Inflation Uptick and Bitcoin’s Surge: Navigating New Highs in Crypto and CPI

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CPI, Bitcoin New highs and More!

By Mark O’Brien, Senior Broker

 

General: 

 

Inflation perked up in October though pretty much in line with Wall Street expectations, the Bureau of Labor Statistics reported Wednesday.

The consumer price index, which measures costs across a spectrum of goods and services, increased 0.2% for the month. That took the 12-month inflation rate to 2.6%, up 0.2 percentage point from September.

 

Excluding food and energy, the move was even more pronounced. The core CPI accelerated 0.3% for the month and was at 3.3% annually.

 

Both upticks were in line with economists’ expectations.

 

Next up, tomorrow at 7:30 A.M., Central Time, the Bureau of Labor Statistics releases its latest reading on prices at the wholesale level: its Producer Price Index.

 

Energy:  

 

Dec. crude oil traded briefly below $67.00 per barrel today for the second day in row – prices not seen in a couple of weeks.  Crude oil prices have stayed under pressure most of the year as China, the world’s second-largest economy and leading crude oil importer, has endured a sluggish post-Covid recovery in demand.

 

OPEC has been considering an unwinding of OPEC+ supply cuts in 2025 – if gradually.  In September, OPEC+ postponed plans to begin steadily rolling back on the 2.2 million-barrel-per-day voluntary cut by two months in an effort to stem the slide of oil prices.  The 2.2 million bpd cut, which was implemented over the second and third quarters, had been due to expire at the end of September.

 

Even if OPEC+ doesn’t unwind the cuts, the future of prices is still looking bleak as key oil producers outside the OPEC alliance like the U.S., Canada, Guyana and Brazil are also planning to add supply.

 

The forecast for oil demand next year has hovered near the 1-million barrel-per-day level.

 

Crypto:  

 

December Bitcoin futures continued its powerful upward price move today, puncturing 90,000 with an intraday high of 94,795, a ±$20,000 per contract move in just seven trading days to its latest all-time highs.  Traders believe the record-run in the world’s largest cryptocurrency is poised for even more gains on the back of U.S. elections that saw a swell of pro-crypto candidates win office in the Senate and House of Representatives.

 

TRY trading micro bitcoin futures in demo mode!

 

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Daily Levels for November 14th 2024

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Economic Reports
provided by:ForexFactory.com
All times are Eastern Time ( New York)
2751ca52 5ef8 44af b38f f4aeb9a84b07
Good Trading!
About: Cannon Trading is an independent futures brokerage firm established in 1988 in Los Angeles. Our mission is to provide reliable service along with the latest technological advances and choices while keeping our clients informed and educated in the field of futures and commodities 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.
Contact
S
Cannon Trading Company
12100 Wilshire Boulevard
Suite 1640
Los Angeles, CA 90025
(800) 454-9572
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Bull Market Pause: Equity Stalls, Crypto Surges with Presidential Boost

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Bitcoin1

Movers and shakers!

By John Thorpe, Senior Broker

 

While in the current Bull market, the equity Indices stalled today in likely anticipation of tomorrows CPI. Another bull, Crypto, has a slightly different motivation and that is the warmth of president elect Trump’s endorsement of the crypto industry. Crypto has once again captured many an imagination, here are some data points you may be interested in about Bitcoin Futures ( and MICRO Bitcoin futures):

  • During the election 4 years ago, Bitcoin was trading near $14K, Ether around $560 and the suite traded a total of close to 11K contracts ($761M)
  • Nearly 2/3 of volume was traded before the US open, twice what we typically see, as traders were accessing our markets
  • Compared to 4 years ago, there was shift in volume distribution from Prop to now HF trading as paper continues to enter the space
  • By EOD on the 6th the suite traded a record $16B, over 20x more than last election
  • Ranked #2 in total contracts traded (until yesterday)
  • Total OI was a record $18.4B, with various other records primarily in the bitcoin products
  • These figures underscore the robust liquidity, client demand and trust in our crypto market place
  • NOW: Bitcoin trading at record of around $88K
  • 20% increase from just a week ago heading into the elections (+500% since prior election)
  • Ether trading around $3,300, +35% from last week, +490% vs. prior election
  • Bitcoin & Ether futures continue to reach new OI records,
  • Both hit OI records Friday
  • Yesterday we topped the Friday total notional OI record by over 20%
  • Micros are trading a combined ADV in November is nearly double that of Oct
  • Volatility is below YTD averages, margins remain steady for both
  • It’s the 1 year anniversary of CME becoming the leading exchange for Bitcoin Futures Notional Open Interest

