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June 19th, 2015 Newsletter

Gold sees upside bullish breakout and daytrading futures 101: different type of trading days

June 19th, 2015 - Issue #791

In This Issue

1. Day Trading 101- Different Types of Trading Days  
2. Hot Market Review - Gold Sees Bullish Breakout
3. Economic Calendar

1. Day Trading 101- Different Types of Trading Days  


I am a fan of adjusting trading techniques/game plans according to an assessment of the type of trading day.
Today I decided to touch on an educational feature rather than provide a certain market outlook. Many of my clients and blog readers know that when it comes to short-term trading I am a fan of adjusting your trading technique/game plan according to your assessment of the type of trading day that is developing in front of you. My opinion is that there are three main types of trading days:

1. Most common is two-sided trading action with swings up and down – this type of trading day is most suitable for using support and resistance levels along with overbought/oversold indicators. An example of such a trading day is reflected below with the mini Russell 2000 from March 2nd, 2015. Notice I use range bar charts which is a different educational topic I touched on before. On this chart I have overlaid some indicators I developed and like to use, free trial is available

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Read the Rest of the Article along with chart examples:

Day Trading 101

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2. Hot Market Review - Gold Sees Bullish Upside "Breakout"

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

gold Bulls Making Some Noise;Gold futures prices Thursday hit a nearly three-week high above $1,200.00. The yellow metal was boosted on short covering and fresh speculator buying--and even some safe-haven demand. Bullish remarks from the Federal Reserve chair and Greece debt worries are working in favor of the precious metals bulls. Technically, gold futures bears still have the overall near-term technical advantage. However, a four-week-old downtrend on the daily bar chart has been negated and prices have seen a bullish upside “breakout” from the recent sideways and choppy trading range. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the June high of $1,204.70. Bears' next near-term downside price breakout objective is closing prices below solid technical support at this week's low of $1,171.90. Stay tuned!

3. Economic Calendar

Source: Moore Research Center, Inc.

Date Reports Expiration & Notice Dates
06/22
Mon
9:00 AM CDT - Existing Home Sales(May)
2:00 PM CDT - Cold Storage  
  
FN: Jul Coffee(ICE)  
LT: Jul Crude Lt(NYM) 
06/23
Tues
7:30 AM CDT - Durable Goods-Ex Transportation(May)
7:30 AM CDT - Durable Orders(May)
8:00 AM CDT - FHFA Housing Price Index(Apr)
9:00 AM CDT - New Home Sales(May)
  
  
06/24
Wed
6:00 AM CDT - MBA Mortgage Purchase Index
7:30 AM CDT - GDP-Third Estimate(Q1)
7:30 AM CDT - GDP Deflator-Third Estimate(Q1)
9:30 AM CDT - API & DOE Energy Stats
2:00 PM CDT - Dairy Products Sales
FN: Jul Cotton(ICE)
Jul Crude Lt(NYM)
 
06/25
Thurs
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly
7:30 AM CDT - PCE Prices-Core(May)
7:30 AM CDT - Personal Income & Spending(May)
9:30 AM CDT - EIA Gas Storage
3:30 PM CDT - Money Supply
LT: Jul Copper Options(CMX)
Jul Gold Options(CMX)
Jul Silver Options(CMX)
Jul Natural Gas Options(NYM)
Jul RBOB & ULSD Options(NYM)  
06/26
Fri
9:00 AM CDT - Michigan Sentiment-Final(Jun)
2:00 PM CDT - Quarterly Hogs & Pigs
 
LT: Jun Copper(CMX)
Jun Gold(CMX)
Jun Silver(CMX)
Jun Platinum(NYM)
Jun Palladium(NYM)
Jul Natural Gas(NYM)
Jul 2,5,10 Year Notes Options(CBT)
Jul Bonds Options(CBT)
Jul Corn Options(CBT)
Jul Oats Options(CBT)
Jul Rough Rice Options(CBT)
Jul Wheat Options(CBT)
Jul Rough Rice Options(CBT)
Jul Soybeans,Soymeal,Soyoil Options(CBT)
 
06/29
Mon
9:00 AM CDT - Pending Home Sales(May)  
  
FN: Jul Natural Gas(NYM)

* 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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