Greetings!

It seems that the market is respecting some of the levels/ FIB levels I have been displaying over the last few days, hence no reason to change!

We had a nice bounce of the 1038 level and we closed RIGHT at 1061 area!

My opinion is that as long as the market stays below the next resistance of 1075, then what we saw today was just a relief bounce from the sell off we saw last couple of days.

If we can trade above 1075, chances for new highs will increase.

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

8:30am Sept Personal Income (last 0.2%), Sept Personal Spending (last 1.3%), Sept PCE Deflator y/y (last -0.5%), Sept PCE Core (last m/m 0.1%, y/y 1.3%)
9:45am Oct Chicago Purchasing Manager Index (last 46.1)
10:00am Oct University of Michigan Confidence (last 69.4), Oct NAPM-Milwaukee (last 58)

Events

CPN Investor Update. Trades Ex-dividend: AOC $0.15, HAS $0.20, PAYX $0.31, SO $0.438.

Earnings

Before the Open: ALE, LNT, AEE, AXL, AGP, AOC, AIV, ACI, B, BIOS, CVX, SUR, CMC, CEG, CVH, CMI, D, UFS, DUK, EL, IT, GHM, HMSY, IBI, ITT, LNCE, LECO, MGLN, MDC, MDU, NI, NYX, PAG, PGN, REG, RUTH, SHPGY, SPG, SNE, TE, THI, UPL, WY, YRCW.

Greetings!

I have posted a few charts over the last few days with 1038.00 sticking out as possible support level.

Today’s low was 1038.00…

Below are current levels.

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

8:30am Advance Q3 GDP q/q (last -0.7%), Q3 GDP Price Index (last 0.0%), Q3 Personal Consumption (last -0.9%), Q3 Core PCE q/q (last 2.0%), Initial Jobless Claims (last 531K), Continuing Claims (last 5.923M)
10:30am Natural Gas Inventories
1:00pm Treasury 7-yr note auction

Events

BoJ Rate Decision

Earnings

Before the Open: ADLR, AET, ARG, AYE, AGN, AMSC, AMAG, AEP, APA, ACAT, ARTG, ABG, AN, AVT, AVP, BLL, ABX, BCRX, BCO, BPO, BC, BW, BBW, BKC, CRR, CBZ, CDI, GTLS, CINF, CME, CMS, CL, COCO, COT, CRY, DLR, EK, EE, RDEN, EME, ENDP, NPO, EQT, ETH, EXPE, XOM, FAF, FNFG, FORR, GTIV, GTI, HSC, HS, HEP, ICTG, IDA, ITG, IWA, IRM, KBR, KBW, KSU, K, KMT, LB, LANC, LFUS, LKQX, LZ, MHO, CLI, MED, MDP, MSA, MWW, MCO, MOT, MPS, MYL, NCI, NEM, NBL, NOVA, NRG, NUS, CHUX, ODP, OMX, ZEUS, PMTI, PTI, PTEN, PCG, PNK, PNW, POR, PPL, PDE, PG, QUIX, RVSN, RGS, RDS.A, SII, SNA, FIRE, S, SRT, SRI, SSYS, STRA, SYNT, TSM, TEN, TDW, TBL, TKR, ULBI, UTHR, VCI, VTR, WAB, WBSN, WMB, WPZ, WEC, WRLD, XEL. After the Close: PAR, ARAY, APKT, ACTU, ADPT, AB, AHS, ANEN, AMCC, ATHN, AXTI, BEZ, BYI, BARE, BEC, BKH, BMC, CAMD, ELY, CALD, CPT, CEC, CLF, CSA, SCOR, CW, DAC, DCT, PROJ, DENN, DGII, DNEX, DTE, BOOM, EEP, EPIC, ERES, EXAR, EXEL, GPRO, GNW, GFIG, GXP, HAR, HTZ, IM, IDC, IN, KLAC, LCRD, LAD, MTW, MXIM, MFE, MBLX, MET, MTD, MCRS, MIPS, MHK, NANO, NVTL, OPEN, OPWV, OPLK, OPNT, OFIX, OTTR, PCTI, PKI, PMC, PFWD, PRAA, RADS, RNWK, RRR, SBAC, SBCF, SIMO, SSD, SPF, SXE, SURW, SWN, TWLL, TSYS, TSRA, USTR, UHS, VAR, VSEA, VISN, VPRT, VLCM, WR, WMGI, ZIGO.

SYMC, SMMX, TLEO, TTEC, TER, TWPG, TLGD, TMK, CLUB, TRN, TYL, URI, UAM, WCAA, WLL, XL.

Greetings!

