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May 29, 2015 Newsletter

Crude Oil futures and day trading tips

May 29th, 2015 - Issue #788

In This Issue

1. Hot Market Report - Crude Oil Bulls Are Fading Amid Price Downtrend
2. Day Trading Tips
3. Economic Calendar

1. Crude Oil Bulls Are Fading Amid Price Downtrend


From our friend Jim Wyckoff

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 www.jimwyckoff.com click on image below to enlarge

Crude Oil Bulls Are Fading Amid Price Downtrend The strong recent rally in the U.S. dollar index is taking a toll on the crude oil market bulls. See on the daily bar chart for July Nymex crude oil futures that prices are in a fledgling downtrend. Crude bears have fresh downside technical momentum to suggest prices can continue to trend sideways to lower in the near term... --Jim

2. Day Trading Tips

The following is an excerpt from our daily trading blog which features current support and resistance levels, economic reports and market commentary:

Few pointers for you day-traders out there. I am sure you have heard some from different resources but never hurts to read and absorb this again:

1. Be patient
2. Limit the number of hours you trade
3. Know your DAILY risk before the day begins and this will dictate
the number of contracts you trade
4. Choose markets with high liquidity
5. Know what reports come out every day and their impact on the markets.
6. Understand that even the best methods will have losing days.
7. Learn to accept loses
8. Use RISK CAPITAL only
9. Don't try to trade and do other things
10. Educate yourself
11. Keep a trading journal

Interested in learning more? View our Daily Trading Blog and sign up for daily emails here **While the chart examples are a few years old, the concepts are still valid. If you would like a free Intraday trial after reading the article, Click Here!

3. Economic Calendar

Source: Moore Research Center, Inc.

Date Reports Expiration & Notice Dates
06/01
Mon
7:30 AM CDT - PCE Prices-Core(Apr)
7:30 AM CDT - Personal Income & Spending(Apr)
9:00 AM CDT - Construction Spending(Apr)
9:00 AM CDT - ISM Index(May)
06/02
Tues
9:00 AM CDT - Factory Orders(Apr)
4:00 PM CDT - Auto & Truck Sales(May)
LT: May Butter(CME)
May Milk(CME)
May Butter Options(CME)
May Milk Options(CME)
06/03
Wed
6:00 AM CDT - MBA Mortgage Purchase Index
7:15 AM CDT - ADP Employment Change(May)
7:30 AM CDT - Trade Balance(Apr)
9:00 AM CDT - ISM Services(May)
9:30 AM CDT - API & DOE Energy Stats
1:00 PM CDT - Fed's Beige Book(Jun)
2:00 PM CDT - Dairy Product Sales
06/04
Thurs
6:30 AM CDT - Challenger Job Cuts(May)
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly
7:30 AM CDT - Productivity-Rev(Q1)
7:30 AM CDT - Unit Labor Costs-Rev(Q1)
9:30 AM CDT - EIA Gas Storage
3:30 PM CDT - Money Supply
06/05
Fri
7:30 AM CDT - Ave Workweek & Hourly Earnings(May)
7:30 AM CDT - Nonfarm Payrolls(May)
7:30 AM CDT - Unemployment Rate(May)
1:00 PM CDT - Consumer Credit(Apr)
LT: Jun Canadian Dollar Options(CME)
Jun Currencies Options(CME)
Jun Live Cattle Options(CME)
Jun US Dollar Index Options(ICE)
Jul Cocoa Options(ICE)
06/08
Mon
FN: Jun Live Cattle(CME)
LT: Jul Sugar-16(ICE)

 

 

 

* 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!

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