Greetings!

May ended on a strong note with a surprising end of month, last 10 minutes spike that probably has to do with month end position squaring by institutions. Nonetheless, the strong finish can put the bulls back in control if we have any continuation on Monday.

One thing for sure, Monday’s trading should be an interesting, volatile session!

Daily chart below. Enjoy your weekend and have a great trading month in June.

Good trading!

Futures Trading Levels

Economic Reports

Monday, June 01, 2009

Economic

8:30am April Personal Income (last -0.3%), April Personal Spending (last -0.2%), April PCE Deflator y/y (last 0.6%), April PCE Core (last m/m 0.2%, y/y 1.8%)
10:00am May ISM Manufacturing (last 40.1), May ISM Prices Paid (last 32), April Construction Spending m/m (last 0.3%), TAF auction

Events

Treasury Sec Geithner in China June 1 2. KeyBanc Industrial, Automotive Transport Conference. Goldman Sachs Lodging, Gaming, Restaurant Leisure Conference. Macquarie Infrastructure Conference. Merrill Lynch TMT Conference. RBC Global Energy Power Conference. BLUD to guide after the close. EXEL Investor Analyst Briefing. Trades Ex-dividend: SLB $0.21, AVY $0.41, SWK $0.32, DHT $0.25.

Earnings

After the Close: LGF, TUTR.

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!

Greetings!

Still locked in a range….the longer market trades in a range the bigger the break out can be. I wish I can tell you in advance which way…

Maybe GDP tomorrow will give a direction? maybe but not sure if that wil happen on the last trading day of the month, more like it is that we will see a big move either way next week.

If you are abond/ten years trader, you need to start trading September contract.

Good trading!

Futures Trading Levels

Economic Reports

Friday, May 29, 2009

Economic

8:30am Preliminary Q1 Annualized GDP q/q (last -6.1%), Q1 GDP Price Index (last 2.9%), Q1 Personal Consumption (last 2.2%), Q1 Core PCE q/q (last 1.5%)
9:45am May Chicago Purchasing Manager Index (last 40.1)
9:55am May Final U. of Michigan Confidence (last 67.9)
10:00am May NAPM-Milwaukee (last 39)

Events

American Society of Clinical Oncology Annual Meeting. Trades Ex-dividend: CNK $0.18, NVE $0.10, THI $0.086, CHKE $0.50.

Earnings

Before the Open: FRO, TIF.

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!

Greetings!

I am tempted to say that todays failure and “head fake” move will probably open the door for 877 followed by 863.

However, this market has tricked us a few times in both directions so it will probably be wise to see the market reaction to economic numbers before the cash open and see which way has more momentum.

Good trading!

30 minute chart below

Futures Trading Levels

Economic Reports

Economic

8:30am April Durable Goods Orders (last -0.8%, ex-transport -0.6%), Initial Jobless Claims (last 631K), Continuing Claims (last 6.662M)
10:00am April New Home Sales (last 356K, m/m -0.6%)
10:30am Natural Gas Inventories
11:00am DoE Crude Oil/Gasoline/Distillate Inventories
1:00pm Treasury’s 7-yr auction

Events

OPEC May Conference. 8:00am FDA anesthesiology respiratory therapy devices panel. TGT Annual Meeting. 4:30pm NVLS mid-quarter update. After the close, HGR to be added to the S. Trades Ex-dividend: SLE $0.11, STI $0.10, GR $0.25.

Earnings

Before the Open: ACAT, BIG, COST, DAKT, FRED, GCO, HNZ, MDCI, MENT, MNRO, MOV, PERY, SAFM, SCVL, SCMR. After the Close: APSG, DELL, ESL, JCG, LGF, MRVL, NOVL, OVTI, SGK, SINA, WTSLA.

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!

Greetings!

An interesting trading day. To be honest I was surprised with the strength of the bounce up.

Not sure which way the market is heading and if you as a trader do NOT have a feelfor the market, it is more than OK to wait on the sidelines until you do have a direction.

As for now, we have 930 above, 876 below. Wide range with plenty of room for volatile moves either way.

Hourly chart below.

Good trading!

Futures Trading Levels

Economic Reports

Wednesday, May 27, 2009

Economic

10:00am March House Price Index m/m (last 0.7%), April Existing Home Sales (last 4.57M, m/m -3%)

1:00pm Treasury’s 5-yr auction

4:30pm API Crude Oil/Gasoline/Distillate Inventories

Events

Deutsche Bank Energy Utilities Conference. UBS Energy Utilities Conference. MBA Mortgage Applications (7:00, last 2.3%). Trades Ex-dividend: QCOM $0.17, D $0.438, ANF $0.175, JWN $0.16, DOV $0.25.

