Greetings!

We gapped higher today and advanced a bit more but yet closed on the lows.

I would not call it a bearish signal yet but I would say that it shows longs are getting a bit scared at these higher levels.

1008 and 962 are now the “bands” of where the market may trade in.

Good trading!

Futures Trading Levels for July 31, 2009

Economic Calendar for July 31, 2009

Economic

8:30am Advance Q2 Annualized GDP q/q (last -5.5%), Q2 GDP Price Index (last 2.8%), Q2 Personal Consumption (last 1.4%), Q2 Core PCE q/q (last 1.6%)
9:45am July Chicago Purchasing Manager Index (last 39.9)
10:00am July NAPM-Milwaukee (last 50)

Events

Trades Ex-dividend: CLMT $0.45, CV $0.23, FNFG $0.14, NRF $0.10.

Earnings

Before the Open: AGN, AEP, AGP, AIV, AN, BLC, BW, CVX, SUR, CEG, D, GHM, HHS, HMSY, IBI, ITT, MGLN, MDC, TYPE, MWIV, NRF, PKD, PEG, SRE, SIRO, SNA, SRI, TOT, WY. After the Close: CNB.

Greetings!

I currently have NO FEEL for the market….Waiting to see an hourly close above 980 or below 964 in order to search for a direction.

Sometimes no trade is better than a bad trade.

On a different note: I hold a daily webinar at the open of the stock market where iI share my day-trading charts, triggers, technical indicators along with trade management and more.

Feel free to sign up here: http://www.cannontrading.com/traders/live-day-trading-webinar.php

Good trading!

Futures Trading Levels for July 30, 2009

Economic Calendar for July 30, 2009

Economic

8:30am Initial Jobless Claims (last 554K), Continuing Claims (last 6.225M)
10:30am Natural Gas Inventories
1:00pm Treasury’s 7-year auction

Events

8:00am FDA Psychopharmacologic Drugs Advisory Committee Meeting. Trades Ex-dividend: AOC $0.15, HAS $0.20, MWV $0.23.

Earnings

Before the Open: AKNS, ALU, AMSC, ABC, AOC, APA, ARJ, AWI, ARTG, ABG, AACC, AZN, ATRO, ADP, AVY, AVP, ABX, BDX, BIOS, BCO, BRKR, BC, BBW, CAB, CVC, CCC, CALP, CP, CRR, CRS, CDI, GTLS, CHE, CI, CINF, CMS, CXG, CL, CNMD, CNX, CVG, COV, CXR, CRY, CMI, DLR, DDE, DVD, DOW, EK, EBIX, ELON, EME, ELMG, ENDP, EXPE, XOM, FSS, FAF, FORR, BEN, GWR, GLS, GTIV, GT, GTI, HP, HEP, HOS, ICTG, IPSU, INCY, IP, ITG, IRM, KDN, KBR, KSU, K, KMT, KIM, LEA, LVLT, LFUS, LKQX, LZ, MHO, CLI, HZO, MA, MED, MFA, MOT, MYL, BABY, NWL, NBL, NOVA, NRG, NYX, OMX, ZEUS, OCR, OSK, PMTI, PTRY, PH, PTI, PTEN, PCCC, PCZ, PDE, RVSN, RYN, RGC, RSG, REV, COL, RDS.A, RTIX, SCG, SI, SNN, SNE, FIRE, SPR, STE, SHOO, STRA, TSM, TNC, TEN, TPP, TRV, TYC, ULBI, UTHR, VCI, VTR, WBC, WMI, WEC, XEL. After the Close: ABAX, APKT, ADPT, AB, AMCC, ARBA, ARRS, AXTI, BEZ, BEC, BMRN, BLKB, CAP, CPT, CEC, CPHD, CHRD, FIX, CYH, SCOR, CRAY, PROJ, DEPO, DLB, DW, DSCM, DRYS, DTE, DNB, DXPE, BOOM, ERES, ESLR, EXAR, EXEL, EXTR, FSLR, GXDX, GPRO, GNW, GFIG, HNSN, HGIC, HLIT, HLTH, HOKU, HTCH, IDSY, IMMR, IM, ININ, IN, ITMN, IPCS, LVS, LAD, LOCM, MET, MHK, MPWR, MWW, MORN, MRT, NANO, N, NSR, NR, NEWP, NVTL, ORH, OPWV, OPNT, OFIX, PDLI, PSEM, PKI, PBI, POWI, RADS, RNWK, RRR, SGMS, SSW, SLW, STMP, SGY, SWN, SYNA, SNCR, TLEO, TWLL, TSYS, THOR, USTR, VSEA, VRTX, VPRT, VLCM, DIS, WBMD, WRI, YRCW.

