July 13th, 2012 - Issue #644
In This Issue
1. Trader's Resource Corner
2. Bearish reversal In Corn? - Hot Market Report
3. Economic Calendar
Featured Articles This Week
a. EWJ Editor Jeffrey Kennedy offers wisdom to guide your search for trading success.
1. Traders Resource Corner
A. Are you trading stock index futures like mini SP500? If so, make sure you know what earnings are coming up and can move the market you are trading
B. PFG Updates
2. Big, Bearish "Key Reversal" Down in Corn Wednesday?
By Jim Wyckoff
December corn futures prices Wednesday closed lower and nearer the session low after hitting a fresh contract and four-year high early on, following an extremely bullish and surprising USDA report Wednesday morning that dropped the national U.S. corn average by 20 bushels an acre! The corn market popped sharply and then sold off sharply, prices did finish off the daily low. However, any time a market cannot rally on fresh, very bullish fundamental news, that's a solid clue that a market top is in place or very close to it. Wednesday's price action in corn also produced a technically bearish "key reversal" down on the daily bar chart, which is also an early technical clue that a market top is in place. How corn closes this Friday will be telling. A weekly low close on Friday, or close to it, would be another nail in the corn bulls' coffin. Corn bulls' next upside price breakout
objective is to push and close prices above solid technical resistance at Wednesday's contract high of $7.48. The next downside price breakout objective for the bears is pushing and closing prices below solid technical support at Wednesday's low of $6.85 1/3.. Stay tuned!
Disclaimer:
Trading commodity futures and options involves substantial risk of loss. The recommendations 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 futures 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!
3. Economic Calendar
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
| 07/16 Mon |
7:30 AM CDT - NOPA Crush
7:30 AM CDT - Empire Manufacturing(Jul) 7:30 AM CDT - Retail Sales(Jun) 9:00 AM CDT - Business Inventories(May) |
FN: Jul Lumber(CME)
LT: Jul Eurodollar(CME) Jul Lean Hogs(CME) Jul Lean Hogs Options(CME) Aug Sugar-11 Options(NYM) |
| 07/17 Tues |
7:30 AM CDT - NOPA Crush
7:30 AM CDT - Empire Manufacturing(Jul) 7:30 AM CDT - Retail Sales(Jun) 9:00 AM CDT - Business Inventories(May) |
LT: Aug Crude Lt Options(NYM) |
| 07/18 Wed |
6:00 AM CDT - MBA Mortgage Purchase Index
7:30 AM CDT - Dairy Products Prices 7:30 AM CDT - Building Permits & Housing Starts(Jun) 9:30 AM CDT - API & DOE Energy Stats 1:00 PM CDT - Fed's Beige Book(Jun) |
LT: Aug Platinum Options(NYM)
Aug Palladium Options(NYM) |
| 07/19 Thurs |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - Existing Home Sales(Jun) 9:00 AM CDT - Leading Indicators(Jun) 9:00 AM CDT - Philadelphia Fed(Jul) 9:30 AM CDT - EIA Gas Storage 2:00 PM CDT - Milk Production 3:30 PM CDT - Money Supply |
LT: Jul Coffee(ICE) |
| 07/20 Fri |
2:00 PM CDT - Cattle On Feed
2:00 PM CDT - Cold Storage |
LT: Aug Crude Lt(NYM)
Jul DJIA Options(CME) Jul S&P 500 Options(CME) Jul E-Mini S&P 500 Options(CME) Jul NASDAQ Options(CME) Jul E-Mini NASDAQ Options(CME) Jul Russell Options(CME) Aug Orange Juice Options(ICE) |
| 07/23 Mon |
* 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!
