Greetings!

Started the week with relatively quiet day and neutral to bearish market action.

I think that if we don’t get above 1069 soon, the selling pressure will resume.

Daily chart with levels to watch below:

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

10:00 Dec Wholesale Inventories (last 1.5%), Mexico Jan Consumer Prices
13:00 US Treasury’s $40B 3-yr note auction
16:30 API Crude Oil/Gasoline/Distillate Inventories

Events

TXT Analyst Day. ICSC/UBSW Chain Store Sales (7:45, last +0.1%). Redbook Retail Sales (8:55, last +0.8%). ABC Consumer Confidence (last -49). Trades Ex-dividend: ETR $0.75, HCP $0.465, TJX $0.12.

Earnings

Before the Open: ACM, AGCO, AGU, AHCI, ALLT, ANR, ACLI, ATRO, BIIB, BJS, CAM, CE, CNC, CHD, KO, CTSH, CVH, CYNO, ENER, IT, GET, IACI, IFF, KVHI, LCAV, MLM, TAP, NOOF, NYX, PCH, PHM, RTIX, RBCN, TIN, GTS, VSH, WMG, ZBRA. After the Close: ATAC, AGAM, AFG, ASEI, AHL, BIDU, CFN, CERN, EXBD, CXW, DIOD, DNEX, DSCM, EOG, GIL, GCOM, HNI, PODD, KFRC, LTRE, LGF, NTGR, OPEN, RNR, RUSHA, SB, TCO, UDR, ULTI, USNA, DIS, WWWW, XL.

Greetings!

Wow…what a trading session. The bounce from the lows stopped right at a FIB level as can be seen in chart below:

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

06:00 Chile Jan CPI
06:30 Chile Jan Trade Balance
08:30 Canada Jan Housing Starts

Events

Bank of America India Investor Conference. Deutsche Bank Small and Mid Cap Conference. Thomas Weisel Technology & Telecom Conference. UBS Global Healthcare Services Conference. Biotechnology Industry CEO and Investor Conference. Ex-dividend: AEP $0.41, CTAS $0.48, IBM, $0.55, XLNX $0.16, XOM $0.42.

Earnings

Before the Open: AMRI, AGNC, BWP, CGA, CHDX, CNA, CVS, GWR, HAS, HS, LFUS, L, LO, MCY, NDAQ, NVE, SIRO, VTNC. After the Close: ADCT, ANDE, ATML, AXS, BWY, CPT, CRL, CMP, CCRT, CRK, CUZ, CUTR, ERTS, ECPG, ESLR, FWRD, HAR, HIG, HIMX, HMN, LNCR, LNC, NUAN, OTTR, OMI, PKY, PIKE, PPS, PPDI, PFG, QGEN, RENT, SKH, SWI, SRX, TMRK, TWTC, VECO, VMC, WRB, WCN, ZOLT.

Greetings!

Jan Nonfarm Payrolls (last -85K), Jan Unemployment Rate (last 10.0%), Jan Manufacturing Payrolls will come out before the cash open tomorrow. Next support at 1051 based on March SP500; first resistance at 1069.75.

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

06:00 Brazil Jan Inflation
06:30 Chile Dec Economic Activity
07:00 Jan Canada Net Employment Change, Unemployment Rate
08:30 Jan Nonfarm Payrolls (last -85K), Jan Unemployment Rate (last 10.0%), Jan Manufacturing Payrolls (last -27K), Jan Average Hourly Earnings (last m/m 0.2%, y/y 2.2%)
15:00 Dec Consumer Credit (last -$17.5B)
16:00 Colombia Jan PPI

Events

12:00 Treasury Sec Geithner to attend G7 meeting. 17:15 Fed’s Bullard to speak in St. Louis. Trades Ex-dividend: PLL $0.16, ISIL $0.12, KMT $0.12.

Earnings

Before the Open: AET, AYE, AXL, AIV, BZH, BPO, BRKS, SUR, LRN, KELYA, MAG, MD, NNN, PPL, PBH, SXT, SPG, SEP, TE, TSN, VVI, WY, YRCW

Greetings!