 

Today’s News:

Updated: November 12, 2024 7:55 am

Redbook Weekly US Retail Sales Headline Recap

 

**Redbook Weekly US Retail Sales were +4.8% in the first week of November 2024 vs November 2023

**Redbook Weekly US Retail Sales were +4.8% in the week ending November 9th vs yr ago week

 

 

Watch Tomorrow’s Movers and Shakers:

 

 

CPI Consumer Price Index @ 7:30 am CDT.

 

CPI Consensus Outlook

More of the same is the call with a familiar 0.2 percent increase for total CPI on the month and a 0.3 percent rise for the core. Year on year, forecasts center on 2.6 percent for total CPI, up from 2.4 percent in September, and the consensus looks for a 3.3 percent increase for the core. Reports like this have been making investors restless about lack of progress toward the 2 percent target.

Earnings: After the close 233 Billion Market cap Cisco Systems reports. A total of 203 companies report

 

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Daily Levels for November 13th 2024

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Economic Reports
provided by:ForexFactory.com
All times are Eastern Time ( New York)
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Good Trading!
About: Cannon Trading is an independent futures brokerage firm established in 1988 in Los Angeles. Our mission is to provide reliable service along with the latest technological advances and choices while keeping our clients informed and educated in the field of futures and commodities 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.
Contact
S
Cannon Trading Company
12100 Wilshire Boulevard
Suite 1640
Los Angeles, CA 90025
(800) 454-9572
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Visit Our Website

 

Bitcoin Futures and Nano Bitcoin Futures

In recent years, Bitcoin futures have become an increasingly popular option for investors looking to engage in cryptocurrency markets without directly owning digital assets. Futures contracts are financial instruments that allow traders to speculate on the future price of an asset—in this case, Bitcoin. Through futures contracts, traders can gain exposure to Bitcoin’s price movements without holding any Bitcoin directly. This market offers two main types of futures: standard Bitcoin futures and Nano Bitcoin futures, both of which provide unique advantages to traders.

One reputable brokerage firm, Cannon Trading Company, has stood out for its commitment to high-quality service and excellent customer satisfaction. Established in 1988, Cannon Trading has earned a 5 out of 5-star rating on TrustPilot, making it a trusted platform for investors looking to trade Bitcoin futures and Nano Bitcoin futures. With no market data fees and $25 day trading margins for Nano Bitcoin futures, Cannon Trading offers competitive features for both experienced and new traders.

Bitcoin Futures

Bitcoin is the first and most well-known cryptocurrency, created in 2009 by an unknown person or group under the pseudonym Satoshi Nakamoto. It operates on a decentralized network, where transactions are recorded on a blockchain—a digital ledger that allows for transparency and security without requiring a central authority.

Bitcoin futures are agreements to buy or sell a specific amount of Bitcoin at a predetermined price on a future date. Bitcoin futures trading provides traders with several benefits:

  • Leverage: Traders can control larger positions with smaller amounts of capital.
  • Hedging: Investors with Bitcoin holdings can hedge against price volatility.
  • Profit Opportunities: With Bitcoin futures, traders can speculate on both rising and falling markets, maximizing potential profit opportunities.

Bitcoin futures trading has become a powerful tool for traders who want to gain exposure to cryptocurrency markets without actually holding the asset. This reduces some of the technical and security challenges associated with directly holding Bitcoin, making futures Bitcoin trading an appealing alternative for those wary of managing digital wallets.

What Are Nano Bitcoin Futures?