Greetings!

The picture remains the same today as it did yesterday…

Market is bumping agisnt resistance levels at 979 +/-

We are not breaking up, yet we are not making a push lower…

We should find out soon if we are heading towards 990 and 1007 or if the market needs to “relax” and drop down to 952 and 937 before it attracts fresh buying.

Good trading!

Futures Trading Levels for July 29, 2009

Economic Calendar for July 29, 2009

Economic

8:30am June Durable Goods Orders (last 1.8%, ex-transport 1.1%)
10:30am DoE Crude Oil/Gasoline/Distillate Inventories
1:00pm Treasury’s 5-year auction
2:00pm Fed’s Beige Book

Events

8:30am Fed’s Dudley speaks on the US economy in New York. 6:00pm Fed Chairman Bernanke’s town hall meeting (part III) to air on PBS News Hour. MBA Mortgage Applications (7:00, last 2.8%). Trades Ex-dividend: IKR $0.375, CAG $0.19.

Earnings

Before the Open: ADLR, AET, AMG, ALVR, AMAG, AMT, APU, MT, ACAT, ARW, ASPM, BDC, BHE, BWA, BPO, CBZ, CEVA, GIB, CCE, COP, DXYN, ENB, EQT, EEFT, EVR, FSRV, GD, GLBC, HL, HES, HSP, IACI, IWA, JAKK, JNY, KBW, KLIC, ID, LAZ, MSO, MWV, MHS, MDP, MCO, MPS, NSTC, NICE, NJR, NWPX, NUS, NYB, OIIM, PENN, PEI, PAG, PTEC, PX, Q, ROC, RCL, RES, RBCN, SAP, SVVS, SMG, SEE, SLAB, SPIL, SO, S, SPW, SSYS, SYNT, TLM, TASR, MDCO, TDW, TBL, TWX, TWC, TKR, TWP, TEL, UGI, UMC, USAP, VPHM, VNUS, WPI, WLP, WRLD, WXS, WYNI. After the Close: ACXM, AEA, AFL, AEM, AKAM, AIQ, AGNC, AMKR, NLY, ASIA, AIZ, ATML, AVB, BARE, BAS, BMR, CBT, CDNS, CWT, ELY, CBG, CDR, CERN, CHH, CHDN, CIR, CLF, CTV, CML, CITP, CVD, CCI, XRAY, DRIV, DRC, DRE, EGP, EFII, ENTU, EQY, EQR, ESRX, DAVE, FARO, FISV, FLEX, FLS, FMC, FORM, GNK, GMR, GERN, GMKT, GG, GMCR, GSIC, HBI, HIG, HLX, HIW, HMN, IFSIA, ITRI, KALU, KEX, LRCX, LNC, LOOP, LSI, MANT, MTZ, MBLX, NETL, NBIX, NTRI, OII, OIS, ORLY, OI, MALL, PLXS, PRAA, QCOR, O, RNOW, RYL, SGMO, SIGI, SQNM, SFLY, SIMO, SFN, STNR, RGR, SRDX, SYMC, SMMX, TTEC, TER, TSO, TTEK, TSCM, TWPG, TLGD, CLUB, TRMA, TRN, TGI, TTMI, TYL, URI, UAM, VARI, VAR, VIRL, V, WCAA, WLL, WSH.

Greetings!

Market is still acting strong. I suspect that we should see a pull back, small correction sooner than later but it has not happened yet.

I did some FIB extension work and it seems that the last major rally was from around 823 to 929 or so during April 21st and May 8th of this year. I applied some extensions in the chart below and we are against some strong resistance right at these levels.

As always one can play this in different ways…

Good trading!