Some interesting, volatile trading action today. Day traders who observed our daily webinar saw some good trade setups in live mode like the chart shown below (red arrows = suggested sell, blue arrows = suggested buy). If you have not tried the webinar before, feel free to sign up for a 2 week free trial.

Rule 4.41 – Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown.

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

07:00 BoE Rate Decision
07:45 ECB Rate Decision
08:30 Preliminary Q4 Nonfarm Productivity (last 8.1%), Q4 Unit Labor Costs (last -2.5%), Initial Jobless Claims (last 470K), Continuing Claims (last 4.602M)
10:00 Dec Factory Orders (last 1.1%), Canada Jan Ivey PMI, Mexico Jan Consumer Confidence
10:30 Natural Gas Inventories
16:00 Colombia Jan PPI

Events

Same store sales before the open. Trades Ex-dividend: ETN $0.50, NBL $0.18, GWW $0.46, HCN $0.68.

Earnings

Before the Open: ABMD, AGN, LNT, ATK, ARJ, STST, AVP, BCE, BDC, BLC, BHE, BCRX, BG, BKC, CRR, CI, CINF, CLX, CME, CNMD, DTPI, DO, UFS, ELNK, ENTG, FLO, HGG, HI, HSP, IVC, K, KNL, KLIC, LII, LZ, MA, MTRX, MMS, MDCI, MF, MSTR, MEND, MKSI, MGI, MCO, MWIV, NCR, NOC, NUS, CHUX, PENN, PAS, POL, POWI, QUIX, RAI, RSTI, RDS.A, RGLD, RTI, SBH, SLE, SNA, SNE, SE, SPR, HOT, SPH, TEN, TBL, UTEK, WBC. After the Close: ARAY, ACTL, ABCO, BMI, BEZ, BEBE, BBND, BFRM, BLKB, COGO, CNW, DNEX, DNB, EW, ESE, ESS, XIDE, FALC, FIS, FMC, HLIT, HA, ILMN, IN, LQDT, LMNX, MTD, MCHP, MCRS, MAA, MTX, MPWR, MTSC, MFLX, NFG, N, EGOV, OPWV, OPXT, PCCC, PKI, PMC, PFWD, PTEC, PBI, PWAV, RMD, SFLY, SIMG, SLH, SRCL, SFSF, SUN, SNCR, TWLL, TSYS, TTMI, VRTX.

Greetings!

Today we are featuring a booklet by Ilan-Levy Mayer, 8 Steps to Successful Futures Day Trading.

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

07:30 Jan Challenger Job Cuts y/y (last -72.9%)
08:15 Jan ADP Employment Change (last -84K)
09:00 Treasury’s quarterly funding announcement
10:00 Jan ISM Non-Manufacturing (last 50.1)
10:30 DoE Crude Oil/Gasoline/Distillate Inventories
13:00 Mexico Jan Manufacturing Index, Non-Manufacturing Index

Events

13:00 Fed’s Warsh to speak in New York. Same store sales after the close. MBA Mortgage Applications (07:00, last -10.9%).European Commission decision on Greek stability and and development program. Trades Ex-dividend: MWV $0.23, FE $0.55, INTC $0.158, NSC $0.34.

Earnings

Before the Open: ALVR, ASCA, ARW, ATMI, AUDC, BECN, BDK, BCO, CSL, CMCSA, CVLT, DBD, ENB, HW, HNT, IP, ITG, ITT, LAZ, MHO, MMP, MKTX, NOV, NSTC, OIIM, PFE, RL, POWL, RVSN, ROP, R, SVVS, SLAB, TMO, TWX, TZOO, UMC, WU, WWW. After the Close: NDN, AATI, AFFX, AKAM, AMP, AIZ, ATW, AVB, BBBB, CELL, BRS, BRCM, CDNS, CBG, CBL, CSCO, CNQR, CVTI, DLB, DBTK, DCP, ENTR, EFX, EQR, FEIC, FNF, FBN, GHDX, HSTX, HRC, HMN, IEX, INSP, KIM, MEAS, WFR, MWW, NBIX, NEWP, NVLS, ONNN, OTEX, OPNT, PSEM, RBC, REG, RNOW, SGMO, SIGI, SSTI, SPTN, SFN, SPF, STLY, STLD, SYMM, THQI, TGI, TBI, URI, UFPI, VIRL, V, WLT, WGL, WSH, YUM.

