Greetings!

Trading week is half way done..volume is thinning out…

Keep that in mind as a day-trader. I thought it would be nice to include a monthly chart of the SP as we just closed June 2009.

Markets will be closed this Friday for 4th of July.

Good trading!

Futures Trading Levels for July 1, 2009

Economic Reports for July 1, 2009

Economic

7:30am June Challenger Job Cuts y/y (last 7.4%)
8:15am June ADP Employment Change (last -532K)
10:00am June ISM Manufacturing (last 42.8), June ISM Prices Paid (last 43.5), May Construction Spending m/m (last 0.8%), May Pending Home Sales (last m/m 6.7%, y/y 3.3%)
10:30am DoE Crude Oil/Gasoline/Distillate Inventories

Events

11:15am Fed’s Evans speaks about the credit crunch in London. June vehicle sales. MBA Mortgage Applications (7:00, last 6.6%). Trades Ex-dividend: BMY $0.31, DGX $0.10, TMK $0.05, AMB $0.28.

Earnings

Before the Open: STZ, GIS, LNN, UNF. After the Close: DMAN

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!

Very sluggish trading day to start a short trading week.

Tomorrow is the last trading day of the month, quarter and first half of the year…I suspect we may see higher volatility.

Markets will be closed this Friday for 4th of July.

Good trading.

Futures Trading Levels for June 30, 2009

Economic Reports for June 30, 2009

Economic

9:00am April S&P/CS Home Price Index (last 139.99), April S&P/CS Composite-20 y/y (last -18.70%)
9:45am June Chicago Purchasing Manager Index (last 34.9)
10:00am June Consumer Confidence (last 54.9), June NAPM-Milwaukee (last 43)
4:30pm API Crude Oil/Gasoline/Distillate Inventories

Events

12:00pm Fed’s Bullard speaks on exit strategies in Philadelphia. 4:10pm Fed’s Hoenig speaks at NYU. 9:00pm Fed’s Yellen speaks in San Francisco. ICSC/UBSW Chain Store Sales (7:45, last 0.00%). Redbook Retail Sales (8:55, last -4.2%). ABC Consumer Confidence (last -53). PWR to be added to the S&P500, VMI to be added to the S&P400, TTEC to be added to the S&P600 after the close. AIG annual meeting. Trades Ex-dividend: GD $0.38, AXP $0.18, SYY $0.24, MON $0.265, AGNC $1.50, CMC $0.12.

Earnings

Before the Open: SCHN. After the Close: EXFO, ZZ, SNX.

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!

Boring trading day today….analysis from yesterday posted below is still valid.

Keep in mind that we are heading into the end of Month so trading on Monday and Tuesday can get choppy. As I have said before, trading can be stressful and sometimes can drain your processing power…so just like every once in a while we shut down our PC and let the processor and RAM rest, so does a trader needs to do in regards to trading – take a break, allow the brain to relax, recharge and come back to doing your trading homework, preparation with a fresh perspective. Have a great weekend!

Yesterday we wrote:

I still don’t know what to make of it as fundamentals are not bright to say the least but seems like some hands behind the scenes are pumping money into this market. So I decided to use a tool I trust better for short term, technical analysis and Elliott Wave. Below is a daily chart of the Mini Russell 2000 which is a small cap index and been acting as a leading indicator. The way I see the chart below is: A close above 514 would signal that we may have more room to the upside, while a close below 497 would suggest in my eyes that major indices will start heading lower.

Futures Trading Levels for June 29, 2009

Economic Reports for June 29, 2009

Economic

10:30am June Dallas Fed Manufacturing Activity (last -21.5%)

Events

9:30am Fed’s Rosengren speaks at conference in Brussels. PCS, WDC to be added to the S FOSL, EQIX to be added to the S ALGN to be added to the S after the close. Ex-dividend: CAH $0.175, RSG $0.19.

Earnings

After the Close: APOL, HRB.

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!

A volatile two sided action trading day post FOMC as we normally have.

I still don’t know what to make of it as fundamentals are not bright to say the least but seems like some hands behind the scenes are pumping money into this market.

So I decided to use a tool I trust better for short term, technical analysis and Elliott Wave.

Below is a daily chart of the Mini Russell 2000 which is a small cap index and been acting as a leading indicator.

The way I see the chart below is: A close above 514 would signal that we may have more room to the upside, while a close below 497 would suggest in my eyes that major indices will start heading lower.

Good Trading!

Futures Trading Levels for June 26, 2009

Economic Reports

Economic

8:30am May Personal Income (last 0.5%), May Personal Spending (last -0.1%), May PCE Deflator y/y (last 0.4%), May PCE Core (last m/m 0.3%, y/y 1.9%)
9:55am June Final U. of Michigan Confidence (last 69)

Events

1:00pm Fed’s Fisher speaks in Dallas, TX. 8:00am FDA Dermatologic and Ophthalmic Drugs Advisory Committee Meeting. Russell Index Rebalancing (multiple indices). CHS Analyst meeting. Trades Ex-dividend: KFT $0.29, DE $0.28, XTO $0.125, GAS $0.465.

