I am going to write exactly what I shared yesterday. VALID and worthy….but to add I also included a chart of the mini SP with some levels to watch for. 1197 is my resistance and 1141 is support. As mentioned below, we expect HIGH VOLATILITY!
We expect volatility to peak as we approach Friday, ahead of the weekend with Fed Chairman Bernanke speaking In Jackson Hole and Quarterly GDP numbers due early.
Plan for the unexpected. If you are a swing / position trader make sure you have enough “cushion” to sustain these volatile moves and make sure you understand your margin requirements and obligations.
On a different note, GREAT article about “Beliefs” and Trading by Dr. Janice Dorn in our weekly newsletter.
Daily Futures chart of the S&P 500 from August 25th, 2011
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.
GOOD TRADING!
TRADING LEVELS!
Economic Reports Friday August 26th, 2011
Prelim GDP q/q
8:30am USD
Prelim GDP Price Index q/q
8:30am USD
Revised UoM Consumer Sentiment
9:55am USD
Revised UoM Inflation Expectations
9:55am USD
Fed Chairman Bernanke Speaks
10:00am USD
Jackson Hole Symposium
Day 2 All Day
Economic Reports Saturday August 27th, 2011
Jackson Hole Symposium
Day 3 All Day
Economics Report Source: http://www.forexfactory.com/calendar.php
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!