Earnings

Before the Open: AEO, AZO, BWS, CHRS, CHS, CSUN, CBRL, DLTR, DSW, FLO, HOKU, RL, ROLL, SPLS, SYNO, ZLC. After the Close: AFCE, BCSI, CWTR, DMND, HEI, JAS, NZ, SIGM, TIVO.

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!

Greetings!

Short trading week ahead. Hope everyone had a chance to relax and recharge.

As far as this morning, here is short commentary courtesy of www.technicalalanaysisreports.com:

If we can stay above 887 then 893.65 to 895 is the first resistance again and also the short term 38% retracement. A break above here today targets 899/900, the short term 50% Fib and would expect the market to pause here with sellers looking to jump back for a push lower again.

If we did head back lower and failed to hold 880/878 support band today we would likely see the market dip down to 875 where buyers will be looking to get back in at this good support level to drive prices higher again. If this level breaks then a double top pattern is completed and 865 to 863.70 will be the first target.

Good trading!

Futures Trading Levels

Economic Reports

Economic

9:00am March S/CS Home Price Index (last 143.17), March S/CS Composite-20 y/y (last -18.63%)
10:00am May Consumer Confidence (last 39.2), May Richmond Fed Manufacturing Index (last -9)
10:30am May Dallas Fed Manufacturing Activity (last -31.6%)
1:00pm Treasury’s 2-yr auction
4:30pm API Crude Oil/Gasoline/Distillate Inventories

Events

BoJ Minutes. ICSC/UBSW Chain Store Sales (7:45, last -1.2%). Redbook Retail Sales (8:55, last -0.3%). ABC Consumer Confidence (last -45). Trades Ex-dividend: ATI $0.18, WYN $0.04, ACGY $0.20, BLKB $0.10.

Earnings

Before the Open: CSIQ, REDF. After the Close: JRJC, DCI, TTWO, TMRK, NCTY.

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!

Greetings!

So market opened below pivotal 897 this morning, gave us another 20 points to the downside then bounced pretty good in the last hour of trading.

Now what?

Well, lite trading day is expected tomorrow ahead of the long weekend. We have 897 now acting as strong resistance and 878 as support.

At this point I don’t have a feel for the market direction and when that happens, it is usually a good sign to try and sell resistance, buy support until the market shows us it has a direction.

Good trading!

Futures Trading Levels

Economic Reports

Friday, May 22, 2009

Economic

None Seen

Events

Recommended early close for bond markets. 2:00pm Fed Chairman Bernanke speaks at Boston College Law School Graduation. FDIC meeting on emergency assement fees. FPL Annual Shareholder Meeting. Trades Ex-dividend: MHP $0.225, VLO $0.15, ACO $0.18, STM $0.102.

Earnings

Before the Open: CPB, MPR, REDF, YGE.

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!

Greetings!

I was surprised to see the market gaps higher this morning but after the steady sell off from 923 I am leaning more towards what i wrote yesterday. ” I think the risk/reward favors the downside. If we get a break below 897, I will feel stronger about it. I have been wrong before many times but the way i look at it , the market seems to have lost momentum at these levels and if we don’t see a new wave of buying to take the SP500 past 930, then the path of least resistance is for prices to head south.”

Good trading!

Trading Levels

Economic Reports

Thursday, May 21, 2009

Economic

8:30am Initial Jobless Claims (last 637K), Continuing Claims (last 6.56M)

10:00am April Leading Indicators (last -0.3%), April Philadelphia Fed (last -24.4)

10:30am Natural Gas Inventories

11:00am Treasury note announcement

Events

BoJ rate decision. 7:00pm Fed’s Plosser addresses economists in New York. Barrington Research Industrial Conference. OPEN IPO expected to open for trade. BA Investor Meeting. GENZ Shareholder Meeting. Trades Ex-dividend: JNJ $0.49, GS $0.35, RHI $0.12, VMC $0.49, AWH $0.18.

Earnings

Before the Open: BKS, BONT, BRS, PLCE, EV, FRO, GME, GSOL, HRL, KIRK, MF, NWY, PDCO, SOL, ROST, SSI, SMRT, STP, TECD, BKE, TTC. After the Close: ARO, ALKS, ARUN, ADSK, BBOX, BRCD, DDS, DITC, DBRN, FL, GPS, HIBB, LDK, NDSN, PSUN, PARL, RRGB, SB, CRM, SGK, SKIL, VRGY, ZUMZ.

Note all times 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!

Greetings!

I still don’t have a strong feel for the market but after todays action, I think the risk/reward favors the downside. If we get a break below 897, I will feel stronger about it. I have been wrong before many times but the way i look at it , the market seems to have lost momentum at these levels and if we don’t see a new wave of buying to take the SP500 past 930, then the path of least resistance is for prices to head south.

