Stock Index Futures maintain bearish stand after unemployment figures. Letter from CME group
In This Issue
1. Trader's Resource Corner - CME Letter: Rebuilding Confidence Through Safer Markets
2. Hot Market Review - Stock Index Futures
3. Economic Calendar
Terrence A. Duffy |
10/30/2012
The bankruptcy process of returning customer property can never move fast enough for those who, through no fault of their own, are unable to operate their businesses. But, progress has been made. As an industry leader and provider of the broadest range of benchmark futures and options contracts, CME Group guaranteed $550 million
to the MF Global trustee. This helped to accelerate the distribution of customer funds in the early days of the bankruptcy. CME Trust has pledged $50 million of its assets to cover our customers' losses that remain after the Trustee's distribution process is completed. In addition, we created a $100 million fund
to provide further protection for U.S. family farmers, family ranchers and their cooperatives that hedge their business in our futures markets. This is particularly important since our nation's food producers were so hard hit by the [MF Global and PFG] failures. And, next month, CME Group will begin the process of paying over $2 million in benefits to nearly 200 farmers, ranchers and cooperatives that used CME Group markets and suffered losses in the failure of PFG. |
Copyright ® 2012 CME Group. All rights reserved. |
From our friend Jim Wyckoff
im 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
The U.S. stock index bulls have faded recently and prices have hit multi-month lows. See on the daily bar chart for the e-mini S&P futures that an uptrend line was negated a while back as prices dropped sharply from the fall highs. Prices have now moved into a pause mode, depicted by the choppy and sideways trading action on the daily chart. This pause is not bullish and suggests the bears are just biding their time for the next push lower. It would take a move in S&P prices above the solid technical resistance level seen on the chart to provide the bulls with fresh upside near-term technical momentum. Remember what I said several weeks ago: The fact that the stock indexes showed good strength during the historically bearish months of September and October hints that the stock indexes could show weakness in November and December, when the historically bullish "Santa Claus" rallies have occurred.
Source: Moore Research Center, Inc.
Date | Reports | Expiration & Notice Dates |
11/05 Mon |
9:00 AM CST - ISM Services(Oct) | |
11/06 Tues |
ELECTION DAY | |
11/07 Wed |
6:00 AM CST - MBA Mortgage Purchase Index
7:30 AM CST - Dairy Products Prices 9:30 AM CST - API & DOE Energy Stats 2:00 PM CST - Consumer Credit(Sep) |
|
11/08 Thurs |
7:30 AM CST - USDA Weekly Export Sales
7:30 AM CST - Initial Claims-Weekly 7:30 AM CST - Trade Balance(Sep) 9:30 AM CST - EIA Gas Storage 3:30 PM CST - Money Supply |
|
11/09 Fri |
7:30 AM CST - WASDE Report & Crop Production
7:30 AM CST - Export & Import Sales(Oct) 8:55 AM CST - Mich Sentiment(Nov) 9:00 AM CST - Wholesale Inventories(Sep) |
LT: Nov Orange Juice(ICE)
Nov Canadian Dollar Options(CME) Nov Currencies Options(CME) Nov US Dollar Index Options(ICE) Dec Cotton Options(NYM) Dec Coffee Options(ICE) |
11/12 Mon |
VETERANS DAY(OBSERVED) |
* 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!