When You’re Crying…You Should Be Buying
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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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 Friday December 18, 2015
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Here is some futures market insight from a new member on our team but seasoned Broker, Steve Nimerov:
“Sell the rumor….Buy the fact’
“When you’re crying…You should be buying”
Some of the oldest adages,in Futures trading psychology,might sound flippant
or too simple to acknowledge,such as the header to this blog as stated above,but
are actually rooted in time worn lessons learned.Such was the early panic in the grains
and soy market,early this morning.A perfect storm of bearish news came streaming
across the news wires.The US dollar was exploding to the upside,bearish grains,
Argentina,where farmers had been stockpiling grains and soy for years,announced
a thirty percent devaluation of the peso,which basically forces the hand of the farmers,
in that country,to dump their product so as to replace the Peso with Dollars,as the
newly elected Argentinian president made good on the economic changes his party
ran on.A wall of grain and soy was going to hit the market as the new government
ended years of export taxes,on the farmer,opening the potential floodgates and making
their product cheaper than other exporting countries.While this news was hitting the
markets,metals and energies were joining the Commodities rout as the funds went into
a “risk off mode.The Bulls were crying,fresh shorts joined the Bears party! But wait
a minute,hadn’t this news been anticipated for weeks and in some cases months?! And
hadn’t the grains been down hard,in anticipation,during that time?! Right on cue,by mid
morning,the bleeding had stopped,with the selling exhausted,prices found support and
the shorts were soon on the run.In a reverse of fortunes.prices began to spike up from
sharply lower to higher on the day,only to leave the Bears scratching their heads and
licking their significant wounds!
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|Contract March 2016||SP500||Nasdaq100||Dow Jones||Mini Russell||Dollar Index|
|Contract||Feb. Gold||March Silver||Jan. Crude Oil||Mar. Bonds||March Euro|
|Resistance 3||1092.2||14.62||36.73||157 20/32||1.0996|
|Resistance 2||1082.4||14.42||36.28||156 26/32||1.0959|
|Resistance 1||1066.3||14.06||35.52||156 13/32||1.0902|
|Support 1||1040.4||13.50||34.31||155 6/32||1.0808|
|Support 2||1030.6||13.30||33.86||154 12/32||1.0771|
|Support 3||1014.5||12.94||33.10||153 31/32||1.0714|
|Contract||Mar. Corn||Mar. Wheat||Jan Beans||Jan. SoyMeal||Jan. Nat Gas|
All times are Eastern time Zone (EST)
|FriDec 18||4:00am||EUR||Current Account||32.2B||29.4B|
|9:45am||USD||Flash Services PMI||55.9||56.1|
|1:00pm||USD||FOMC Member Lacker 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 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 judgment in trading.