Cannon Futures Weekly Letter Issue # 1212
In this issue:
- Important Notices – Quiet Reports Week & Iran/Israel in background
- Futures 101 – Advanced Market Insight – Free trial
- Hot Market of the Week – December Heating Oil
- Broker’s Trading System of the Week – Unleaded Swing Trading System
- Trading Levels for Next Week
- Trading Reports for Next Week
Important Notices – Next Week Highlights:
The Week Ahead
By John Thorpe, Senior Broker
A relatively Quiet Data week next week, Geopolitics may be the only driver of volatility. One Caveat: the Fed Speakers dialogue may be given much more weight by investors as there will be a lot less noise in the form of Economic Data and earnings from prominent “Magnificent Seven” stocks to drive market volatility.
Prominent Earnings this Week:
- Tues, pre-open United Healthcare, B Of A, Goldman Sachs, Citi Group, Johns and Johnson
- Wed. Abbott Labs,
- Thu. NetFlix Post-Close
FED SPEECHES:
- Mon. Kashkari, Waller, 2nd Kashkari.
- Tue. Kugler, Bostic
- Wed. QUIET
- Thu. QUIET
- Fri. Bostic, Waller, Kashkari, Bostic
Big Economic Data week:
- Mon. BANKS CLOSED-Columbus Day National Holiday
- Tues. Quiet
- Wed. Quiet
- Thur. Bus. Inventories, Jobless Claims.
- Fri. Housing Starts, Building Permits
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Futures 101: Crude Oil – What’s in Store for the next 2 Weeks?
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- Hot Market of the Week – Heating Oil
Hot market of the week is provided by QT Market Center, A Swiss army knife charting package that’s not just for Hedgers, Cooperatives and Farmers alike but also for Spread traders, Swing traders and shorter time frame application for intraday traders with a unique proprietary indicator that can be applied to your specific trading needs.
December Heating Oil
December heating oil Rallied to its second upside PriceCount objective before correcting. At this point if the chart can resume its rally with new sustained highs, the 3rd count would project a possible run into the 2.59 area
PriceCounts – Not about where we’ve been , but where we might be going next!
Broker’s Trading System of the Week
With algorithmic trading systems becoming more prevalent in portfolio diversification, the following system has been selected as the broker’s choice for this month.
Swing61B Cont v.3 _ RBOB Gasoline
PRODUCT
RB – RBOB ( unleaded gasoline)
SYSTEM TYPE
Swing Trading
Recommended Cannon Trading Starting Capital
$25,000
COST
USD 160 / monthly
Daily Levels for October 14th, 2024
Weekly Levels for the week of October 14th, 2024
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* 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 judgement in trading.