Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
1. Market Commentary
2. Futures Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Commodities Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Commodities Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Futures Economic Reports for Thursday May 2, 2013
For 2013 I would like to wish all of you discipline and patience in your trading!
FOMC is now behind us and stock index futures look a little more vulnerable than before. My experience sugessts that many times, the bigger move and the direction of the move will take place the day followingn the FOMC, so I will close attention to market action tomorrow.
In between some good “trading , reading material ” to share with you:
What’s your trading blood Type?
This article was published by the Stocks, Futures, & Options Magazine in June, 2004. We think this article is timeless and whether you are beginner or advanced trader, you will enjoy it.
Perhaps the greatest luxury I have in this business is the ability to observe the experiences of many traders with different personalities, life schedules and risk capital, each trading in a variety of markets. What most astute brokers realize is that, over time, as some individuals prematurely exit winners while others desperately cling to losers, it becomes quite possible to match different “blood types” of those traders with their correct “trading diets.” Clearly, we’re not talking the medical blood type here, but in the ﬁgurative sense it makes the right point. With practice, it’s not too hard to determine blood types (type of trading best suited to the individual) based on the personality of the trader, and then prescribe a diet based on that individual trader’s capital, experience, risk proﬁle and schedule.
Discovering Your Blood Type and Trading Diet
Just like a diet, where there is no right plan for everyone, in trading there is no single plan for all traders. Before deciding whether to “cut out the carbs,” “add more ﬁber,” or simply avoid certain markets, do some self-assessment, starting with personality. For example, are you hesitant or impulsive? Patient or short-tempered? Identify strengths and weaknesses, and then let someone close to you help pinpoint those personality pros and cons. Have a tough skin; it’s for your own good. download the “What’s Your Trading Blood Type” PDF.
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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.
|Contract June 2013||SP500 (big & Mini)||Nasdaq100 (big & Mini)||Dow Jones (big & Mini)||Mini Russell||Dollar Index|
|Contract||June Gold||July Silver||June Crude Oil||June Bonds||June Euro|
|Resistance 3||1515.0||2538.8||95.91||151 9/32||1.3318|
|Resistance 2||1496.2||2486.7||94.58||150 15/32||1.3283|
|Resistance 1||1477.3||2425.3||92.76||149 29/32||1.3235|
|Support 1||1439.6||2311.8||89.61||148 17/32||1.3152|
|Support 2||1420.8||2259.7||88.28||147 23/32||1.3117|
|Support 3||1401.9||2198.3||86.46||147 5/32||1.3069|
|Contract||July Corn||July Wheat||July Beans||July SoyMeal||July bean Oil|
|ThuMay 2||3:15am||EUR||Spanish Manufacturing PMI||44.6||44.2|
|3:45am||EUR||Italian Manufacturing PMI||44.9||44.5|
|4:00am||EUR||Final Manufacturing PMI||46.5||46.5|
|Tentative||EUR||French 10-y Bond Auction||1.94|3.1|
|7:30am||USD||Challenger Job Cuts y/y||30.0%|
|7:45am||EUR||Minimum Bid Rate||0.50%||0.75%|
|8:30am||EUR||ECB Press Conference|
|USD||Prelim Nonfarm Productivity q/q||1.8%||-1.9%|
|USD||Prelim Unit Labor Costs q/q||0.8%||4.6%|
|10:30am||USD||Natural Gas Storage||27B||30B|
|Tentative||USD||Loan Officer Survey|
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