Nano Bitcoin futures are a smaller, more accessible version of standard Bitcoin futures contracts, catering to traders who may not want to commit to the larger capital requirements associated with standard Bitcoin futures. Nano Bitcoin futures contracts are smaller in size, often representing a fraction of one Bitcoin, enabling traders to start with lower investments. They also allow traders to manage their positions with finer control, ideal for those who wish to practice risk management or diversify their exposure without the high stakes of full Bitcoin contracts.

Nano Bitcoin futures trading has quickly gained popularity for several reasons:

  • Low Entry Cost: Traders can start with much less capital.
  • Flexibility: Smaller contracts allow for more tailored strategies.
  • Lower Fees: Compared to standard contracts, trading futures for nano Bitcoin often incurs lower fees, making it an efficient choice for those looking to trade frequently.

By allowing traders to engage in the futures market on a smaller scale, Nano Bitcoin futures are democratizing access to the crypto markets. Whether for beginners or advanced traders, the flexibility of Nano Bitcoin futures provides a streamlined entry point to cryptocurrency futures trading.

Cannon Trading Company

A Trusted Platform for Bitcoin and Nano Bitcoin Futures Trading

Cannon Trading Company has been a prominent player in the futures market since 1988. Known for its reliability and commitment to customer satisfaction, Cannon Trading has consistently earned high ratings, including a 5-star rating on TrustPilot. Traders choose Cannon Trading for several key reasons:

  • Reputation and Experience: With decades in the industry, Cannon Trading has a deep understanding of market dynamics, regulatory requirements, and client needs. The company’s long-standing history builds trust with traders.
  • Competitive Fees: Cannon Trading Company offers no market data fees for Nano Bitcoin futures trading, allowing traders to access the market with minimal expenses. This feature is especially attractive for active traders who need to keep overhead costs low.
  • Low Margins: The $25 day trading margin for Nano Bitcoin futures allows traders to enter and exit positions without requiring significant capital. This low margin rate makes Cannon Trading accessible to a broader range of clients.
  • Top-notch Technology and Platform: Cannon Trading provides cutting-edge trading platforms that facilitate fast and efficient trades. With access to advanced charting tools, real-time market data, and seamless order execution, traders have the resources they need for successful Bitcoin futures trading.
  • Stellar Customer Support: Known for exceptional service, Cannon Trading has built a reputation for being client-focused. The firm’s commitment to customer satisfaction is evident from its high TrustPilot rating, reflecting a client base that values transparency, support, and expertise.

Through its competitive offerings and commitment to excellence, Cannon Trading has positioned itself as a premier choice for trading Bitcoin futures and Nano Bitcoin futures.

Why Trade Bitcoin Futures and Nano Bitcoin Futures?

The futures Bitcoin market provides several benefits that appeal to both institutional investors and individual traders. Here’s a deeper look into the benefits of trading Bitcoin futures and trading Nano Bitcoin futures through a trusted brokerage like Cannon Trading Company:

Leverage and Capital Efficiency
One of the biggest appeals of futures trading is leverage. With leverage, traders can control a more substantial position with a relatively small amount of capital. Bitcoin futures typically come with high leverage options, allowing traders to amplify their potential returns. However, leverage can also magnify losses, making risk management essential. Nano Bitcoin futures trading, with lower contract sizes, enables traders to leverage their capital while minimizing risk exposure.

Market Accessibility
The cryptocurrency market is known for its high volatility, which can offer profitable opportunities for traders. Trading futures for Bitcoin and Nano Bitcoin provides a way for traders to enter this market without directly owning Bitcoin. Additionally, since Bitcoin futures contracts are often regulated by financial authorities, they offer a safer environment compared to unregulated crypto exchanges.

Portfolio Diversification and Risk Management
Bitcoin futures trading allows for hedging strategies to protect portfolios from market volatility. If an investor holds Bitcoin and worries about price declines, they can use Bitcoin futures to hedge their exposure. Likewise, Nano Bitcoin futures trading enables smaller-scale investors to hedge against price movements with greater flexibility. Cannon Trading Company’s platforms provide the necessary tools for executing these strategies effectively.