Greetings!

The Russell 2000 has been a good “leading indicator” for the rest of stock indices.

From a technical point of view, the bounce we saw today is still a correction for the recent sell off. In order for that to change I will need to see a close above 613 on an hourly basis, until then I think the trend is still lower and rallies need to “prove themselves” before I change my outlook.

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

06:00 Brazil Dec Industrial Production
10:00 Dec Pending Home Sales (last m/m -16%, y/y 19.3%)
4:30pm API Crude Oil/Gasoline/Distillate Inventories

Events

Vehicle sales. ICSC/UBSW Chain Store Sales (07:45, last -2.5%). Redbook Retail Sales (08:55, last +1.0%). ABC Consumer Confidence (last -48).

Earnings

Before the Open: AMSC, AMB, AXE, ADM, ARTG, ARM, ADP, BEAV, BP, COCO, CPO, DHX, DOW, DHI, EMR, ETR, EVR, HHS, HSY, NRGY, KFT, LDR, LXK, MAN, MRO, HZO, MPEL, PTRY, PCX, PNR, PBG, PRGO, RDWR, RRST, SMG, STEL, STE, SU, TNB, TDW, TKR, UTI, UPS, WHR, WEC. After the Close: ACE, APKT, ACTU, AFL, ADS, AJG, ATO, BRE, CHRW, CTRP, FISV, SOLR, IVAC, IRF, JKHY, JDSU, JLL, KNXA, LCRD, MANH, MTW, MEE, MET, MIL, MYGN, NLC, NETL, NWSA, PXD, QSFT, RSYS, RVBD, SLGN, SSD, TSO, TRMB, UNM, VASC, VRSN, WBSN.

Greetings!

If January is an indication of what to expect in 2010…..then we should be in for another interesting trading year.

In trading I like to view multiple time frames. If in a day trade, I might look at 1 minute chart or 180 tick chart, then take a look at a 15 minute chart and perhaps an hourly chart.

Today you will see the daily chart followed by a weekly chart with different levels to watch for based on these two different time frames.

Have a great weekend and a great trading month in February.

Daily chart:

Weekly chart:

Good Trading!

Futures Trading Levels

Economic Calendar

Follow next week’s economic calendar on the Cannon Trading Financial Desktop.

Greetings!

Market keeps failing on bounces…..looks like we should see an attempt at 1051 area.

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

08:30 Advance Q4 GDP q/q (last 2.2%), Q4 GDP Price Index (last 0.4%), Q4 Personal Consumption (last 2.8%), Q4 Core PCE q/q (last 1.2%)
09:45 Jan Chicago Purchasing Manager Index (last 58.7)
09:55 Jan University of Michigan Confidence (last 72.8)
10:00 Jan NAPM-Milwaukee (last 52)
11:00 Colombia Dec Unemployment

Events

Colombia Rate Decision. 08:15 Fed’s Kohn speaks at FDIC conference. Trades Ex-dividend: HAS $0.20, CLMT $0.455, CRS $0.18.

Earnings

Before the Open: ACI, ALV, AVY, CVX, DOV, FO, GHM, HON, HRZ, IDXX, MAT, NWL, NS, PCAR, PFS, SAIA, WL. After the Close: EEP.

Greetings!

An interesting trading session today, with good set ups for day-trading during the first 2 hours of trading and post FOMC statement.

The “real direction” the market wants to take, usually comes the day after the OMC, so I will be monitoring price action tomorrow carefully for clues if the current sell off will continue or pause.

Hourly chart of SP500 below.

