August 8th, 2014 - Issue #748
In This Issue
1. Welcome Message from Our President
2. Hot Market Report: Stock Market Correction?
3. Economic Calendar
1. Welcome Message from Our President
2. Hot Market Report: Stock Market Correction?
From our friend Jim Wyckoff
Jim 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
See on the daily chart for the Dow stock index futures that prices have backed way down from the recent high. An uptrend line has been negated. See, too, that the shorter-term moving averages I follow (9- and 18-day) are now in a bearish mode as the 9-day is below the 18-day and both lines are trending lower. The S&P stock index also exhibits early technical clues that it has topped out. So far in this major bull run in the U.S. stock indexes, the recent technical developments are the strongest clues that at least near-term market tops are in place.
3. Economic Calendar
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
| 08/11 Mon |
FN: Sep Sugar-16(ICE) |
|
| 08/12 Tues |
9:00 AM CDT - JOLTS - Job Openings(Jun) 11:00 AM CDT - WASDE Report & Crop Production 1:00 PM CDT - Treasury Budget(Jul) |
|
| 08/13 Wed |
6:00 AM CDT - MBA Mortgage Purchase Index 7:30 AM CDT - Retail Sales(Jul) 9:00 AM CDT - Business Inventories(Jun) 9:30 AM CDT - API & DOE Energy Stats 3:00 PM CDT - Dairy Products Sales |
|
| 08/14 Thurs |
7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - Export(ex-ag) & Import Prices(ex-oil)(Jul) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supplyy |
LT: Aug Lean Hogs(CME) Aug Soybeans,Soymeal,Soyoil(CBT) Aug Lean Hogs Options(CME) |
| 08/15 Fri |
7:30 AM CDT - Core PPI & PPI(Jul) 7:30 AM CDT - Empire Manufacturing(Aug) 8:00 AM CDT - Net Long-Term TIC Flows(Jun) 8:15 AM CDT - Capacity Util & Industrial Prod(Jul) 8:55 AM CDT - Mich Sentiment(Aug) 11:00 AM CDT - NOPA Crush |
LT: Aug Nikkei Options(CME) Aug DJIA Options(CME) Aug S&P 500 Options(CME) Aug E-Mini S&P 500 Options(CME) Aug NASDAQ Options(CME) Aug E-Mini NASADAQ Options(CME) Aug Eurodollar Options(CME) Aug Russell Options(CME) Sep Cotton Options(ICE) Sep Crude Lt Options(NYM) Sep Orange Juice Options(ICE) Sep Sugar-11 Options(ICE) |
| 08/18 Mon |
9:00 AM CDT - NAHB Housing Market Index(Aug) |
FN: Sep Cocoa(ICE) LT: Aug Eurodollar(CME) |
* 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!