Cost-Effectiveness with Cannon Trading
With no market data fees for Nano Bitcoin futures, Cannon Trading offers a cost-effective trading experience. This fee structure is advantageous for active traders who rely on frequent market data updates. Moreover, the $25 day trading margin makes it possible to maintain positions with minimal upfront costs, providing flexibility for diverse trading strategies.

How to Start Trading Bitcoin Futures and Nano Bitcoin Futures with Cannon Trading Company

To start trading Bitcoin futures or Nano Bitcoin futures with Cannon Trading Company, follow these steps:

  • Open an Account: Sign up with Cannon Trading by providing necessary documentation. Account opening is straightforward and supported by responsive customer service.
  • Deposit Funds: Fund your account based on your trading goals. For Nano Bitcoin futures trading, the minimum capital requirements are accessible, thanks to low margin requirements.
  • Choose Your Platform: Cannon Trading offers access to powerful trading platforms that support real-time data, advanced charting tools, and seamless order execution.
  • Place a Trade: Select between standard Bitcoin futures or Nano Bitcoin futures based on your investment strategy. The Nano Bitcoin futures market may suit traders looking for lower-risk options with smaller positions.
  • Implement Risk Management Strategies: Futures trading can be highly volatile, so employing strategies like stop-loss orders or setting clear profit targets is crucial.

Bitcoin Futures and Nano Bitcoin Futures Trading Strategies

For those exploring Bitcoin futures trading or Nano Bitcoin futures trading on Cannon Trading’s platform, here are several strategies to consider:

  • Scalping: This is a short-term strategy involving quick trades to capitalize on small price movements. The low fees and day trading margins offered by Cannon Trading make it possible to use this strategy effectively with Nano Bitcoin futures.
  • Swing Trading: Swing trading involves holding positions over several days or weeks. Traders using this strategy look for trends in Bitcoin’s price and aim to profit from them. The Nano Bitcoin futures market allows for this approach with lower stakes.
  • Hedging: As mentioned, Bitcoin futures are ideal for hedging against price declines. Cannon Trading’s accessible Nano Bitcoin futures trading makes it easy for smaller investors to adopt this risk management technique.

Why Choose Cannon Trading for Bitcoin Futures and Nano Bitcoin Futures Trading?

Cannon Trading’s reputation as a top-tier brokerage is supported by its stellar ratings on platforms like TrustPilot. Here’s why Cannon Trading is an ideal choice for futures traders:

  • Transparency: The company is committed to transparent pricing and offers no hidden fees, which is essential for long-term client satisfaction.
  • Educational Resources: Cannon Trading provides educational materials to help traders understand Bitcoin futures trading and Nano Bitcoin futures trading. With tutorials, market insights, and expert advice, Cannon Trading supports traders at all levels.
  • Regulation and Safety: As a U.S.-based broker with years of experience, Cannon Trading adheres to regulatory standards, ensuring a safe trading environment for its clients.

Bitcoin futures and Nano Bitcoin futures present unique opportunities for traders interested in the cryptocurrency market. By partnering with a trusted broker like Cannon Trading Company, investors can leverage the benefits of trading Bitcoin futures with confidence. Established in 1988, Cannon Trading has built a stellar reputation, with a 5-star rating on TrustPilot, offering a safe and cost-effective trading experience.

With no market data fees and $25 day trading margins for Nano Bitcoin futures, Cannon Trading provides an accessible entry point into the Bitcoin futures market for all types of traders. Whether you’re interested in standard Bitcoin futures or the flexibility of Nano Bitcoin futures, Cannon Trading’s advanced platforms and exceptional customer support ensure a trading experience that’s as rewarding as it is professional. Start exploring the world of Bitcoin futures and futures for nano Bitcoin with Cannon Trading today.

For more information, click here.

Ready to start trading futures? Call us at 1(800)454-9572 – Int’l (310)859-9572 (International), or email info@cannontrading.com to speak with one of our experienced, Series-3 licensed futures brokers and begin your futures trading journey with Cannon Trading Company today.

Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involve substantial risk of loss and are not suitable for all investors. Past performance is not indicative of future results. Carefully consider if 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.

Important: Trading commodity futures and options involves a substantial risk of loss. The recommendations contained in this article are opinions only and do not guarantee any profits. This article is for educational purposes. Past performances are not necessarily indicative of future results.

This article has been generated with the help of AI Technology and modified for accuracy and compliance.

Follow us on all socials: @cannontrading

Why Trade Bitcoin Futures? Ask a Broker & 30 Year Treasury Bond Review

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Bitcoin

 

Elections and FOMC are in the rear view mirror.

Safe trading ahead to all!

Ask a Broker: Why Trade Bitcoin Futures?

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December 30 Year Treasury Bonds

December 30 year treasury bonds have resumed their slide which has the chart approaching its low percentage fourth downside PriceCount objective. A completion of this count would suggest we have potentially satisfied this phase of the bear move. A trade below the May reactionary low would formally negate the remaining unmet counts.

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The PriceCount study is a tool that can help to project the distance of a move in price. The counts are not intended to be an ‘exact’ science but rather offer a target area for the four objectives which are based off the first leg of a move with each subsequent count having a smaller percentage of being achieved. It is normal for the chart to react by correcting or consolidating at an objective and then either resuming its move or reversing trend. Best utilized in conjunction with other technical tools, PriceCounts offer one more way to analyze charts and help to manage your positions and risk. Learn more at www.qtchartoftheday.com

Trading in futures, options, securities, derivatives or OTC products entails significant risks which must be understood prior to trading and may not be appropriate for all investors. Past performance of actual trades or strategies is not necessarily indicative of future results.

Daily Levels for November 8th 2024

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Economic Reports
provided by:ForexFactory.com
All times are Eastern Time ( New York)
9cb71b02 4acf 4999 b20f 4319c36ffa70
Good Trading!
About: Cannon Trading is an independent futures brokerage firm established in 1988 in Los Angeles. Our mission is to provide reliable service along with the latest technological advances and choices while keeping our clients informed and educated in the field of futures and commodities 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.
Contact
S
Cannon Trading Company
12100 Wilshire Boulevard
Suite 1640
Los Angeles, CA 90025
(800) 454-9572
Follow Us
Facebook  Twitter  Instagram
Visit Our Website

 

PPI & Retails Sales + Trading Levels for March 14th

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C13

 

 

Market Overview for the last 2 trading days of the week

By Mark O’Brien

Heads up:

 

Keep an eye out for the second of this week’s inflation reports: the Bureau of Labor Statistics’ Producer Price Index.  The report will be released tomorrow, 7:30 A.M., Central Time.

 

Energy:   

 

This morning, the Energy Information Agency released its weekly crude oil stocks report and the data was a bullish curveball showing a surprise withdrawal in U.S. crude inventories and a bigger-than-expected drop in U.S. gasoline stocks.  April RBOB gasoline futures rose over seven cents as of this typing – a ±$3,000 per contract move – up to ±$2.66 per gallon, close to 6-month highs.  Spurring the price increase, Ukrainian drone attacks struck several oil refining facilities in Russia for the second day, damaging its refining capacity

Metals:   

 

In concert with the month-long slump in the U.S. dollar and a lingering expectation the Fed will reduce borrowing costs this June, today gold is chipping away at its ±$20 sell-off Monday and poised to around its prior all-time high close (basis April): $2,188.60/oz.  As of this typing, April gold is ±$2,177.00.

 

Indexes: 

 

All three major stock indexes have sustained trading near their all-time highs this week – after the Personal Consumption & Expenditures Price Index on April 1st (the Fed’s preferred U.S. inflation gauge), February’s non-farm payrolls last Friday and Tuesday’s higher-than-expected CPI reading yesterday.  As of this typing, prices are mixed ahead of tomorrow’s release of the Bureau of Labor Statistics’ Producer Price Index.