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

06:00 Brazil Dec Unemployment
07:00 Chile Dec Industrial production, Dec Unemployment, Dec Copper Production
07:30 Brazil Budget Balance
08:30 Dec Durable Goods Orders (last 0.2%, ex-transport 2.0%), Initial Jobless Claims (last 482K), Continuing Claims (last 4.599M)
10:30 Natural Gas Inventories
13:00 Treasury’s 7-yr note auction

Events

Trades Ex-dividend: BHI $0.15.

Earnings

Before the Open: FLWS, MMM, ACXM, ALK, ATK, MO, AEP, ABFS, T, AVT, BLL, BAX, BDX, BMS, BMY, BC, CCMP, CP, CAH, CSH, CELG, CEVA, CHKP, CRUS, CXG, CL, CLP, CMCO, CNX, CY, DHR, DLX, D, EK, LLY, EQT, EL, FCF, BEN, GNTX, GR, HSC, HP, ISCA, IVZ, JNS, JBLU, KSU, KMT, KNSY, LLL, LANC, LIFE, LMT, MKC, MJN, MEG, MPW, MNRO, MOT, OXY, ODFL, ORI, OXPS, OSK, OSTK, PII, POT, PG, QUIX, RTN, COL, RCL, SY, TROW, TSM, TDY, TXT, TWC, TRCR, TYC, UMPQ, UA, LCC, USAK, WDR, WCC, WRLD, XEL, ZMH. After the Close: PAR, ABAX, ARG, AMZN, ANEN, AMCC, ARBA, CA, CAMD, CALD, CAVM, CPHD, CHRT, CHRD, CB, CYN, COBZ, COHR, COLM, CPSI, CPWR, CYBS, CYMI, CYT, DRIV, DLLR, EMN, EXAR, FII, FORM, GNW, HUBG, INFA, ININ, ICO, JNPR, KLAC, LSCC, LEG, MXIM, MCRL, MSFT, MIPS, PMCS, QTM, RHI, SNDK, SCSC, SBCF, SXE, SNV, TSRA, VSEA, VPRT, ZNT.

Greetings!

FOMC tomorrow. FOMC days have different characteristics than other days. If you are a newbie, you may want to stand aside and get a feel for the trading personality of FOMC days. If you are experienced trader, go back to your notes/journal and try to implement what you observed.

Below is a screen shot from today’s charts from this morning webinar.

As I mentioned before I share my intraday charts daily with clients and prospects. The charts which can be viewed LIVE, REAL TIME online by invitation include my favorite trade set ups as they happen real time. For more information and a 2 week free trial please visit:

http://www.cannontrading.com/education-day-trading-webinar.php

Futures Trading Levels

Economic Calendar

Economic

10:00 Dec New Home Sales (last 355K, m/m -11.3%)
10:30 DoE Crude Oil/Gasoline/Distillate Inventories
13:00 Treasury’s 5-yr note auction
14:15 FOMC rate decision

Events

10:00 Fed’s Greenlee to speak. 20:00 State of the Union Speech. Brazil Govt Budget Plan. BoJ Monthly Report. MBA Mortgage Applications (07:00, last 9.1%). Trades Ex-dividend: MMC $0.20, WY $0.05.

Earnings

Before the Open: ABT, AAI, ATI, ARLP, APU, BLK, BA, CAT, GIB, COP, CFR, DSPG, EXP, GD, HES, ITW, MNI, MWV, NYB, OSIS, PJC, PX, RGS, ROK, RES, SAP, SII, SO, STJ, SWK, TEL, UAUA, UGI, UTX, USAP, VLO, WLP, WTFC. After the Close: ALGN, ACF, AMLN, AF, BYI, BMC, CTXS, COHU, CVD, CCI, CTS, DRE, ETFC, ESIO, ETH, FLEX, FTNT, GMCR, HBI, HRS, HXL, HOKU, IBKC, ISIL, KEX, KNX, LRCX, LSTR, LSI, MLNX, MUR, NFLX, NE, NSC, OI, PSSI, QCOM, RYL, SHOR, SRDX, SYMC, TER, TTEK, TCBI, TLGD, TSCO, VAR, WERN.