Cannon Futures Weekly Letter Issue # 1208
In this issue:
- Important Notices – Rollover and FOMC
- Futures 101 – Learn About Contract Expiration, Rollover, Offset Options
- Hot Market of the Week – December Gold
- Broker’s Trading System of the Week – NQ Day Trading System
- Trading Levels for Next Week
- Trading Reports for Next Week
Important Notices – Next Week Highlights:
Fed Rate Decision, Index Contract rollover, within a somewhat active Data week.
Light Earnings (185 companies) Week:
- Gen Mills, Fedex and Lennar, headline
Fed Rate Decision Wednesday. 1:00PM Central with Q and A to follow @ 1:30 PM central.
Somewhat Active Data week:
- Mon. NY Empire State Index,
- Tues. Retail Sales, RedBook, Industrial Production
- Wed. Bldg Permits, Housing Starts, Fed Rate Decision, FOMC Economic Projections
- Thu. Jobless Claims, Philly Fed Manufacturing, Existing Home Sales
- Fri. No news is good news?
Currencies Last Trading Day & Stock Index rollover
Monday, September 16th is Last Trading Day for all currency futures contracts, except the Canadian Dollar (Last Trading Day for the Canadian Dollar is Tuesday, September 14th). Currency futures contracts are DELIVERABLE contracts. You need to exit all long and short open positions or be required to deliver or take delivery of the ACTUAL NOMINAL VALUE of the respective futures contract, i.e. $12,500 Euros, or $12,500,000 Japanese Yen. DO NOT put your account is this position. Exit all September currency futures. Start trading currency futures with the December futures contracts.
Friday, Sept. 20th is Last Trading Day for September stock index futures contracts, i.e., the E-mini S&P, E-mini NASDAQ, E-mini Dow Jones and their Micro relatives. These futures contracts will halt trading at 8:30 A.M., Central Time and are cash settled, meaning any remaining open positions will be offset/settled using a to-be-determined settlement price. It is recommended that all new positions be placed in the December ’24 contracts as of Sunday’s opening. Volume in the September ‘24 contracts will begin to drop off until their expiration next Friday, September 20.
How to Rollover on the E-Futures Platform video below
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Futures 101: Understanding Futures Expiration & Contract Roll
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- Hot Market of the Week – December Gold
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.
FREE TRIAL AVAILABLE
December Gold
December gold has resumed its rally into new highs. This has the chart aim at its third upside PriceCount objective to the 2620 area. It would be normal to get a near term reaction int the form of a consolidation or corrective trade, at least, upon satisfying the count. The low percentage fourth target to 3325 is not shown here for presentation purposes.
PriceCounts – Not about where we’ve been, but where we might be going next!
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.comTrading 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.
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.
Fusion NQ
PRODUCT
NQ – Mini NASDAQ
SYSTEM TYPE
Day Trading
Recommended Cannon Trading Starting Capital
$36,000.00
COST
USD 150 / monthly
Get Started
Learn More
The performance shown above is hypothetical in that the chart represents returns in a model account. The model account rises or falls by the average single contract profit and loss achieved by clients trading actual money pursuant to the listed system’s trading signals on the appropriate dates (client fills), or if no actual client profit or loss available – by the hypothetical single contract profit and loss of trades generated by the system’s trading signals on that day in real time (real‐time) less slippage, or if no real time profit or loss available – by the hypothetical single contract profit and loss of trades generated by running the system logic backwards on back adjusted data.
Please read full disclaimer HERE.
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Daily Levels for September 16th 2024
Trading Reports for Next Week
Trading Reports for Next Week
First Notice (FN), Last trading (LT) Days for the Week:
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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.