Earnings

Before the Open: KBH.

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!

Inside day today ahead of tomorrows FOMC rate decision. I don’t expect much action until the FED comes out and the market will try to analyze “in between the lines” of the verbal comments by FED members.

My guess is choppy action until we come out at 2:15 PM EASTERN. My recommendation is maybe trade the first 2 hours and then let the smoke clear before assessing the market and reaction to it.

Be careful during FOMC days. market gets very thin right before announcement and then very volatile.

PS: if the Russell 2000 (and mini Russell 2000 ) are an indication then we do have more room to the downside as that index was down 1.5% today.

Good trading!

Futures Trading Levels

Economic Reports for June 24th, 2009

Economic

8:30am May Durable Goods Orders (last 1.9%, ex-transport 0.8%)
10:00am May New Home Sales (last 352K, m/m 0.3%)
10:30am DoE Crude Oil/Gasoline/Distillate Inventories
1:00pm Treasury’s 5-yr note auction
2:15pm FOMC rate decision

Events

MBA Mortgage Applications (7:00, last -15.8%). Trades Ex-dividend: SPLS $0.083, CB $0.35.

Earnings

Before the Open: AM, MON, RAD. After the Close: BBBY, CKR, MLHR, NKE, PAYX, RHT, XRTX.

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 noticed over the last few months that mondays are our strongest trending days, usually with the direction of the gap…

Below is a daily chart. Next objective is 875-878. 907 is first major resistance.

I am being asked by many new traders/clients for “tips.” The best advice I can give any cleint who is trying to day-trade, is SURVIVAL.

Everyone will and have bad trading days. As a daytrader you need to make sure that no single trade or single tading day will wipe you out.

Good trading.

Futures Trading Levels

Economic Reports for Tuesday, June 23rd, 2009

Economic

10:00am April House Price Index m/m (last -1.1%), May Existing Home Sales (last 4.68M, m/m 2.9%), June Richmond Fed Manufacturing Index (last -9)
1:00pm Treasury’s 2-yr note auction
4:30pm API Crude Oil/Gasoline/Distillate Inventories

Events

8:30am FDA Pediatric Advisory Committee Meeting. Wells Fargo/Wachovia Mid-Year Equity Conference. Piper Jaffray Europe Conference. ICSC/UBSW Chain Store Sales (7:45, last -0.6%). Redbook Retail Sales (8:55, last -4.6%). ABC Consumer Confidence (last -49). BMC Software Analyst Meeting. After the close WMS to be added to S, EIG BMI to be added to S. Trades Ex-dividend: SWY $0.10.

Earnings

Before the Open: CRMT, CMC, KR, SCS. After the Close: AVAV, APOG, DRI, FUL, JBL, ORCL, SONC.

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!

Hope everyone will enjoy a nice weekend and a great trading week!

Market “is in between” in my opinion. Small sell signal on the hourly chart but also getting some clues on the daily chart that if we can hold above 906, we may work higher.

Trade the ranges between 925 and 906 and if we break above or below look for clues on follow through and momentum.

Trading is not an easy thing, hence important to use time off to recharge, relax and clean out our human “RAM”, have a great weekend!

Futures Trading Levels

Economic Reports for June 22nd, 2009

Economic

None Seen

Events

Morgan Keegan Insurance Total Return Strategy Conference. Ex-dividend: FLS $0.27, PM $0.54, HNZ $0.42, TS $0.60.

Earnings

Before the Open: WAG. After the Close: SWHC.

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!

Quadruple witching tomorrow…

I am leaning towards the short side but don’t have a strong feel either way.

903 and 918 are the immediate bands.

Good trading.

Futures Trading Levels

Economic Reports for June 19, 2009

Economic

None Seen

Events

ICGE Annual Meeting.

Earnings

Before the Open: KMX.

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!

Market is taking a short term bearish tone. Quadruple witching is this Friday…Major support is 878. Before that we have todays low 899.50

914 is immediate resistance followed by 931.

Futures Trading Levels

Economic Reports for Thursday, June 18, 2009

Economic

8:30am Initial Jobless Claims (last 601K), Continuing Claims (last 6.816M)
10:00am May Leading Indicators (last 1.0%), June Philadelphia Fed (last -22.6)
10:30am Natural Gas Inventories
11:00am Treasury’s note announcement

Events

BoJ May minutes. Treasury Sec Geithner testifies before House Financial Services Committee. JCP Company Meeting. Trades Ex-dividend: IFF $0.25, TIF $0.17, FRS $0.12.

Earnings

Before the Open: CCL, CMED, GRB, SJM, PRGS, WGO. After the Close: HWAY, RIMM, SGK, SWHC.

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!