May 4, 2012 - Issue #634
In This Issue
1. Crude Oil Slumps as Bears Gain Downside Technical Momentum
2. Friday's Major Market Moves After Monthly Unemployment Figures
3. Economic Calendar
Featured Articles This Week
a. U.S. Financial System: Is It Finally Stable?
b. Portugal's Bailout, One Year Later: Were You Prepared in Advance?
c. European Central Bank: "Great White Fear" Takes A Bite Out of Recovery
1. Crude Oil Slumps as Bears Gain Downside Technical Momentum
By Jim Wyckoff
June Nymex crude oil futures have been hammered lower late this week as prices Friday slumped to a fresh nearly three-month low. A downtrend on the daily chart has also been re-established late this week. The crude oil bears have gained downside near-term technical momentum recently and are now looking for more on the downside in the near term. So much for those prognosticators who were predicting the U.S. consumer would see gasoline prices close to $5.00 this summer. Markets have a way of making a fool out of those who think they can predict a given price at a given time.
2. Friday's Major Market Moves After Monthly Unemployment Figures
Below you will see support and resistance levels for major markets for the beginning of the trading week.
Good Trading!
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 |
05/07 Mon |
2:00 PM CDT - Consumer Credit(Mar)
|
|
05/08 Tue |
|
LT: May Cotton(NYM)
|
05/09 Wed |
6:00 AM CDT - Wholesale Inventories(Mar)
7:30 AM CDT - Dairy Products Prices
9:00 AM CDT - Wholesale Inventories(Mar)
9:30 AM CDT - API & DOE Energy Stats
|
|
05/10 Thu |
7:30 AM CDT - WASDE Report & Crop Production
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly
7:30 AM CDT - Trade Balance(Mar)
1:00 PM CDT - Treasury Budget(Apr)
|
|
05/11 Fri |
7:30 AM CDT - Core PPI & PPI(Apr)
8:55 AM CDT - Mich Sentiment(May)
|
LT: May Eurodollar Options(CME)
Jun Coffee Options(ICE)
|
05/14 Mon |
7:30 AM CDT - NOPA Crush
|
LT: May Corn(CBT)
May Wheat(CBT)
May Oats(CBT)
May Rough Rice(CBT)
May Soybeans(CBT)
May Soybean Oil(CBT)
May Soymeal(CBT)
May Eurodollar(CME)
May Lean Hogs(CME)
May Lean Hogs Options(CME)
|
05/15 Tue |
7:30 AM CDT - Core CPI & CPI(Apr)
7:30 AM CDT - Empire Manufacturing(May)
7:30 AM CDT - Retail Sales(Apr)
8:00 AM CDT - Net Long-Term TIC Flows(Mar)
9:00 AM CDT - Business Inventories(Mar)
9:00 AM CDT - NAHB Housing Market Index(May)
|
LT: May Lumber(CME)
May Cocoa(ICE)
Jun Sugar-11 Options(NYM)
|
05/16 Wed |
7:30 AM CDT - Dairy Products Prices
7:30 AM CDT - Building Permits & Housing Starts(Apr)
8:15 AM CDT - Capacity Util & Industrial Prod(Apr)
9:30 AM CDT - API & DOE Energy Stats
1:00 PM CDT - FOMC Minutes
|
|
05/17 Thur |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly
9:00 AM CDT - Leading Indicators(Apr)
9:00 AM CDT - Philadephia Fed(May)
|
LT: Jun Crude Lt Options(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!