Jump to a section in this post:
1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – March Corn, March Wheat, Jan Beans, March Silver
5. Economic Report for Thursday April 13, 2012
Hello Traders
Only one tip to share with you today….if you having a bad day as a daytrader, make sure it does NOT “kill” you and that you are disciplined enough to limit your losses. This way you still have risk capital in the account to be there for the good days. However, one mistake I keep seeing from traders ( mostly new traders ) is the inability to TAKE losses. Especially on a day like today where stock index kept going up, I saw too many traders try to counter trend ( which is a type of daytrading approach) but I did not see the risk mechanism in their trades, i.e “how much am I willing to risk”? That can end up being a day where one can lose 70% + of your account value and then you are left with no ammunition for the following trading day.
NO ONE HAS 100% winning record. You will have losing days, it is part of the game. Learn to control your losing days and you will have better chances of surviving and being there for better trading days.
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.
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000
| Contract (June 2012) | SP500 (big & Mini) |
Nasdaq100 (big & Mini) |
Dow Jones (big & Mini) |
Mini Russell |
| Resistance 3 | 1407.90 | 2781.33 | 13162 | 828.00 |
| Resistance 2 | 1395.95 | 2760.67 | 13048 | 818.00 |
| Resistance 1 | 1389.60 | 2748.33 | 12992 | 811.60 |
| Pivot | 1377.65 | 2727.67 | 12878 | 801.60 |
| Support 1 | 1371.30 | 2715.33 | 12822 | 795.20 |
| Support 2 | 1359.35 | 2694.67 | 12708 | 785.20 |
| Support 3 | 1353.00 | 2682.33 | 12652 | 778.80 |
3. Support & Resistance Levels for Gold, Euro, Crude Oil, and U.S. T-Bonds
| Contract | June Gold | June Euro | May Crude Oil | June Bonds |
| Resistance 3 | 1718.7 | 1.3350 | 106.33 | 141 29/32 |
| Resistance 2 | 1700.0 | 1.3284 | 105.28 | 141 15/32 |
| Resistance 1 | 1688.4 | 1.3238 | 104.48 | 140 29/32 |
| Pivot | 1669.7 | 1.3172 | 103.43 | 140 15/32 |
| Support 1 | 1658.1 | 1.3126 | 102.63 | 139 29/32 |
| Support 2 | 1639.4 | 1.3060 | 101.58 | 139 15/32 |
| Support 3 | 1627.8 | 1.3014 | 100.78 | 138 29/32 |
4. Support & Resistance Levels for Corn, Wheat, Beans and Silver
| Contract | May Corn | May Wheat | May Beans | May Silver |
| Resistance 3 | 648.3 | 648.2 | 1460.67 | 3397.0 |
| Resistance 2 | 646.2 | 645.1 | 1452.33 | 3327.5 |
| Resistance 1 | 641.8 | 642.2 | 1446.67 | 3281.0 |
| Pivot | 639.7 | 639.1 | 1438.33 | 3211.5 |
| Support 1 | 635.3 | 636.2 | 1432.7 | 3165.0 |
| Support 2 | 633.2 | 633.1 | 1424.33 | 3095.5 |
| Support 3 | 628.8 | 630.2 | 1418.67 | 3049.0 |
5. Economic Reports
2:00am EUR
German Final CPI m/m
4:00am EUR
Italian Industrial Production m/m
8:00am USD
FOMC Member Dudley Speaks
8:30am USD
Core CPI m/m
8:30am USD
CPI m/m
8:30am USD
Trade Balance
9:55am USD
Prelim UoM Consumer Sentiment
9:55am USD
Prelim UoM Inflation Expectations
1:00pm USD
Fed Chairman Bernanke Speaks