 

Softs: 

 

So far, the king of all-time highs this week is not Bitcoin (see below).  It’s Cocoa.  The May cocoa contract broke above $7,000/ton, nearly $2,000/ton higher over the last month – a ±$20,000 per contract move, including today’s 361-point ($3,6010) move today – with “no top in sight,” stated by The Hightower Report.

 

Crypto:

 

March Bitcoin futures are set to close at a new all-time high above 73,000 today.  With the Bitcoin ETF now trading, remember that the world’s largest futures and options exchange – the CME Group – offers Bitcoin and Micro Bitcoin futures and options with efficient price discovery in transparent futures markets, prices based on the regulated CME CF Bitcoin Reference Rate (BRR) and easily traded on your supported trading platform.  Make it your choice for managing cryptocurrency risk.

 

 

Plan your trade and trade your plan

 

Watch video below on how to rollover from March to June contracts if you are a stock index trader on our E-Futures Platform!

 

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Daily Levels for March 14th, 2024

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b0ba1776 c0cd 4536 92c1 eef6595d7173

Economic Reports
provided by: ForexFactory.com
All times are Eastern Time ( New York)
da4c1dd9 9e02 4b0e 8ded 0fcd7be2422d

Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker at 1-800-454-9572.

Explore trading methods. Register Here

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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.

NFP Tomorrow, Bitcoin Futures+ Futures Trading Levels for 03.08.24

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C22

 

NFP Tomorrow.

Non Farm payrolls – market moving report.

I personally like to be out few minutes before the report and look to get back in after the “smoke clears”.

I know some traders who try to play the extremes by placing buy orders on the lower bands and/or sell orders on the upper bands and attach automated brackets to these orders, trying to take advantage of the fast market moves.

Refer back to your journal and keep notes.

 

Bitcoin Futures on The Chicago Mercantile Exchange

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With Bitcoin reaching unprecedented levels, investors are seeking dependable ways to participate. Apart from ETFs and complex offshore entities, the CME Group offers straightforward access to Futures on Bitcoin, Micro Bitcoin, Ether, and Micro Ether futures. Utilize a licensed broker to trade these futures on the esteemed CME Group exchange. Opportunities for engagement range from 1. self-directed trading 2. demo trials 3. opening an account seeking advice from a seasoned broker.

 

 

Plan your trade and trade your plan

 

 

 

 

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e35cb555 9ff3 4f00 9fe8 0655b28fbd90

Daily Levels for March 8th, 2024

d43ec5e6 eea6 41ef 8cb9 395920bf3c9a

b0ba1776 c0cd 4536 92c1 eef6595d7173

Economic Reports
provided by: ForexFactory.com
All times are Eastern Time ( New York)
cdfb666b 4ee1 4846 aeb2 424b5727c665

Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker at 1-800-454-9572.

Explore trading methods. Register Here

3b644da2 2bee 4d39 8d98 5208a20bec39

* 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.

Ahead of NFP + Futures Trading Levels for 03.06.2024

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C21

 

Bullet Points, Highlights, Announcements

 

Heads up: 

 

Keep an eye out for Friday (7:30 A.M., Central Time) for the release of the monthly Non-farm Payrolls report by the Labor Department.  It’s widely considered to be one of the most important and influential measures of the U.S. economy.

 

To review, the Labor Dept.’s Bureau of Labor Statistics surveys about 141,000 businesses and government agencies, representing approximately 486,000 individual work sites.  The report excludes farm workers, private household employees, domestic household workers and non-profit organization employees.  The report also includes other detailed industry data including the overall unemployment rate as a percentage of the total labor force that is unemployed but actively seeking work, wages, wage growth and average workday hours.

 

General:  

 

It was truly an historical day yesterday.  Both the decades-old 100-oz gold futures contract and the seven-year-old Bitcoin futures contracts traded up to all-time highs.  Apart from any of the stock index futures contracts, rarely do we see simultaneous all-time highs for futures contracts.  April gold touched $2,150.50 per ounce (and is trading at new all-time highs again today), while the March Bitcoin futures hit 70,195 – before a significant ±10,000-point sell-off in a span of four hours around mid-session.

