar/strong oil trade began to unravel over the last few days as crude held fast above $110 even as the dollar climbed back to 1.54 against the euro. The impending summer driving season and the prospects of further supply disruptions have kept energy futures near record highs, though the speculative excess may dissipate if equities continue to look healthy enough to attract new money. Meanwhile, precious metals hit four-month lows, with spot gold dropping as low as the $850 mark after topping $1,000 six weeks ago.

Forex
The dollar managed to end the month of April at a higher level than where it began, which is a first for the 2008 trading year. Sentiment for the USD has improved over the last week of April after EUR/USD hit an all-time time high of 1.6019 on April 22nd. Some signs have also emerged that the Euro Zone is not immune from the US economic slowdown. The 'decoupling' theory was shot down by softening EMU data in the past weeks, particularly the weakness in Spanish retail sales. Spain's next retail sales data for April will be released on May 29th.
Dealers will watch to see whether the recent weakness in the fringes of outer Europe will seep into the German economic engine. The May 15th release of German GDP data may be the point where the ECB redirects its focus from inflation to growth parameters. The May 27th release of German IFO data will also be of high interest to see whether another drop in sentiment will continue. The spread between the German two-year note and the US two-year note has narrowed over the last week, granting support to the greenback. The German-U.S. two-year yield spread started May below the 141 bps area. Verbal intervention remained prevalent throughout the month of April regarding the weak USD sentiment, but was offset by hawkish ECB comments on the inflation front.
For May, the question is whether the 'worst' is over for USD weakness and whether it will enter a consolidation phase now that the Fed appears to be in a holding pattern regarding its interest outlook.

Economic Data and Central Banks
With the Fed now signaling a pause, eyes will turn overseas to foreign central banks. The ECB and BOE are both expected to keep rates on hold on May 8th, though analysts may begin to question the ECB's inflation fighting resolve if Euro Zone economic data starts to go south. Any commentary on Forex that updates the latest G7 statement will also been noted.
The Fed is likely hoping for a quiet May that allows wounded markets to keep healing. As liquidity is restored, thanks in large part to extraordinary actions taken by the Fed, such as the TAF and TSLF auctions, any unexpected surprise out of the financial markets will be unwelcome. The Fed has left a small cushion for further rate cuts in an emergency, but would be reluctant to resort to further rate cuts.
As the Federal stimulus package kicks in, and markets show a healthier hue, the US may yet skirt the shoals of recession. Even so, the voyage ahead is like likely to be tumultuous, and the old traders' adage 'Sell in May and go away' may be apt advice for this month.

Calendar of Notable Events for May 2008
May 6: Indiana Democratic primary
May 8: BOE rate decision; ECB rate decision
May 15: (GE) German GDP data
May 16: (US) May Preliminary University of Michigan Confidence
May 21: Minutes of the April FOMC meeting
May 27: (GE) German IFO
May 29: (US) Preliminary Q1 GDP (2nd, more comprehensive reading); (SP) Spain Retail Sales
May 31: ACSO conference begins

LEVELS:

Contract (June 2008)	SP500 (big & Mini)	Nasdaq100 (big & Mini)	Dow Jones (big & Mini)	Mini Russell
Resistance 3	1413.33	2007.33	12835	716.80
Resistance 2	1408.07	1995.67	12827	716.30
Resistance 1	1400.03	1980.33	12822	716.00
Pivot	1394.77	1968.67	12814	715.50
Support 1	1386.73	1953.33	12809	715.20
Support 2	1381.47	1941.67	12801	714.70
Support 3	1373.43	1926.33	12796	714.40

Contract	June Gold	June Euro	June Crude Oil	June Bonds
Resistance 3	911.53	1.5596	128.46	119
Resistance 2	899.27	1.5506	126.54	118 2/32
Resistance 1	890.93	1.5436	125.43	117 17/32
Pivot	878.67	1.5346	123.51	116 19/32
Support 1	870.33	1.5276	122.40	116 2/32
Support 2	858.07	1.5186	120.48	115 4/32
Support 3	849.73	1.5116	119.37	114 19/32

REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits

Friday, May 09, 2008

Economic

8:30am March Trade Balance (last -$62.3B)

Events

WPI Annual Shareholder Meeting. Trades Ex-dividend: WYE $0.28, XOM $0.40, AHGP $0.288, RCI $0.247.

Earnings

Before the Open: AER, AYR, BECN, CCU, CCO, CCOI, GTN, HUN, OMRI, SUG, STRL, WCRX, WR, WIN. After the Close: SYNM. After the Close: CYCC.

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:

Futures Trading levels and Economic reports for May 8th

noreply@blogger.com (Cannon Trading) — Wed, 07 May 2008 20:13:00 +0000

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Dear Trader,

1383 to 1424 is the range in my eyes currently for the SP500. Pressure downside will get stronger if the market breaks below 1383.