Futures Trading Levels for July 28, 2009

Economic Calendar for July 28, 2009

Economic

9:00am BoC rate decision
4:30pm API Crude Oil/Gasoline/Distillate Inventories

Events

10:00am Fed Chairman Bernanke testifies on monetary policy before Congress. NRG Annual Meeting. ICSC/UBSW Chain Store Sales (7:45, last -0.9%). Redbook Retail Sales (8:55, last -5.7%). ABC Consumer Confidence (last -51). Trades Ex-dividend: CVS $0.076, AMN $0.30, DLM $0.05, AMX $0.448.

Earnings

Before the Open: AKS, ARB, ALV, BJS, BLK, BEAT, CAT, KO, CMA, CAL, DD, ELN, FCFS, FRX, FCX, HCBK, ITW, JEF, JRN, KCI, LAB, LXK, LMT, MRK, MICC, NEOG, EDU, ORB, PCAR, BTU, PNR, PCP, DGX, RF, SGP, SHW, LUV, STT, AMTD, UAUA, UTX, UNH, WU. After the Close: AAN, AMD, ALGT, AMLN, AAPL, ATHR, BXP, CHRW, CRI, CHIC, CNH, EPIQ, FULT, GILD, HBHC, IBKC, ILMN, INFN, LLTC, MANH, MRTN, NBR, PTV, PNFP, PTP, PPDI, QLGC, RCRC, RHI, STX, SLM, SFG, SBUX, STLD, SYK, SUPX, VFC, VOCS, WCN, WSII, YHOO.

Greetings!

I was waiting for the little upside move for a few sessions and was about to give up on it but we finally got it and the questions now are:

Will it continue?

How high?

Where are possible levels of support for any pullback?

I wish I knew the answers but below you will see an hourly chart with possible support levels. As far as the upside 988 is first resistance, 1006 is MAJOR level.

Good trading!

Futures Trading Levels for July 24, 2009

Economic Calendar for July 24, 2009

Economic

9:55am July Final U. of Michigan Confidence (last 64.6)

Events

Trades Ex-dividend: ACE $0.31.

Earnings

Before the Open: AXL, ACI, ASH, BDK, DOV, FO, GAP, IDXX, IR, LNCE, ERIC, NTY, OXPS, SAIA, SLB, VVI, WAB, WL. After the Close: EEP.

Greetings!

The market has shown some strength signs last few sessions but the longer we trade with out the market breaking higher, the higher the chances for a pull back first.

Major resistance at 957, major support at 943.50

Good trading!

Futures Trading Levels for July 23, 2009

Economic Calendar for July 23rd, 2009

Economic

8:30am Initial Jobless Claims (last 522K), Continuing Claims (last 6.273M)
10:00am June Existing Home Sales (last 4.77M, m/m 2.4%)
10:30am Natural Gas Inventories
11:00am Treasury note announcement

Events

Trades Ex-dividend: WPO $2.51, CLX $0.50.

Earnings

Before the Open: MMM, ALK, ALXN, ACAT, T, AUO, BLL, BMY, BG, CCMP, CSH, CELG, CBR, CIT, CME, SUR, CMCO, CVG, CBE, DHR, DLX, DO, DHX, DDE, DVD, DSPG, EXP, EMC, EMCI, ECA, ESV, ETH, EXC, FITB, FCF, FLIR, F, GMT, GR, GRC, HSY, HUB.B, HBAN, RX, IPCC, IDC, IGT, IVC, ESI, JAKK, JBLU, KBW, KMB, FSTR, LLL, LH, LTM, MAN, MCS, MCD, MV, MNRO, MOG.A, NYT, NEM, NIHD, NCX, NUE, OXY, ORI, OMC, PTI, PENN, PFCB, PM, PNC, POT, PLD, PFS, RSH, RRC, RTN, RGC, RS, RAI, RTIX, R, SWY, SCHL, POOL, SIAL, SPAR, SPF, HOT, SYNT, TROW, TASR, TDY, TIN, TRA, SNAK, TMO, TRAD, UTEK, UNP, UPS, LCC, VDSI, VTNC, VNO, WSO, WCC, WTNY, WYE, XRX, ZMH, ZOLL. After the Close: AEIS, ARG, ALGN, AMZN, AXP, AMP, AMSG, AVID, AVCT, BJRI, BRCM, BUCY, BLDR, BNI, CA, COG, COF, CEC, CLS, CENX, CHRT, CAKE, CB, CYN, CPWR, CNW, CYBS, DDUP, DECK, DDR, DGII, EMN, ESIO, WIRE, EZPW, FII, GDI, GPN, HWAY, HITT, BLUD, INFA, INSU, IBKR, IFSIA, XXIA, JJSF, JNPR, KLAC, LCRD, LSCC, LEG, WFR, MTD, MCRL, MCHP, MSCC, MSFT, MTX, NARA, NATI, NFLX, NTCT, NTRI, NUVA, OMCL, PCTI, PKI, PMCS, PGI, QCOR, RMBS, RFMD, RVBD, SGMO, SWIR, SIMG, SNWL, SONO, STAR, SRCL, STSA, SPWRA, SRDX, SNV, TCO, TZOO, WOOF, VISN, WRE, WGOV.

