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Hello Traders,
For 2014 I would like to wish all of you discipline and patience in your trading!
Hello Traders,
We started a trial for a new squawk box service here at Cannon and I must say I was impressed enough to share with you an example of the wrap up email I received as well as a link to their services:
http://www.livesquawk.com/#!sign_up
PS: Non Farm Payroll data tomorrow morning before the cash open.
| HEADLINES |
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| COMMENTARY |
| As PIMCO bleeds assets, Gross shows risk of star culture |
| Bill Gross’ exit from Pimco has seen billions of dollars leave the fund group and even more value wiped off the share price of its parent company, offering a warning both to firms who rely on star managers and the investors who chase them.Gross’s flagship Pimco Total Return Fund lost money every month from May last year, totaling nearly $70 billion by the end of August, Lipper data shows. More money has left since he was escorted to the door of the firm he co-founded in 1971.With much of a mutual or hedge fund firm’s value tied up in the brain power of its employees, as opposed to bricks, mortar and other hard assets, the loss of an important employee – known in the trade as “key man risk” – exposes the firm to asset flight which can even force it to sell holdings at a loss. (RTRS) |
| Nouriel Roubini-a.k.a. Dr. Doom-warns of rising risks around the world |
| While geopolitical risks have multiplied, global markets have “remained buoyant, if not downright bubbly,” said economist Nouriel Roubini in a column published Tuesday.There appear to be good reasons why markets so far have reacted benignly, but that could change, he adds.Roubini – who’s often called “Dr. Doom,” yet has said he prefers “Dr. Realist” – points to three potential shifts that could shake investors out of their complacency.
1. Terror attack in U.S. or Europe: Mideast turmoil hasn’t rattled investors that much, but it could “if one or more terrorist attack were to occur in Europe or the US – a plausible development, given that several hundred Islamic State jihadists are reported to have European or US passports,” Roubini writes. 2. Russia-Ukraine or Syria conflicts could spread: Markets “could be incorrect in their assessment that conflicts like that between Russia and Ukraine, or Syria’s civil war, will not escalate or spread,” Roubini said. “Russian President Vladimir Putin’s foreign policy may become more aggressive in response to challenges to his power at home, while Jordan, Lebanon, and Turkey are all being destabilized by Syria’s ongoing meltdown.” 3. Hong Kong protests and more: He says geopolitical tensions “are more likely to trigger global contagion when a systemic factor shaping the global economy comes into play.” Hong Kong, the U.S. or Europe could provide that factor. (Market Watch) |
| Early BOE Tightening? Don’t Look for Signs in Gilts |
| If Bank of England policy makers are contemplating an early interest-rate increase, there are few signs of concern in the U.K. government bond market.For all the data showing the U.K. economy strengthening and stagnation in the euro area, gilts returned 3.9 percent in the three months through September, their best quarterly performance since 2011. They beat German bonds, which gained 2.3 percent, for the first time in a year and outpaced government securities from Spain, Italy and the U.S.The debate over when the BOE will raise borrowing costs largely comes down to wages, as a minority on the Monetary Policy Committee begin to challenge Governor Mark Carney’s argument that a lack of pay growth shows there is enough spare capacity to leave the benchmark rate at a record low. Economists predict a quarter-point increase to 0.75 percent in the first quarter, with the possibility of a move as early as next month. Investors are betting no action will be taken until July, Sonia forward contracts show. (BBG) |
| Ifo’s Sinn Urges German Government to Oppose ECB Buying |
| Hans-Werner Sinn, president of Germany’s Ifo economic institute, urged Angela Merkel’s government to take action against an asset-purchase program announced by the European Central Bank.”These purchases are not covered by the mandate of the ECB because they are a fiscal and not a monetary-policy measure,” Sinn said in an e-mailed statement. The German government “is obliged to take active steps against it, and if it doesn’t, every citizen is able to sue at the Federal Constitutional Court for it to do so,” he said.The ECB already faces a lawsuit in Germany over its Outright Monetary Transactions initiative, a sovereign-bond purchase plan unveiled at the height of the debt crisis in 2012 that has never been used. Further legal action against the institution risks hurting an already fragile 18-nation economy and erode investor confidence in the ECB’s ability to avert deflation.