Daily chart with some levels to watch for for your review below:

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

8:30am Sept Durable Goods Orders (last -2.4%, ex-transport 0.0%)
10:00am Sept New Home Sales (last 429K, m/m 0.7%)
10:30am DoE Crude Oil/Gasoline/Distillate Inventories
1:00pm Treasury’s 5-yr note auction
4:00pm Reserve Bank of New Zealand interest rate decision

Events

8:00am FDA Anesthesiology and Respiratory Therapy Advisory Committee Meeting. Biotech Investor Forum. MBA Mortgage Applications (7:00, last -13.7%). Trades Ex-dividend: CAG $0.20.

Earnings

Before the Open: AEIS, AMG, ARLP, ARBA, ARW, ASH, ASPM, AUXL, AVA, BDC, BOKF, BWA, CNP, CEVA, CSR, CCE, CVLT, COP, DEP, EPD, EEFT, EVR, GD, GT, HGRD, HES, IPG, IP, JNY, KDN, ID, LAZ, LCRY, LVLT, MKTX, MWV, NWL, NXY, NYB, OC, PEI, PAS, POZN, PX, PEG, Q, RES, RTIX, SAP, SVVS, SEE, SLAB, SPIL, SO, SPNC, SPW, TECH, MDCO, TRCR, TZOO, UNF, UMC, VPHM, WBC, WLP, WXS, WYN. After the Close: ACXM, AEA, AATI, AFL, AEM, AKAM, AIQ, ASIA, AIZ, AVB, BAS, BMRN, BMR, BLKB, BDN, CBT, CDNS, CWT, CATM, CBG, CDR, CLDN, CPHD, CERN, CHDN, CIR, CYH, CML, CITP, XRAY, DRE, DNB, EGP, EFII, EQR, RE, ESRX, FALC, DAVE, FSLR, FLS, FMC, FORM, GNK, GVA, GSIC, HBI, HGIC, HLIT, HLX, HIW, HMN, INSP, IDCC, IFSIA, ICO, INET, ITRI, XXIA, JAH, KALU, KEG, KEX, LHCG, LNC, LOGM, LOOP, LSI, MANT, MTZ, MDAS, MOH, NEWP, OII, ODSY, ORCC, ORLY, OI, PDLI, PLXS, PSSI, STR, O, RYL, SIGI, SHOR, SFLY, SWIR, SFN, SPN, SYMC, SMMX, TLEO, TTEC, TER, TWPG, TLGD, TMK, CLUB, TRN, TYL, URI, UAM, WCAA, WLL, XL.

Greetings!

Some levels to watch based on the hourly chart:

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

9:00am Aug S/CS Home Price Index (last 144.23), Aug S/CS Composite-20 (last -13.30%)
10:00am Oct Consumer Confidence (last 53.1), Oct Richmond Fed Manufacturing (last 14)
1:00pm Treasury’s 2-yr note auction
4:30pm API Crude Oil/Gasoline/Distillate Inventories

Events

12:00pm Treasury Sec Geithner addresses SIFMA conference in New York. 4:30pm Treasury Sec Geithner speaks with Charlie Rose at SIFMA conference. LTD Investor Conference. ICSC/UBSW Chain Store Sales (7:45, last +0.2%). Redbook Retail Sales (8:55, last +0.5%). ABC Consumer Confidence (last -50). Trades Ex-dividend: ADTN $0.09.

Earnings

Before the Open: CAS, AGCO, AKS, AMFI, AMED, ECOL, AME, AXE, AVY, BEAV, BMS, BHE, BYD, BP, CAB, CP, CPLA, CRS, CE, CNC, CRDN, CBR, CTV, CCUR, CVG, CPO, CYNO, DIN, DXYN, DSPG, ELNK, ECL, ENTG, EVVV, FE, FMER, FPL, BEN, FDP, GKSR, GIGM, GPI, HSII, HSP, ICON, IACI, IMA, JCI, LLL, LCAV, LIFE, NS, ORB, OSIS, PCAR, PCX, POOL, QLTI, RYN, SCG, SCHN, SAH, AMTD, TFX, TNC, TXT, TUES, X, UA, USAP, VLO, VDSI, VSH, VTNC, WDR, WAT, WSO, WIT, WYNN. After the Close: ABAX, ACE, ACTL, ADVS, ATAC, ACL, AMKR, ANAD, APOL, AWI, AJG, BBOX, BXP, BTUI, BWLD, CLMS, CRI, CAVM, CBI, CENX, CEPH, CHE, CQB, CMP, CSGS, CTS, DFG, DV, DBTK, DWA, DRCO, ETFC, EWBC, EHTH, ERTS, EXAC, FISV, FTI, GMR, GLF, HRS, ILMN, INSU, IDTI, JLL, KONA, XPRT, LOCM, MEE, MCK, MRCY, MMSI, MEOH, MOLX, NLC, NATI, NBIX, NSR, NAL, NSC, NTRI, OTEX, PNRA, PMTC, PRXL, PEET, PLT, PLXT, PPDI, PSYS, RSYS, RNR, RFMD, SSTI, SONO, SRCL, SFSF, SUNH, SDXC, TSS, TRMB, TRMK, ULTI, USNA, VCLK, V, WSII, WTS.

