November 10, 2017 - Issue #899
In This Issue
1. Trader's Interview: John Netto of TheProteanTrader.com
2. Hot Market report: Corn Futures Not so Hot...
3. Economic Calendar
1. Trader's Interview: John Netto of TheProteanTrader.com
John Netto Interview with Ilan Levy Mayer
John Netto is a cross-asset class trader and author of The Global Macro Edge: Maximizing Return Per Unit-of-Risk. He is also the creator of the Netto Number, the Risk Factor Compensation System, and the Protean Strategy, for which he was named by Collective2.com as Strategy Developer of the Month. Netto is an expert in developing, executing, and managing proprietary algorithmic and discretionary trading strategies across a range of time horizons, asset classes, and market regimes.
theproteantrader.com
Ilan:
What are your views on Intraday vs End-of-day trading.
John: Like everything it's about the market environment. We have been in a market where the Dow Jones traded in it's most compressed average true range since 1905 so the idea of running an end of day strategy and playing for big moves hasn't materialized like it has in the past.
In this market, what I have done is identify periods where there is more volatility, such as
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2. Hot Market Report: Corn Not so Hot....
By Mark O'Brien, Senior BrokerClick on image below to enlarge
Typically, when someone describes a market’s price movement as “hot,” the market they’re referencing is moving up in price, often sharply and often to values not seen in weeks or months.
This week’s hot market looks at corn, which is no where near exhibiting these price characteristics. Its Dec. contract has been trading range-bound for two months and is currently sitting at its lowest price since the beginning of this specific contract month’s inception three years ago, near $3.42/bushel. With the news from the U.S.D.A.’s Nov. 9 Supply/Demand report that this year’s corn crop yield is forecast to hit 14.6 billion bushels, this will be the highest yield on record for the United States. More so, this year’s harvest has yet to be completed and experts are already forecasting that January’s Supply/Demand report will revise that number higher, given the late-season’s favorable growing/weather conditions. Multi-month and multi-year highs and lows can be tricky to trade if you’re apt to go with the trend because of the lack of context.
Where is the next price target? This is indeed a cat-and-mouse game worthy of monitoring. Have a great weekend everybody and even a better trading week ahead.
3. Economic Calendar
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 11/10 Fri |
9:00 AM CST - Mich Sentiment-Prelim(Nov)
|
LT: Nov Eurodollar Options(CME)
Dec Cotton Options(NYM) Dec Coffee Options(ICE) |
| 11/13 Mon |
|
LT: Nov Eurodollar(CME)
Nov Mx Peso(CME) |
| 11/14 Tue |
7:30 AM CST - Core PPI & PPI(Oct)
3:30 PM CST - API Energy Stocks |
LT: Nov Canola(CBT)
Nov Rough Rice(CBT) Nov Soybeans(CBT) |
| 11/15 Wed |
6:00 AM CST - MBA Mortgage Applications Index
7:30 AM CST - Core CPI & CPI(Oct) 7:30 AM CST - Empire Manufacturing(Nov) 7:30 AM CST - Retail Sales(Oct) 7:30 AM CST - Retail Sales Ex-Auto(Oct) 9:00 AM CST - Business Inventories(Sep) 9:30 AM CST - EIA Petroleum Status Report 11:00 AM CST - NOPA Crush 2:00 PM CST - Diary Product Sales 3:00 PM CST - Net Long-Term TIC Flows(Nov) |
LT: Nov Lumber(CME)
Dec Crude Lt Options(NYM) Dec Platinum Options(NYM) Dec Palladium Options(NYM) Dec Sugar-11 Options(ICE) |
| 11/16 Thu |
7:30 AM CST - USDA Weekly Export Sales
7:30 AM CST - Initial Claims-Weekly 7:30 AM CST - Export(ex-ag) & Import(ex-oil) Prices(Oct) 7:30 AM CST - Philadelphia Fed(Nov) 8:15 AM CST - Capacity Util & Industrial Prod(Oct) 9:30 AM CST - EIA Natural Gas Report 3:30 PM CST - Money Supply |
FN: Nov Lumber(CME)
Dec Cocoa(ICE) LT: Nov Feeder Cattle(CME) Nov Feeder Cattle Options(CME) |
| 11/17 Fri |
7:30 AM CST - Building Permits & Housing Starts(Oct)
2:00 PM CST - Cattle On Feed |
LT: Nov Nikkei Options(CME)
Nov Russell Options(CME) Dec Orange Juice Options(ICE) |
| 11/20 Mon |
2:00 PM CST - Milk Production
|
LT: Dec Crude Lt(NYM)
|
| 11/21 Tue |
9:00 AM CST - Existing Home Sales(Oct)
3:30 PM CST - API Energy Stocks |
FN: Dec Coffee(ICE)
|
| 11/22 Wed |
6:00 AM CST - MBA Mortgage Applications Index
7:30 AM CST - Durable Goods Ex-Transportation(Oct) 7:30 AM CST - Durable Orders(Oct) 7:30 AM CST - Initial Claims-Weekly 9:00 AM CST - Michigan Sentiment-Final(Nov) 9:30 AM CST - EIA Petroleum Status Report 10:00 AM CST - EIA Natural Gas Report 2:00 PM CST - Cold Storage 2:00 PM CST - Dairy Products Sales |
FN: Dec Crude Lt(NYM)
|
| 11/23 Thu |
THANKSGIVING DAY
|
|
| FN=First Notice, OE=Option Expiration, LT=Last Trade | ||
* 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!