ECB President Mario Draghi unveiled details of a program to buy asset-backed securities and covered bonds today that, together with a targeted loan program for banks, will see the institution spend as much as 1 trillion euros ($1.3 trillion). While assets need to be rated at least BBB- to be eligible, special conditions for Greece and Cyprus allow the ECB to also buy debt below investment grade. (BBG) |
| FILES & LINKS |
| LIVE SQUAWK PREVIEWS |
| DATA |
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| GOVERNMENT/ CENTRAL BANK NEWS & COMMENTARY |
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| GOVERNMENT/ CORPORATE BOND NEWS AND COMMENTARY |
| EQUITIES NEWS & COMMENTARY |
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| CURRENCIES, COMMODITIES, METALS NEWS & COMMENTARY |
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| EMERGING MARKETS NEWS & COMMENTARY |
GOOD TRADING !
Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Past performance is not indicative to future results.
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Futures Trading Levels
| Contract Dec. 2014 | SP500 | Nasdaq100 | Dow Jones | Mini Russell | Dollar Index |
| Resistance 3 | 1977.58 | 4074.17 | 16987 | 1124.53 | 86.47 |
| Resistance 2 | 1961.67 | 4034.58 | 16881 | 1110.17 | 86.25 |
| Resistance 1 | 1950.08 | 4006.92 | 16801 | 1100.73 | 86.00 |
| Pivot | 1934.17 | 3967.33 | 16695 | 1086.37 | 85.77 |
| Support 1 | 1922.58 | 3939.67 | 16615 | 1076.93 | 85.52 |
| Support 2 | 1906.67 | 3900.08 | 16509 | 1062.57 | 85.30 |
| Support 3 | 1895.08 | 3872.42 | 16429 | 1053.13 | 85.05 |
| Contract | December Gold | Dec.Silver | Nov. Crude Oil | Dec. Bonds | Dec. Euro |
| Resistance 3 | 1237.5 | 17.74 | 95.72 | 140 25/32 | 1.2796 |
| Resistance 2 | 1230.7 | 17.55 | 93.58 | 140 13/32 | 1.2750 |
| Resistance 1 | 1222.6 | 17.32 | 92.45 | 139 23/32 | 1.2711 |
| Pivot | 1215.8 | 17.13 | 90.31 | 139 11/32 | 1.2665 |
| Support 1 | 1207.7 | 16.90 | 89.18 | 138 21/32 | 1.2626 |
| Support 2 | 1200.9 | 16.71 | 87.04 | 138 9/32 | 1.2580 |
| Support 3 | 1192.8 | 16.48 | 85.91 | 137 19/32 | 1.2541 |
| Contract | Dec Corn | Dec. Wheat | Nov. Beans | Dec. SoyMeal | Dec. bean Oil |
| Resistance 3 | 327.3 | 484.8 | 937.33 | 307.80 | 32.99 |
| Resistance 2 | 325.3 | 484.4 | 931.17 | 304.90 | 32.89 |
| Resistance 1 | 324.0 | 483.6 | 927.83 | 303.10 | 32.85 |
| Pivot | 322.0 | 483.2 | 921.67 | 300.20 | 32.75 |
| Support 1 | 320.8 | 482.3 | 918.3 | 298.4 | 32.7 |
| Support 2 | 318.8 | 481.9 | 912.17 | 295.50 | 32.61 |
| Support 3 | 317.5 | 481.1 | 908.83 | 293.70 | 32.57 |
| Date | 3:50pm | Currency | Impact | Detail | Actual | Forecast | Previous | Graph | |
|---|---|---|---|---|---|---|---|---|---|
| FriOct 3 | All Day | EUR | German Bank Holiday | ||||||
| 3:15am | EUR | Spanish Services PMI | 56.9 | 58.1 | |||||
| 3:45am | EUR | Italian Services PMI | 49.6 | 49.8 | |||||
| 4:00am | EUR | Final Services PMI | 52.8 | 52.8 | |||||
| 5:00am | EUR | Retail Sales m/m | 0.1% | -0.4% | |||||
| 8:30am | USD | Non-Farm Employment Change | 216K | 142K | |||||
| USD | Trade Balance | -41.0B | -40.5B | ||||||
| USD | Unemployment Rate | 6.1% | 6.1% | ||||||
| USD | Average Hourly Earnings m/m | 0.2% | 0.2% | ||||||
| 9:45am | USD | Final Services PMI | 58.5 | 58.5 | |||||
| 10:00am | USD | ISM Non-Manufacturing PMI | 58.5 | 59.6 |
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 here in 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.
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