LEVELS:

Contract (June 2008)	SP500 (big & Mini)	Nasdaq100 (big & Mini)	Dow Jones (big & Mini)	Mini Russell
Resistance 3	1442.27	2050.67	13256	748.83
Resistance 2	1431.13	2027.83	13152	741.27
Resistance 1	1413.07	1995.17	12994	729.43
Pivot	1401.93	1972.33	12890	721.87
Support 1	1383.87	1939.67	12732	710.03
Support 2	1372.73	1916.83	12628	702.47
Support 3	1354.67	1884.17	12470	690.63

Contract	June Gold	June Euro	June Crude Oil	June Bonds
Resistance 3	899.83	1.5650	128.29	117 17/32
Resistance 2	891.57	1.5580	126.09	116 25/32
Resistance 1	880.93	1.5477	124.94	116 13/32
Pivot	872.67	1.5407	122.74	115 21/32
Support 1	862.03	1.5304	121.59	115 8/32
Support 2	853.77	1.5234	119.39	114 16/32
Support 3	843.13	1.5131	118.24	114 4/32

REPORTS (EST): Provided by www.tradethenews.com audio news and interactive research directly from the pits

Thursday, May 08, 2008

Economic

7:00am BOE Rate Decision

7:45am ECB Rate Decision

8:30am Initial Jobless Claims (last 380K), Continuing Claims (last 3.019M)

10:00am March Wholesale Inventories (last 1.1%)

10:30am Natural Gas Inventories

1:00pm US Treasury 30-year note auction

Events

12:30pm Former Fed Chairman Greenspan speaks in New York. April ICSC Chain Store Sales y/y (1:30pm, last -0.5). Bear, Sterns Pricing Direct Conference. Credit Suisse Analyst Healthcare Forum. S&P Emerging Issues in Fixed Income Markets Conference. Same Store Sales before the open. Trades Ex-split: PBR 2-1. Trades Ex-dividend: COF $0.375, GWW $0.40, MCHP $0.33, PPG $0.52, ROK $0.29.

Earnings

Before the Open: KDE, ABH, ADES, ACM, ATK, AMSC, ABV, ASCA, AHR, ARCC, STST, ARQL, ATPG, ABTL, BKRS, BRL, BNT, BCRX, BIOS, BVF, BORL, BRKR, CVC, CALP, CAPA, CRZO, CELG, CTIC, CKP, LNG, CSK, CDL, CGX, CNSL, CEP, XTEX, XTXI, CRYP, CUB, CMLS, CYPB, DWSN, DTPI, DSCO, DRQ, DYN, EIX, EP, ENER, EPL, ENG, ENZN, FRP, FVRL, FVE, FRPT, FIG, IT, GEL, GLBC, GLBL, GPX, HEES, IDA, ISPH, IART, ISIS, JAH, JRC, KALU, KG, KOP, LXP, LCUT, TVL, LINC, LINE, LIOX, MAC, MIC, MPW, MEMY, TMR, MGPI, MEND, MLNM, MINI, MNTA, NDAQ, NGS, NRP, NRF, OMG, OCR, ORCH, VITA, PTIE, PRX, PKE, PDX, HK, PNCL, PXP, POZN, PGN, RHD, RDN, RCNI, RSTO, RTIX, SBH, SGK, SIRO, SBSA, SPH, SUP, SWSI, SURW, SFY, SXCI, TICC, TTEC, PNX, TRGL, TM, THS, TRMP, RMIX, USPH, URBN, VICL, VG, WMG, WW, WNR, WATG, WPL, XMSR. During Trading Hours: SAM, DNDN, DIOD, EPEX, GCA, QSFT, RTK, WCI. After the Close: APKT, ATVI, ADPT, ABCO, AEM, AIRM, AIRN, ARE, ALNY, AIG, ARP, ANSV, ARTE, AGO, ATW, BE, BLTI, BRNC, BRKS, BUCA, BLG, CAMP, CPKI, CPE, CNQ, CTLM, CNTY, COSI, DAR, DWRI, DXCM, DEIX, HILL, ESIO, EMAG, EXAR, FMD, GMST, GDP, SRVY, GUID, HANS, HLYS, ICFI, IFON, IUSA, INWK, NSIT, IOM, IPAS, DMX, JUPM, LEAP, LLNW, LOCM, LMNX, MSSR, MEDX, MRX, MED, MELI, MRGE, MIDD, MOVE, NCMI, NHP, NKTR, UEPS, NLST, NGAS, NUAN, NUCO, NUVO, NVDA, OCNW, PEIX, PZZA, PLLL, PMC, POWR, PCLN, PSA, RNWK, RUBO, WINS, SALM, SD, SAPE, SGMS, SGTL, SIX, SONS, SRSL, SNS, SHO, SUPX, TEAM, KNOT, THRM, TMA, TIE, TRMS, TRLG, GROW, URS, YSI, VSE, CHIP, VRSN, VITL, WON, INT, WPTE, XOMA, ZOLT.

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: