September 2nd 2016 - Issue #843
In This Issue
1. Where is the Trend?
2. Hot Market Report: Sugar Rally How Sweet?
3. Economic Calendar
1.Trading 102: Where is the Trend?
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Cannon Trading respects your privacy and will never give this information to a 3rd party.2. Hot Market: Suagr Rally Nearing an End?
Published on Equities.com by our VP, Ilan Levy-Mayer Equities.com
Click on image below to enlarge
The sugar market has made a significant upside move over the past few days and weeks. Weather concerns for part of the growing areas in Asia, as well as strength in the Brazilian Real contributed to this rally.
From a technical point of view, I feel this market is overbought and over-extended, but when fundamentals take over, you can use the charts for wall decoration. That being said, I will be looking for signs of exhaustion on
the daily and weekly charts. The chart below is a monthly chart of sugar, and you’ll notice we’re trading right against recent highs; I received a sell signal in the shape of my red diamond.
But, because I don't have a crystal ball, I will look on the daily chart for a similar clue before trying to go against the trend and go short.
3. Economic Calendar
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 09/01 Thu |
6:30 AM CDT - Challenger Job Cuts(Aug)
7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - Productivity-Rev(Q2) 7:30 AM CDT - Unit Labor Costs-Rev(Q2) 9:00 AM CDT - Construction Spending(Jul) 9:00 AM CDT - ISM Index(Aug) 9:30 AM CDT - EIA Gas Storage 1:00 PM CDT - Auto & Truck Sales 2:00 PM CDT - Fats & Oils 2:00 PM CDT - Grain Crushings |
FN: Sep Orange Juice(ICE)
|
| 09/02 Fri |
7:30 AM CDT - Ave Workweek & Hourly Earnings(Aug)
7:30 AM CDT - Nonfarm Payrolls(Aug) 7:30 AM CDT - Trade Balance(Jul) 7:30 AM CDT - Unemployment Rate(Aug) 9:00 AM CDT - Factory Orders(Jul) |
FN: Sep RBOB & ULSD(NYM)
LT: Sep Live Cattle Options(CME) Oct Cocoa Options(ICE) |
| 09/05 Mon |
LABOR DAY
|
|
| 09/06 Tue |
9:00 AM CDT - ISM Services(Aug)
|
|
| 09/07 Wed |
6:00 AM CDT - MBA Mortgage Index
1:00 PM CDT - Fed's Beige Book(Sep) |
|
| 09/08 Thu |
7:30 AM CDT - Initial Claims-Weekly
9:30 AM CDT - EIA Gas Storage 10:00 AM CDT - API & DOE Energy Stats 2:00 PM CDT - Consumer Credit(Jul) 2:00 PM CDT - Dairy Products Sales |
LT: Sep Nikkei(CME)
Sep Nikkei Options(CME) |
| 09/09 Fri |
7:30 AM CDT - USDA Weekly Export Sales
9:00 AM CDT - Wholesale Inventories(Jul) |
LT: Sep Canadian Dollar Options(CME)
Sep Currencies Options(CME) Sep Mx Peso Options(CME) Sep US Dollar Index Options(ICE) Oct Coffee Options(ICE) |
| 09/12 Mon |
11:00 AM CDT - WASDE Report & Crop Production
|
LT: Sep Orange Juice(ICE)
|
| 09/13 Tue |
1:00 PM CDT - Treasury Budget(Aug)
|
|
| 09/14 Wed |
6:00 AM CDT - MBA Mortgage Index
7:30 AM CDT - Export & Import Sales(Aug) 9:30 AM CDT - API & DOE Energy Stats 2:00 PM CDT - Dairy Products Sales |
LT: Sep Wheat(CBT)
Sep Corn(CBT) Sep Oats(CBT) Sep Rough Rice(CBT) Sep Soybeans,Soymeal,Soyoil(CBT) |
| 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!
