In This Issue
Reports and Expiration Notices
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by Jim Wyckoff
March cocoa futures on the New York Board of Trade on Wednesday gapped higher on the daily bar chart for the second session in a row, to score a fresh four-month high. This week's price action has produced a bullish upside "breakout" from a bullish pennant pattern on the daily bar chart. Measuring implications of this particular pennant pattern suggest an upside price potential of $1,675, basis March cocoa futures. The next upside technical objective for the bulls is to close prices above the September 2005 spike high of $1,605 in March cocoa. Above that lies the June 2005 spike high of $1,642 a metric ton. A push in March cocoa prices above the June 2005 high would open the door to much bigger price gains, including a challenge of the contract high of $1,893, scored in March of 2005. For the bears to gain any fresh downside near-term technical momentum, they would have to push prices back below strong technical support at the $1,500 price level, basis March futures. Fundamentally, the strife in leading cocoa-producing nation Ivory Coast is bullish. However, the large speculative commodity funds and index funds have also very likely been adding to long positions as the new year gets under way.
Jim has an EXCELLENT daily newsletter where he reviews different markets, alerts you for potential trades and much more. Included is his great bi-weekly newsletter with charts and a little longer term outlook. We recommend checking out his website, educational CDROM, and services at JimWyckoff.com
Disclaimer: There is a risk of financial loss in futures and options trading. Futures trading is neither easy nor an easy way to make money. It takes hard work to have success. Please use sound money management when trading futures. Past performance is not necessarily indicative of future results. Nothing in this newsletter is intended to be a trading recommendation for you to buy or sell futures or options. All information has been obtained from sources believed to be reliable, but accuracy is not guaranteed. Readers are solely responsible for how they use the information in this newsletter.
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 01/19 Thu |
7:30 AM CST - Housing Starts & Building Permits(Dec) 7:30 AM CST - USDA Weekly Export Sales 7:30 AM CST - Initial Claims-Weekly 9:30 AM CST - API & DOE Energy Stats 11:00 AM CST - Philadelphia Fed(Jan) 3:30 PM CST - Money Supply |
|
| 01/20 Fri |
7:30 AM CST - Dairy Products Prices
8:50 AM CST - Michigan Sentiment-Prel(Jan) 9:30 AM CST - EIA Gas Storage 2:00 PM CST - Cattle On Feed |
LT: Jan Rice(CBT)
Feb Crude Oil(NYM) Jan Dow Jones(CBT) Jan CME Stock Indices(CME) Jan Emini-Stock Indices(CME) Jan Value Line(KCBT) |
| 01/23 Mon |
9:00 AM CST - Leading Indicators(Dec)
2:00 PM CST - Cold Storage Report |
|
| 01/24 Tue |
9:00 AM CST - Consumer Confidence(Dec)
|
|
| 01/25 Wed |
9:00 AM CST - Existing Home Sales(Dec)
9:30 AM CST - API & DOE Energy Stats |
|
| 01/26 Thu |
7:30 AM CST - Cotton Consumption
7:30 AM CST - Durable Orders(Dec) 7:30 AM CST - USDA Weekly Export Sales 7:30 AM CST - Initial Claims-Weekly 9:30 AM CST - EIA Gas Storage 3:30 PM CST - Money Supply |
LT: Jan Feeder Cattle(CME)
Jan Feeder Cattle Options(CME) Feb Gold Options(CMX) Feb Heating Oil Options(NYM) Feb Unleaded Gas Options(NYM) Feb Natural Gas Options(NYM) |
* Please note that the information contained in this letter is intended for clients, prospective clients, and audiences who have a basic understanding, familiarity, and interest in the futures markets.
** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.
*** 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!