 

But wait, there’s more!  May cocoa traded up to its own all-time high yesterday as well, hitting $6,660/metric ton intra-day.  This is a ±$26,000 move for cocoa in a little more than two months, having closed at $4,048 on Jan. 8.

 

Three consecutive all-time highs in futures: gold, Bitcoin and cocoa.  Oh my!

 

Energy:  

 

Managing Director and Global Head of Commodity Strategy at Royal Bank of Canada’s Capital Markets Division.  That’s quite a title and it’s how Helima Croft’s business card reads.  She’s well regarded as a specialist in geopolitics and energy and along with her team of commodity strategists who cover energy and metals are seeing signs of the higher supply/lower demand imbalance in crude oil tipping in the other direction.  This is a macro prediction and not forecasting any sort of breakneck move to $100/barrel and it rests in part on the view that the U.S. will be unable to replicate its “blockbuster” output of 2023.  It also anticipates OPEC+ will look to press on with its aggressive production cuts having already committed to extending its 2.2 million barrel-a-day production cut through June.  The projection also sees the conflict in the Middle East as instilling a risk premium in energy prices that isn’t going away soon and may increase if the region sees a spread of hostilities.

 

 

 

Plan your trade and trade your plan

 

 

 

 

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Daily Levels for March 7th, 2024

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b0ba1776 c0cd 4536 92c1 eef6595d7173

Economic Reports
provided by: ForexFactory.com
All times are Eastern Time ( New York)
123ef476 aa2f 4eac bbe8 67d6dc23d5bf

Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker at 1-800-454-9572.

Explore trading methods. Register Here

3b644da2 2bee 4d39 8d98 5208a20bec39

* 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.

Bitcoin Flirting with All time highs, PCE + Futures Trading Levels for 02.29.24

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C18

 

PCE, Bitcoin and More

By Mark O’Brien, Senior Broker

 

Heads up: 

Keep an eye out tomorrow (7:30 A.M., Central Time) for the release of the Fed’s preferred U.S. inflation gauge: the PCE Personal Consumption & Expenditures Price Index.  The consensus is that the January core PCE deflator will ease to 2.8% year-over-year from the 2.9% reading December.

General: 

By and large, the outlook for the global economy is improving.  In China, the business storm clouds are at least not bucketing down on the county’s overall fiscal house.  Report after economic report released in the U.S. continue to validate forecasts of a future “soft landing,” or better – plain ol’ get up and go.  To that end, A.I. euphoria dominates the conversation about what’s driving things.  Even the disappointment surrounding the Fed’s patience in deciding when interest rates should be lowered hasn’t disturbed the current frame of mind.  Keep an eye out for commodities sitting on major lows, such as corn and soybeans.  Even with forecasts for a large South American harvest and a stage set for a strong crop year in the U.S., global growth begets global demand and “bargain price” commodities may be ready to mount rallies.

Crypto: 

Bitcoin’s value has been on an impressive rise over the past month, and CME Bitcoin futures (“Full-size”-5-Bitcoin contract, 1/50-Micro Bitcoin contract) have lead the way, with the March Micro Bitcoin contract hitting $65,000 during morning trading today, well above the $57,000 range highs posted in Nov. 2021.  Open interest for the full-size contract came in at a nominal value of $7.77 billion, which is nearly a third of the market share for all Bitcoin market derivatives – more than Binance ($6.1 billion); more than Bybit ($4.1 billion).  These values surpassed past records set in both 2021 and 2017.

At present, the open interest figures for bitcoin futures have reached an all-time high of $24.44 billion as of Feb. 27, 2024.

 

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Energy: 

Did you know the U.S. is currently producing around 13.3M barrels of crude per day, which is way more than any country on the globe, including Saudi Arabia at ±8.9M barrels per day (as of Dec. ’23). The output growth has helped tame gas prices and, perhaps more importantly, undermined the influence of OPEC and Russia following the invasion of Ukraine in 2022.

 

Producers also know that while times are good, demand can come down or eventually plateau, especially with the U.S. currently exporting more oil than nearly every member of OPEC. Remember the 2014-16 downturn, which hammered the industry and was largely driven by a supply glut.

