May 17, 2013 - Issue #686
In This Issue
1. Cannon Trading Social Media
2. Hot Market Review - Gold Bears Flexing their Muscles
3. Economic Calendar
Cannon Trading Social Media
Dear Clients, Prospects and Newsletter Readers -
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2. Hot Market Review - Gold Bears Flexing their Muscles
From our friend Jim Wyckoff
If you like this Newsletter, Please share!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
Comex gold futures were trading lower Friday morning and hit a four-week low, the seventh trading day in a row of losses--marking its longest losing streak in four years. Weak long liquidation and technical short selling are featured late this week in the gold futures market. The U.S. dollar index was stronger again Friday morning and is hovering near this week’s 9.5-month high. The strong greenback has been a major bearish weight on the gold and silver markets this week. Technically, June gold futures bears are in firm near-term technical control. Prices are in a seven-month-old downtrend on the daily bar chart. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,400.00. Bears' next near-term downside breakout price objective is closing prices below solid technical support at the April low of $1,321.50. Bulls need to strongly defend the April low to avoid a big selling washout in this market.
3. Economic Calendar
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
| 05/20 Mon |
2:00 PM CDT - Milk Production | LT: May Coffee(ICE) |
| 05/21 Tues |
LT: Jun Crude Lt(NYM) | |
| 05/22 Wed |
6:00 AM CDT - MBA Mortgage Purchase Index 9:00 AM CDT - Existing Home Sales(Apr) 9:30 AM CDT - API & DOE Energy Stats 1:00 PM CDT - FOMC Minutes 2:00 PM CDT - Cold Storage 3:00 PM CDT - Dairy Products Sales |
|
| 05/23 Thurs |
7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - USDA Weekly Export Sales 8:00 AM CDT - FHFA Housing Price Index(Mar) 9:00 AM CDT - New Home Sales(Apr) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
FN: Jun Crude Lt(NYM) LT: May Feeder Cattle(CME) May Feeder Cattle Options(CME) |
| 05/24 Fri |
7:30 AM CDT - Durable Goods-Ex Transportation(Apr) 7:30 AM CDT - Durable Orders(Apr) |
LT: Jun 2,5,10 Year Notes Options(CBT) Jun Bonds Options(CBT) Jun Wheat Options(CBT) Jun Corn Options(CBT) Jun Oats Options(CBT) Jun Rough Rice Options(CBT) Jun Soybeans,Soymeal,Soyoil Options(CBT) |
| 05/04 Mon |
MEMORIAL DAY |
* 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.
