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.

Greetings!

We have a week full of earnings, economic numbers and FOMC rate decision on Wednesday.

Market started today with a small rally but unlike the last few months…this Monday rally fizzled during the day, perhaps a sign of changing market mentality?

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

Daily chart below with some levels to watch:

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

05:00 Brazil Jan Consumer Confidence
09:00 Nov S/CS Home Price Index (last 146.58), Nov S/CS Composite-20 (last -7.28%)
10:00 Jan Consumer Confidence (last 52.9), Jan Richmond Fed Manufacturing (last -4), Nov House Price Index (last 0.6%)
13:00 Treasury’s 2-yr note auction
16:30 API Crude Oil/Gasoline/Distillate Inventories

Events

Portugal 2010 Budget Proposal. ICSC/UBSW Chain Store Sales (07:45, last +2%). Redbook Retail Sales (08:55, last +0.9%). ABC Consumer Confidence (last -49). Trades Ex-dividend: CLX $0.50, VNO $0.65, AMN $0.30.

Earnings

Before the Open: AOS, ABC, AME, ASH, BHI, CRS, CVG, CBE, GLW, DAL, DD, EMC, ENR, FMER, FPL, GKSR, JNJ, KCI, MHP, MTG, NVS, NUE, BTU, RYN, RF, SHW, TLAB, TRV, X, VZ, WAT, WFT, WTNY, GWW. After the Close: ALTR, BBOX, BXP, BKI, CLMS, ELY, CNI, CNS, CSGS, DV, GILD, HTCH, INFN, IDTI, KEYN, MRTN, MCK, MRCY, MTH, MOLX, NATI, NAL, PTV, PMTC, QLGC, RFMD, RKT, SANM, TSFG, STM, SYK, SXL, TPX, TRMK, WMS, YHOO.

Greetings!

The early sell signal I mentioned on Tuesday materialized nicely. Below is the daily mini Russell chart with some levels to watch if we bounce or in case of continued decline.

If the volatility we saw over the last two days continues, then one must adjust their trading plan and behavior accordingly.

Over the last few weeks we saw slow, tight range market. Over the last two days we have seen wide, volatile ranges.
Take this into consideration.

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

10:00 Dec Existing Home Sales (last 6.54M, m/m 7.4%)
10:30 Jan Dallas Fed Manufacturing (last 3.8%)

Events

BoJ Rate Decision. Ex-dividend: PGR $0.161, CALM $0.172.

Earnings

Before the Open: AKS, BOH, CNH, ETN, HAL, ERIC, PVTB, DGX, SEE. After the Close: ALB, ALGT, AMGN, AAPL, ATHR, CLDN, CR, GGG, HTLF, JEC, JDAS, KRC, MSPD, NARA, OLN, PKG, PRXL, PLXT, RLRN, RLI, SLG, TXN, VMW, VLTR, ZION

Greetings!

Some levels to watch for if we bounce and if we resume the selling pressure:

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

07:00 Canada Nov Retail Sales
10:00 Mexico Dec prelim Trade Balance, Dec Unemployment
14:00 Argentina Dec Trade Balance, Dec Industrial Production

Events

None Seen

Earnings

Before the Open: APD, ACO, AVX, BBT, EXC, GE, HOG, HBAN, JCI, KMB, MBFI, MCD, PRSP, SLB, STI, WBS.

Greetings!

I wrote yesterday that weekly chart produced a sell alert and that we need to see market goes below 1126. The market is making it hard for us as the low was 1125.25 and we bounced 10 points from there…

A break below 1125 and a break of mini Russell below 629 will confirm a short term change in the trend and will give the bears more confidence.

Weekly newsletter available on our site.

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

08:30 Initial Jobless Claims (last 444K), Continuing Claims (last 4.596M), Canada Nov Wholesale Sales
10:00 Nov Leading Indicators (last 0.9%), Dec Philadelphia Fed (last 20.4)
10:30 Natural Gas Inventories
11:00 DoE Crude Oil/Gasoline/Distillate Inventories. Treasury note announcement

Events

Trades Ex-dividend: BCPC 3-2, CTRP 2-1. Trades Ex-dividend: BCR $0.17, UNM $0.083.

Earnings

Before the Open: APH, CMA, CAL, FCS, FITB, FNFG, GMT, GS, HOMB, IMN, IIIN, ESI, KEY, NITE, LM, MDZ, MDP, PNC, PPG, PCP, SMTS, LUV, SBIB, TCB, UNP, UNH, XRX. During Trading Hours: ED. After the Close: AMD, AXP, BXS, BNI, COF, CBST, DGII, EFII, ELX, EZPW, GOOG, IBKR, IGT, ISRG, JJSF, MATW, NTCT, PBCT, SYNA, WDC.

Greetings!

Below you will see a WEEKLY chart of the SP500, with Fibonacci retracement levels drawn.

The red diamond which appeared this week is a sign of the market getting overbought. The way i like to use the diamond indicator is by looking for a price confirmation, i.e if I got a red diamond on this weekly chart, I would like to see prices go below 1126 in order to feel more comfortable going short.

Good Trading!

Futures Trading Levels

Economic Calendar

Economic

04:30 BoE minutes
07:00 Canada Dec CPI
08:30 Dec PPI (last m/m 1.8%, y/y 2.4%, ex food & energy last m/m 0.5%, y/y 1.2%), Dec Housing Starts (last 574K), Dec Building Permits (last 589K)
10:30 API Crude Oil/Gasoline/Distillate Inventories

Events

ECB Jan Monthly Report. MBA Mortgage Applications (7:00, last +14.3%). Trades Ex-dividend: TSL 2-1. Trades Ex-dividend: PG $0.44.

Earnings

Before the Open: AIT, ASML, BAC, BK, EAT, COH, COV, HCBK, IGTE, MTB, MI, MS, NTRS, STT, USB, WFC. After the Close: DOX, EBAY, FFIV, LOGI, NVEC, PLXS, STX, SWKS, SLM, SBUX, TSS, WGOV, XLNX.

Greetings!

Wishing all of you a nice weekend!

Monday is Martin Luther King holiday and most markets will be closed early Monday morning and resume electronic trading Monday afternoon. Pit sessions are closed.

Our office will be closed Monday, if you need help, please have your account number ready and call the order desk directly.

Holiday schedule here: http://www.cannontrading.com/daily/2010/01/15/2010-martin-luther-king-jr-day-trading-schedule/.

Good Trading!

Futures Trading Levels

Economic Calendar

Monday, January 18, 2010

Economic

None Seen

Events

Bond and equity markets closed for the Martin Luther King Day holiday.

Earnings

None Seen

Tuesday, January 19, 2010

Economic

09:00 BoC Rate Decision, Nov Net Long-Term TIC Flows (last $20.7B), Nov Total Net TIC Flows (last -$13.9B)
13:00 Jan NAHB Housing Market Index (last 16)

Events

PGN Earnings Guidance. ICSC/UBSW Chain Store Sales (7:45, last -3%). Redbook Retail Sales (8:55, last +1.4%). ABC Consumer Confidence (last -47). Trades Ex-dividend: DLM $0.05, POT $0.10.

Earnings

Before the Open: C, FAST, FHN, FRX, IIVI, EDU, PH, PETS, AMTD. After the Close: ADTN, CREE, CSX, FULT, HBHC, IBM, PNFP, SUPX.