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Cannon Futures Weekly Letter Issue # 1211
In this issue:
- Important Notices – FOMC Minutes, CPI, PPI, WASDE & Middle East.
- Futures 101 – SP 500 what’s Next
- Hot Market of the Week – December Wheat
- Broker’s Trading System of the Week – Silver Day 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
Earnings season begins in earnest. Major Inflation indicators. FOMC Minutes. 17 Fed Speeches by all 12 Fed Governors. So, we have a little bit of everything, in what is expected to be a huge week, adding to the current Middle East volatility.
Prominent Earnings this Week:
- Tues, pre-open Pepsi
- Thur, Progressive
- Fri. Pre-open Blackrock, Wells Fargo and J.P. Morgan Chase
FOMC Minutes Wednesday. 1:00PM Central
FED SPEECHES:
- Mon. Bowman, Kaskari, Bostic, Musalem
- Tue. Kugler, Bostic, Collins, Jefferson
- Wed. Logan, Williams, Barkin, Jefferson, Collins, Daly- FOMC MINUTES
- Thu. Cook
- Fri. Goolsbee, Bowman
Big Economic Data week:
- Mon.
- Tues. Balance of Trade, Redbook
- Wed. FOMC MINUTES
- Thur. Jobless Claims, CPI, Fed Balance Sheet
- Fri. PPI, Michigan Consumer Sentiment, WASDE
Futures 101: SP500 – What’s in Store for the next 2 Weeks?
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- Hot Market of the Week – December Wheat
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 Wheat
The extended decline in December wheat stabilized after completing the third downside PriceCount objective in August. Now, on the correction, the chart has activated upside PriceCounts and we are taking aim at the first target in the $6.27 area.
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.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.
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.
Anansi 5
PRODUCT
SI – Silver
SYSTEM TYPE
Day Trading
Recommended Cannon Trading Starting Capital
$25,000
COST
USD 115 / monthly
Recommended Cannon Trading Starting Capital
$25,000.00
COST
USD 150 / monthly
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 October 7th, 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.