 

Plan your trade and trade your plan

 

 

 

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Daily Levels for February 29th, 2024

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Economic Reports
provided by: ForexFactory.com
All times are Eastern Time ( New York)
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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.

Bitcoin Futures + Levels for 01.12.24

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Take the Worry out of your Crypto Trading

By Mark O’Brien

Bitcoin futures open interest on the Chicago Mercantile Exchange hit a fresh all-time high this week. Its nominal value reached $5.4 billion as the Jan. futures contract traded within 200 points of $48,000 on Tuesday. The previous all-time high of $4.5 billion was recorded in November 2021 when the front month contract traded to its all-time high above $68,000.

 

News in the cryptosphere hit a milestone today with the announcement that Bitcoin ETF’s began trading on U.S. exchanges, but should you?

 

Before you jump on the Bitcoin ETF bandwagon, remember that the world’s largest futures and options exchange – the CME Group – offers you a choice for managing cryptocurrency risk with Bitcoin and Micro Bitcoin futures and options. With efficient price discovery in transparent futures markets, prices based on the regulated CME CF Bitcoin Reference Rate (BRR) and easily traded on your supported trading platform.

 

Take the worry out of your crypto trading!

A Cannon broker will be able to assist, provide feedback and answer any questions.

 

 

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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 when it comes to Futures Trading.

Futures Trading Levels

01-12-2024

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#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

 

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Economic Reports,

Source: 

Forexfactory.com

 

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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.

CPI Tomorrow + Levels for 01.11.24

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Ahead of CPI and the Rest of the Week:

By Mark O’Brien, Senior Broker

 

Crypto:

 

Bitcoin futures open interest on the Chicago Mercantile Exchange hit a fresh all-time high, its nominal value reaching $5.4 billion as the Jan. contract traded within 200 points of $48,000 yesterday. The previous all-time high of $4.5 billion was recorded in November 2021 when the front month contract traded to its all-time high above $68,000.

 

Energy:

 

Concerns of slowing demand growth in the energy sector received additional fodder this morning when the Energy Information Agency (EIA) reported a surprise jump in U.S. crude stockpiles and a larger-than-expected jump in storage of both gasoline and distillates. Crude oil (basis Feb.) remains mired in the low $70 per barrel range with a few forays below $70 per barrel over the last month. Despite fears the Israel-Hamas war – now into its third month – could be a catalyst to supply disruption in the Middle East, crude oil is more that $10 per barrel (a $10,000 per contract move) lower since the beginning of the conflict, suggesting traders are more focused on global economic growth (slowing) than geopolitical risk, which seems to be increasing as events related to the war have spread, including attacks on U.S. bases in Iraq, U.S. strikes on Iranian-backed organizations in Syria and Yemen, Israeli attacks in Lebanon on Hezbollah, Yemeni-based Houthi attacks on vessels moving through the Bab al-Mandab Strait at the entrance to the Red Sea from the Gulf of Aden – a route that sees 10-12% of the world’s seagoing freight travel through it.

 

General:

 

Tomorrow we’ll be apprised yet again of the inflation situation here in the U.S. with the release of the Bureau of Labor Statistics’ Consumer Price Index Report, which measures the prices paid by consumers for a basket of consumer goods and services (7:30 A.M., Central Time). The reading plays an important role in shaping the Federal Reserve’s outlook on much-anticipated interest rate cuts this year.

 

 

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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 when it comes to Futures Trading.

Futures Trading Levels

01-11-2024

#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG
#ES, #NQ, #YM, #RTY, #XBT, #GC, #SI, #CL, #ZB, #6E, #ZC, #ZW, #ZS, #ZM, #NG

 

d536c132 d3ce 47ff 8099 79b752e3652b

 

Improve Your Trading Skills

Get access to proprietary indicators and trading methods, consult with an experienced broker
 1-800-454-9572 Explore trading methods. Register Here


Economic Reports,

Source: 

Forexfactory.com

53c34070 9431 4df4 8328 2992c5e5398e

 

 

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.