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In This Issue
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Reports and Expiration Notices
GOOD TRADING!
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Newsletter Archives
May 7, 2008
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K.C. Wheat Bears Eyeing "Key Reversal" Down
December hard red winter wheat futures at the Kansas City Board of Trade on Tuesday notched a fresh contract high of $5.40 a bushel. However, prices quickly reversed course to close sharply lower and near the session low. That volatile price action on Tuesday did produce a bearish "outside day" down on the daily bar chart, whereby the high was higher and the low was lower than the previous session's trading range, with a lower close. Importantly, if there is good follow-through selling pressure and a solidly lower close on Wednesday, then a bearish "key reversal" down would be confirmed on the daily bar chart. That would be one early technical clue that a market top is in place. But right now, the bulls do still have the near-term technical advantage and can correctly argue that Tuesday's losses were just profit-taking pressure from recent strong gains. They point out that a solid uptrend line is still in place on the daily bar chart, drawn from the September low of $4.55 a bushel, basis December futures. The solid rebound from the September low also produced a bullish double-bottom reversal pattern on the daily bar chart for December Kansas City wheat. The next upside price objective for the HRW bulls is to produce a close back above strong overhead chart resistance at the contract high of $5.40 a bushel. The next downside price objective for the bears is closing prices below major psychological support at $5.00 a bushel.
Jim has an EXCELLENT daily newsletter where he reviews different markets, alerts you for potential trades and much more. Included is his great bi-weekly newsletter with charts and a little longer term outlook. We recommend checking out his website, educational CDROM, and services at JimWyckoff.com
Disclaimer: There is a risk of financial loss in futures and options trading. Futures trading is neither easy nor an easy way to make money. It takes hard work to have success. Please use sound money management when trading futures. Past performance is not necessarily indicative of future results. Nothing in this newsletter is intended to be a trading recommendation for you to buy or sell futures or options. All information has been obtained from sources believed to be reliable, but accuracy is not guaranteed. Readers are solely responsible for how they use the information in this newsletter.
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 10/12 Thu |
7:30 AM CDT - Crop Production & WASDE 7:30 AM CDT - Supply & Demand Reports 7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 9:30 AM CDT - API & DOE Energy Stats 1:00 PM CDT - Fed's Beige Book 3:30 PM CDT - Money Supply |
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| 10/13 Fri |
7:30 AM CDT - Export & Import Prices(Sep)
7:30 AM CDT - Retail Sales(Sep) 8:50 AM CDT - Mich Sentiment-Prelim) 9:00 AM CDT - Business Inventories(Aug) 9:30 AM CDT - EIA Gas Storage 2:00 PM CDT - Dairy Products Prices |
LT: Oct Soybean Oil(CBT)
Oct Soybean Meal(CBT) Oct Lean Hogs(CME) |
| 10/16 Mon |
7:30 AM CDT - NY Empire State Index(Oct)
NOPA Crush |
LT: Oct LIBOR(CME)
Oct LIBOR Options(CME) Oct Eurodollar Options(CME) |
| 10/17 Tue |
7:30 AM CDT - PPI & Core PPI(Sep) 8:00 AM CDT - Net Foreign Purchases(Aug) 8:15 AM CDT - Capacity Util & Indus Prod(Sep) |
LT: Oct GSCI(CME)
Nov Crude Oil Options(NYM) |
| 10/18 Wed |
7:30 AM CDT - Housing Starts & Building Permits(Sep) 7:30 AM CDT - CPI & Core CPI(Sep) 9:30 AM CDT - API & DOE Energy Stats |
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| 10/19 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - Leading Indicators(Sep) 9:30 AM CDT - EIA Gas Storage 11:00 AM CDT - Philadelphia Fed(Oct) 3:30 PM CDT - Money Supply |
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* Please note that the information contained in this letter is intended for clients, prospective clients, and audiences who have a basic understanding, familiarity, and interest in the futures markets.
** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.
*** 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 exercisetheir own judgment in trading!