In This Issue
Bullish Upside "Breakout" in Cocoa
Reports and Expiration Notices
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July cocoa futures on the New York Board of Trade Tuesday saw a bullish upside "breakout" from a trading range defined by what was solid technical resistance at last week's high of $1,545, and by solid technical support at last week's low of $1,497. Prices Tuesday hit a fresh three-month high of $1,565 a ton. For the cocoa bulls to gain better upside technical momentum, they will have to produce a close above the February high of $1,590 in July cocoa. The cocoa bulls can also argue that prices are in a four-week-old price uptrend on the daily bar chart, from the April 13 low of $1,434 a ton. A close back below Tuesday's low of $1,520 a ton would provide the bears some fresh near-term downside technical momentum.
Disclaimer:
Trading commodity futures and options involves substantial risk of loss. The recommendations 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 futures 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!
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 Jim Wyckoff
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 05/11 Thu |
7:30 AM CDT - Business Inventories(Mar)
7:30 AM CDT - Retail Sales(Apr) 7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
|
| 05/12 Fri |
7:30 AM CDT - Cotton Ginnings
7:30 AM CDT - Annual Crop Production 7:30 AM CDT - WASDE Report 7:30 AM CDT - Supply & Demand Reports 7:30 AM CDT - Trade Balance(Mar) 7:30 AM CDT - Import & Export Prices(Apr) 7:30 AM CDT - Dairy Products Prices 8:50 AM CDT - Michigan Sentiment-Prel(May) |
LT: May Corn & Oats(CBT)
May Soybeans(CBT) May Soybean Meal(CBT) May Soybean Oil(CBT) May Wheat(CBT) May Lean Hogs(CME) May Lean Hogs Options(CME) |
| 05/15 Mon |
7:30 AM CDT - NOPA Crush
8:00 AM CDT - Net Foreign Purchases(Mar) |
LT: May Lumber(CME)
May Eurodollars(CME) May LIBOR(CME) May Eurodollar Options(CME) May LIBOR Options(CME) |
| 05/16 Tue |
7:30 AM CDT - Housing Starts & Building Permits(Apr) 7:30 AM CDT - NY Empire State Index(May) 7:30 AM CDT - PPI & Core PPI(Apr) 8:15 AM CDT - Indus Production & Capcity Util(Apr) |
FN: May Lumber(CME)
|
| 05/17 Wed |
7:30 AM CDT - CPI & Core CPI(Apr) 9:30 AM CDT - API & DOE Energy Stats |
LT: Jun Crude Oil Options(NYM)
|
| 05/18 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
LT: May Coffee(NYBOT)
|
* 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!