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In This Issue
Economic Reports and Expiration Notices
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Newsletter Archives
May 7, 2008
by Jim Wyckoff
The U.S. Treasury Bond futures market on Wednesday hit a fresh 2.5-month high amid a "flight-to-quality" bid put into the market, as the U.S. stock market suffers a severe case of the jitters. If the U.S. stock indexes continue to sell off, then U.S. Treasuries will continue to benefit. In fact, the fundamentals in the bond market were never really that poor to warrant the price downtrend we saw late this spring. Much of that price weakness in bonds was due to heavy asset flows into the stock market during that timeframe. Now that assets are flowing out of the stock market, it's likely those assets will continue to flow into the U.S. Treasury futures market. See on the daily bar chart for September U.S. Treasury Bond futures that prices are in a solid uptrend from the June low. The bulls would gain better upside technical momentum by pushing prices above solid resistance at the 111 even level. The bond market bears would regain some fresh downside technical momentum by pushing and closing prices below solid chart support at the 109 even level. Stay tuned!
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 08/02 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - Factory Orders(Jun) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
FN: August Heating Oil(NYM)
August Unleaded Gas(NYM) |
| 08/03 Fri |
7:30 AM CDT - Nonfarm Payrolls & Unemploy Rate(Jul) 7:30 AM CDT - Ave Work Week & Hourly Earnings(Jul) 9:00 AM CDT - ISM Services(Jul) 2:00 PM CDT - Dairy Products Prices |
LT: Aug US Dollar Indexx Options(NYM)
Aug Live Cattle Options(CME) Aug Currency Options(CME) Aug Frozen Pork Belly Options(CME) Sep Cocoa Options(NYBOT) |
| 08/06 Mon |
|
|
| 08/07 Tue |
7:30 AM CDT - Productivity-Prel(Q2)
1:15 PM CDT - FOMC Policy Statement 2:00 PM CDT - Consumer Credit(Jun) |
FN: Aug Frozen Pork Bellies(CME)
|
| 08/08 Wed |
9:00 AM CDT - Wholesale Inventories(Jun)
9:30 AM CDT - API & DOE Energy Stats |
|
| 08/09 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
FN: Aug Live Cattle(CME)
|
* 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 exercise their own judgment in trading!