Greetings!

What I wrote yesterday still holds true, although price action late in session today may be a bullish signal, if we can get an hourly close above 953 basis the Sept. SP Yesterday’s comments:

“The market looks pretty strong to me and if I see a close above 953 on the hourly chart (953 on the futures contract and 956 on the cash index), I would feel more confident about further gains over the next few days. Another failure against this level can trigger a pull back to 928. So these are the two sides of the coin as I see it and obviously one can trade the same analysis in different ways.”

Main thing is to have an idea of what you are looking to do, plan how to do it and then execute the trade.

Good trading.

Futures Trading Levels for July 22, 2009

Economic Calendar for July 22, 2009

Economic

10:00am May House Price Index m/m (last -0.1%)
10:30am DoE Crude Oil/Gasoline/Distillate Inventories

Events

4:00pm French Central Banker Noyer speaks in Philadelphia. BoE Minutes. 8:00am FDA Circulatory System Devices Panel Meeting (MDT related). Morgan Keegan Insurance Total Return Conference. MS Investor Call. MBA Mortgage Applications (7:00, last 4.3%). Trades Ex-dividend: PG $0.44, CL $0.44, ANH $0.32.

Earnings

Before the Open: AMG, APD, AAI, ATI, MO, ABFS, ATMI, BK, BA, CSL, CFR, DAL, DPZ, LLY, ENTG, GNTX, GENZ, HST, ICLR, IGTE, IMN, KEY, NITE, LII, MEG, MKSI, MNTA, MS, NCI, NTRS, NWPX, NVR, ODFL, PEP, PFE, PTEC, PJC, PDS, RIMG, SEIC, SLGN, STJ, SWK, SU, STI, TCB, MDCO, TNB, USB, USG, WFC, WHR, WIT. During Trading Hours: EGN, SUSQ. After the Close: AATI, AFFX, ALB, ACL, ADS, DOX, BIDU, BXS, BCR, CMG, CRUS, CTXS, CNS, COHU, CPTS, CLB, EXBD, CSGP, CVA, CYMI, DRH, DST, ETFC, EBAY, EFX, EQIX, RE, FFIV, FIC, GGG, HUBG, ISIL, ISRG, IRBT, JAH, KNX, LHO, LOGI, MLNX, MCRI, MOS, MTSC, NTGR, NFX, NE, NVEC, OMTR, OSIP, PSSI, QCOM, QDEL, RJF, RUSHA, SNDK, SKX, SWKS, TEX, TSCO, TQNT, TBI, TUP, VASC, VMW, WLT.

Greetings!

I have been away for a few days, hence the reason you may have not gotten the daily update since Wednesday.

The market looks pretty strong to me and if I see a close above 953 on the hourly chart (953 on the futures contract and 956 on the cash index), I would feel more confident about further gains over the next few days. Another failure against this level can trigger a pull back to 928. So these are the two sides of the coin as I see it and obviously one can trade the same analysis in different ways.

Daily chart of cash SP below.

Main thing is to have an idea of what you are looking to do, plan how to do it and then execute the trade.

Good trading.

Futures Trading Levels for July 21, 2009

Economic Reports for July 21, 2009

Economic

9:00am BoC rate decision
4:30pm API Crude Oil/Gasoline/Distillate Inventories

Events

10:00am Fed Chairman Bernanke testifies on monetary policy before Congress. NRG Annual Meeting. ICSC/UBSW Chain Store Sales (7:45, last -0.9%). Redbook Retail Sales (8:55, last -5.7%). ABC Consumer Confidence (last -51). Trades Ex-dividend: CVS $0.076, AMN $0.30, DLM $0.05, AMX $0.448.