For daytraders, the tip of the day is: know the method of trading you are using and understand that specific trading day personality. If you are using an approach that looks to take 2 points profit don’t decide to change all of a sudden and decide that today you will try to take 8 points…Understand your style of trading and be disciplined.

Good Trading!

Trading Levels

Economic Reports

Wednesday, May 20, 2009

Economic

4:30am BoE minutes
10:30am DoE Crude Oil/Gasoline/Distillate Inventories
2:00pm FOMC minutes

Events

EU-China Summit in Prague. 9:30am Treasury Sec Geithner testifies at Senate hearing on TARP. MBA Mortgage Applications (7:00, last -8.6%). NVDA Annual Meeting. TMO Scientific Analyst Meeting. XEL Shareholder Meeting. Trades Ex-dividend: HSY $0.298, Q $0.08.

Earnings

Before the Open: ANN, BJ, BRC, CTR, CMCO, DE, ESLT, HOKU, MPEL, TGT, TWB, UNFI. After the Close: AAP, CTRN, CSC, CYBX, EEP, GYMB, HOTT, INTU, LTD, MDTH, NTES, NTAP, PETM, SMTC, SNPS, TTGT.

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!

Greetings!

I mentioned Friday after the close the following: “I noticed in the past that markets do tend to make another move after options expired, as always the questions is which way…”

Well a nice move did happen to the upside and i was surprised to see the market take out the 897 with such ease. next levels are 912 and 930 and below we have 897 as pivotal followed by 884.

A few scenarios can take place, one is that we will test the highs around 930 and fail again, another scenario is that we will be range bound for a while (872-930) and last one is that this market simply wants to go higher and it will eventually take out the 930 level and test a major daily resistance at 950.

I wish i had a crystal ball to tell you which one would play out…Main thing for you as a trader (day-trader) is to trade what you see and not what you HOPE. Always have the target, stops and total risk/reward in mind before jumping into a trade.

Good trading!

Trading Levels

Economic Reports

Tuesday, May 19, 2009

Economic

8:30am April Housing Starts (last 510K), April Building Permits (last 516K)

10:00am TAF results

4:30pm API Crude Oil/Gasoline/Distillate Inventories

Events

1:15pm Fed’s Stern speaks in Minnesota. 8:00am FDA Gastrointestinal Drugs Advisory Committee Meeting. Merrill Lynch/BoA European Biotech  Medical Devices Conference. Oppenheimer China Conference. Forrester Research IT Forum. JNJ to host analyst call to review NEVO RES I trial results. ICSC/UBSW Chain Store Sales (7:45, last +0.3%). Redbook Retail Sales (8:55, last +0.3%). ABC Consumer Confidence (last -42). MO Shareholder Meeting. Trades Ex-dividend: AVP $0.21, PH $0.25, ADM $0.14, MSFT $0.13, MCHP $0.339, WAG $0.113.

Earnings

Before the Open: DKS, EJ, HD, JASO, MDT, SKS, SOLF, TJX, VOD. After the Close: ADI, DY, EXM, HPQ, PVH, NCTY.

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!

Greetings!

Below commentary provided by www.technicalanalysisreports.com – visit them for a free trial and mention Cannon Trading to get a disocunt if you decide to subscribe.

S&P 500 June Contract

Good move higher yesterday to 896.50, just prior 897 resistance. You have seen small pullbacks this session but support is at 887 and as long as buyers defend this support you are looking to see this higher. 897 is good resistance. A break above 897.60 would therefore see the market trade higher with 903.30/85 then looking to entice.

903.30 is a 50% short term fib level from the recent move lower to 879. As such sellers will be standing guard at these highs, trying to block the buyers from progressing. If however buyers take on the mantle of aggressor and break 904 you are looking at 907.50 to 909.50 in the short term. Above here keeps the pressure to the topside for 915.50/916.50.

887 breaking however would put a little dampener on things and provoke sellers to try again for 880/879. Buyers will be supportive to these lower levels and until 875, but would wobble below 872.

Good trading!

Futures Trading Levels

Economic Reports

Friday, May 15, 2009

Economic

8:30am April CPI (last m/m -0.1%, y/y -0.4%; ex food energy last m/m 0.2%, y/y 1.8%), March CPI Core Index SA (last 218.042), May Empire Manufacturing (last -14.65)

9:00am March Net Long-Term TIC Flows (last $22B), March Total Net TIC Flows (last -$97B)

9:15am April Industrial Production (last -1.5%), April Capacity Utilization (last 69.3%)

9:55am May prelim Univ of Michigan confidence (last 65.1)

Events

9:15am Fed’s Fisher speaks on the economic outlook in Texas. Trades Ex-dividend: CVX $0.65, DHI $0.04, PCAR $0.18.

Earnings

Before the Open: ANF, GOL, JCP, LABL.

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!