Greetings!

Have a nice, relaxing weekend and a great trading week to come.

Good Trading!

Futures Trading Levels

Economic Calendar

View the Economic Calendar on the Cannon Trading Desktop

Greetings!

Once again no follow through to the downside, at least not yet.

On a different note, below is a screen shot from a webinar I hold daily (the screen shot was taken a couple of days ago).

I hold these webinars daily and during the webinar (mostly the first two hours), I share my trade set ups, the logic behind it, the concept I use and much more.

At times I will demonstrate how to use our trading platform with live trades.

EVEN if you have taken the two week free trial, you can come in an observe at no charge or obligation until next Friday, Oct.30th:

Live Webinar →

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

10:00am Sept Existing Home Sales (last 5.1M, m/m -2.7%)

Events

8:30am Fed’s Bernanke to address Boston Fed Conference. 11:30am Fed’s Kohn speaks at Boston Fed event.

Earnings

Before the Open: COLM.

Greetings!

Todays price action is a good motive to display a daily chart.

First time in a while we have seen this type of volatility and price action.

Below are some levels to watch on the way down and on the way up…

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

8:30am Initial Jobless Claims (last 514K), Continuing Claims (last 5.992M)
10:00am Sept Leading Indicators (last 0.6%), Aug House Price Index m/m (last 0.3%)
10:30am Natural Gas Inventories
11:00am Treasury note announcement

Events

10:30am Fed’s Rosengren speaks in Massachusetts. 12:00pm Fed’s Lockhart speaks in Miami. 1:30pm Fed’s Dudley moderates panel at Boston Fed Conference. 4:00pm Fed’s Evans speaks in Michigan. 8:00am FDA Hematology and Pathology Devices Committee Meeting. Trades Ex-dividend: WPO $2.15, CL $0.44.

Earnings

Before the Open: MMM, AEIS, AKNS, ALK, ALXN, T, AUO, BDK, BGG, BMY, CCMP, CSH, CELG, CHKP, CXG, CNMD, CNX, CBE, DHR, DAL, DLX, DO, DOW, EXP, EMC, ESV, ETR, FITB, FCF, GMT, GR, HSY, HBAN, RX, IIIN, IVC, ESI, JNS, JBLU, KNSY, KMB, KVHI, LH, LM, ERIC, MCD, MI, MJN, MRK, MKSI, NCR, NYT, NIHD, NWPX, NVS, NUE, OXY, ODFL, ORI, PM, PNC, POT, PDS, PLD, PFS, RTN, RS, RAI, R, SGP, SIAL, SNA, SON, SPAR, HOT, STFC, STI, SY, TDY, TIN, TRA, TMO, TRV, UNP, UPS, LCC, WBS, WCC, XRX, ZMH. During Trading Hours: ASBC. After the Close: ALGN, AMZN, AXP, AMSG, AVID, BXS, BRCM, BUCY, BLDR, BNI, CA, COF, CHRT, CAKE, CMG, CB, CYN, CPWR, CYBS, DECK, DDR, EMN, ELX, FII, GDI, HWAY, HITT, HOKU, INFA, IBKR, JNPR, LSCC, LEG, WFR, MCRL, MTX, MPWR, NFLX, NTGR, NTCT, PMCS, PGI, RNOW, RVBD, RCKY, SIMG, SNWL, STMP, SPWRA, SYNA, SNV, WOOF, WRE, WDC.

Greetings!

Bob Farrell was a legend at Merrill Lynch & Co. for several decades. Farrell had a front-row seat to the go-go markets of the late 1960s, mid-1980s and late 1990s, the brutal bear market of 1973-74, and October 1987’s crash.

He retired as chief stock market analyst at the end of 1992, but continued to occasionally publish.

Marketwatch gathered some of Farrell’s more famous observations, and republished them as “10 Market Rules to Remember.”

1. Markets tend to return to the mean over time.
When stocks go too far in one direction, they come back. Euphoria and pessimism can cloud people’s heads. It’s easy to get caught up in the heat of the moment and lose perspective.

2. Excesses in one direction will lead to an opposite excess in the other direction.
Think of the market baseline as attached to a rubber string. Any action to far in one direction not only brings you back to the baseline, but leads to an overshoot in the opposite direction.