Earnings

Before the Open: AKS, ARB, ALV, BJS, BLK, BEAT, CAT, KO, CMA, CAL, DD, ELN, FCFS, FRX, FCX, HCBK, ITW, JEF, JRN, KCI, LAB, LXK, LMT, MRK, MICC, NEOG, EDU, ORB, PCAR, BTU, PNR, PCP, DGX, RF, SGP, SHW, LUV, STT, AMTD, UAUA, UTX, UNH, WU. After the Close: AAN, AMD, ALGT, AMLN, AAPL, ATHR, BXP, CHRW, CRI, CHIC, CNH, EPIQ, FULT, GILD, HBHC, IBKC, ILMN, INFN, LLTC, MANH, MRTN, NBR, PTV, PNFP, PTP, PPDI, QLGC, RCRC, RHI, STX, SLM, SFG, SBUX, STLD, SYK, SUPX, VFC, VOCS, WCN, WSII, YHOO.

Greetings!

Todays trading action reminds of a subject I wanted to expand on. We started the day with a nice, two sided volatile action for the first 3 hours and then drifted into a choppy, directionless trading environment.

Know the type of trading enviroment you are in can help you decide which trading approach, style and indicators to use:

My opinion is that there are 3 main types of trading days (also sometimes during the trading day, you will have different trading environments).

1. Most common is two sided trading action with swings up and down
2. Strong trending day, mostly one directional – this type of trading day is the least common, many times will happen on Mondays and maybe 3-5 times a month at most – this type of trading day is most suitable for following trend indicators such as ADX, DMi and entry on pull backs
3. Slow and/ or choppy trading day – this type of trading day is best suited for taking small profits from the market by either using counter trend signals, such as extreme reads on RSI, going for quick profits and tight stops.

Good trading.

Futures Trading Levels for July 15, 2009

Economic Reports for July 15, 2009

Economic

8:30am June CPI (last m/m 0.1%, y/y -1.3%; ex food energy last m/m 0.1%, y/y 1.8%), June CPI Core Index SA (last 218.910), July Empire Manufacturing (last -9.41)
9:15am June Industrial Production (last -1.1%), June Capacity Utilization (last 68.3%)
10:30am DoE Crude Oil/Gasoline/Distillate Inventories
2:00pm FOMC minutes
10:00pm Q2 China GDP

Events

8:00am FDA Oncologic Drugs Advisory Committee Meeting (JNJ related). MBA Mortgage Applications (7:00, last %). KLAC Analyst Briefing. CPB Investor Day. Trades Ex-dividend: YUM $0.19, PKI $0.07, LOW $0.09, EOG $0.145, HRL $0.19.

Earnings

Before the Open: ABT, AMR, ASML, CBSH, GCI, NITE, LUFK, MTOX, TXI, WWW, WOR, GWW. After the Close: CTAS, CCK, EWBC, JBHT, KMP, LSTR, PLCM, RECN, STLY, UFPI.

Greetings!

We started the week with ANOTHER strong TRENDING MONDAY…

Earning reports + economic numbers should allow for more two sided trading enviroment coming days.

See 60 minute chart below we are against a strong resistance zone between 898 and 904 so I will watch market action closely during overnight session/ early morning.

Good trading.

Futures Trading Levels for July 14, 2009

Economic Reports for July 14, 2009

Economic

8:30am June PPI (last m/m 0.2%, y/y -5.0%, ex food energy last m/m -0.1%, y/y 3.0%), June Advance retail sales (last 0.5%, ex autos last 5.0%)
10:00am May Business Inventories (last -1.1%), TAF results
4:30pm API Crude Oil/Gasoline/Distillate Inventories

Events

BoJ Rate Decision. OPEC monthly report. Oppenheimer Consumer, Gaming, Lodging Leisure Conference. ICSC/UBSW Chain Store Sales (7:45, last -5.1%). Redbook Retail Sales (8:55, last -4.2%). ABC Consumer Confidence (last -52). DELL Analyst Day. Trades Ex-dividend: MGRC $0.22, ZEP $0.04.

Earnings

Before the Open: GS, JNJ, MTB. After the Close: AIR, ADTN, ALTR, INTC, YUM.