Trading Levels and Reports for January 10, 2013 - Cannon Trading

Support & Resistance Levels

This Blog provides futures market outlook for different commodities and futures trading markets, mostly stock index futures, as well as support and resistance levels for Crude Oil futures, Gold futures, Euro currency and others. At times the daily trading blog will include educational information about different aspects of commodity and futures trading.

Trading Levels and Reports for January 10, 2013


Jump to a section in this post:

1. Market Commentary
2. Support and Resistance Levels – S&P, Nasdaq, Dow Jones, Russell 2000, Dollar Index
3. Support and Resistance Levels – Gold, Euro, Crude Oil, T-Bonds
4. Support and Resistance Levels – Corn, Wheat, Beans, Silver
5. Economic Reports for Thursday January 10, 2013


Hello Traders,

For 2013 I would like to wish all of you discipline and patience in your trading!


Some days are just losing days….Don’t fight it. You will have losing days. I have been in the futures industry for 15 years now and never have I met a trader who did not have a losing day…and  I will never meet one….impossible. 

Understand it and accept it.  One of your hardest jobs as a day trader is to make sure a losing day does NOT become a disaster…Our human emotions and our brain is not programmed very well to learn how to lose. Yet one of the key differences between traders and those who try to become “traders”…is that traders first learn how to lose. They understand losing is part of trading. The others, refuse to take a lose and will make many mistakes along the way to make a “normal losing” day into a disaster. That may be carrying positions overnight when they normally don’t, reversing, pyramiding and many other mistakes that they would normally not make. That turns a “normal losing day” (maybe for an acct of $10,000, a normal losing day would be down $500?) into one of those days where they wipe out half of their account.


Sometimes we need to learn how to lose before we can excel in 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.


support and resistance levels for futures



5. Economic Reports


All times are Eastern time Zone (EST)

Date 3:57pm Currency Impact Detail Actual Forecast Previous Graph
ThuJan 10  2:45am EUR French Industrial Production m/m 0.2% -0.7%
2:45am EUR French CPI m/m 0.4% -0.2%
7:45am EUR Minimum Bid Rate 0.75% 0.75%
8:30am EUR ECB Press Conference
8:30am USD Unemployment Claims 361K 372K
10:00am USD Wholesale Inventories m/m 0.2% 0.6%
10:30am USD Natural Gas Storage -185B -135B
1:00pm USD 30-y Bond Auction 2.92|2.5
1:10pm USD FOMC Member George Speaks
2:00pm USD FOMC Member Bullard Speaks

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

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