3. There are no new eras — excesses are never permanent.
Whatever the latest hot sector is, it eventually overheats, mean reverts, and then overshoots. Look at how far the emerging markets and BRIC nations ran over the past 6 years, only to get cut in half. As the fever builds, a chorus of “this time it’s different” will be heard, even if those exact words are never used. And of course, it — Human Nature — never is different.

4. Exponential rapidly rising or falling markets usually go further than you think, but they do not correct by going sideways.
Regardless of how hot a sector is, don’t expect a plateau to work off the excesses. Profits are locked in by selling, and that invariably leads to a significant correction — eventually comes.

5. The public buys the most at the top and the least at the bottom.
That’s why contrarian-minded investors can make good money if they follow the sentiment indicators and have good timing.
Watch Investors Intelligence (measuring the mood of more than 100 investment newsletter writers) and the American Association of Individual Investors survey.

6. Fear and greed are stronger than long-term resolve.
Investors can be their own worst enemy, particularly when emotions take hold. Gains “make us exuberant; they enhance well-being and promote optimism,” says Santa Clara University finance professor  Meir Statman. His studies of investor behavior show that “Losses bring sadness, disgust, fear, regret. Fear increases the sense of risk and some react by shunning stocks.”

7. Markets are strongest when they are broad and weakest when they narrow to a handful of blue-chip names.
Hence, why breadth and volume are so important. Think of it as strength in numbers. Broad momentum is hard to stop, Farrell observes. Watch for when momentum channels into a small number of stocks (“Nifty 50″ stocks).

8. Bear markets have three stages — sharp down, reflexive rebound and a drawn-out fundamental downtrend.
I would suggest that as of August 2008, we are on our third reflexive rebound — the Januuary rate cuts, the Bear Stearns low in March, and now the Fannie/Freddie rescue lows of July.  Even with these sporadic rallies end, we have yet to see the  long drawn out fundamental portion of the Bear Market.

9. When all the experts and forecasts agree — something else is going to happen.
As Stovall, the S&P investment strategist, puts it: “If everybody’s optimistic, who is left to buy? If everybody’s pessimistic, who’s left to sell?”
Going against the herd as Farrell repeatedly suggests can be very profitable, especially for patient buyers who raise cash from frothy markets and reinvest it when sentiment is darkest.

10. Bull markets are more fun than bear markets.
Especially if you are long only or mandated to be full invested. Those with more flexible charters might squeek out a smile or two here and there.

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

8:30am Sept PPI (last m/m 1.7%, y/y -4.3%, ex food energy last m/m 0.2%, y/y 2.3%), Sept Housing Starts (last 598K), Sept Building Permits (last 579K)
9:00am BoC rate decision
10:00am TAF results
4:30pm API Crude Oil/Gasoline/Distillate Inventories

Events

11:00am Fed’s Warsh moderates session at Fed conference in CA. 8:00pm Fed’s Plosser to discuss monetary policy at Stanford. ICSC/UBSW Chain Store Sales (7:45, last 0.6%). Redbook Retail Sales (8:55, last 0.6%). ABC Consumer Confidence (last -48). Trades Ex-dividend: CVS $0.076, APA $0.15, AMN $0.30, DLM $0.05.

Earnings

Before the Open: AIT, ARB, ASTE, ALV, BK, BIIB, BLK, EAT, CSL, CAT, CRUS, COH, KO, CMA, DRH, DD, FCFS, FRX, GAP, ITW, IMN, JEF, JRN, LAB, LXK, LMT, MTB, EDU, OXPS, PH, BTU, PNR, PFE, PCP, DGX, RF, SHW, STT, SVU, UAUA, UTX, UNH, WU. After the Close: AMLN, CHRW, CNI, CREE, CYMI, DSCM, FULT, GILD, HBHC, IBKC, IGTE, INFN, ISRG, MANH, MRTN, NBR, NUVA, PNFP, PLCM, RCRC, SNDK, STX, SLM, SONC, STM, SYK, SUPX, TUP, VASC, VOCS, WLT, YHOO, ZNT.

Greetings!

“Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.” -Warren Buffett

Have a great weekend!

Good Trading!

Futures Trading Levels

Economic Calendar

Greetings!

Daily chart below with FIB lines drawn from highs made 2 years ago, to lows made 7 months ago:

Good trading!

Futures Trading Levels

Economic Calendar

Economic

9:00am Aug Net Long-Term TIC Flows (last $15.3B), Aug Total Net TIC Flows (last -$97.5B)
9:15am Sept Industrial Production (last 0.8%), Sept Capacity Utilization (last 69.6%)
9:55am Oct prelim Univ of Michigan confidence (last 73.5)

Events

10:10am Fed’s Fisher speaks on globalization in Dallas. LINTA Investor Meeting.

Earnings

Before the Open: AOS, BAC, FHN, GE, GPC, HAL, MAT, PRSP.