In This Issue
Thanksgiving Holiday Trading Schedule
Reports and Expiration Notices
*All times listed in Central Standard Time
Wednesday, Nov. 22*All times listed in Central Standard Time
The above calendar is compiled from sources believed to be reliable. We assume no responsibility for any errors or omissions. It is meant as an alert to events that may affect trading strategies and is not necessarily complete. The closing times for certain contracts may have been rescheduled.
by Jim Wyckoff
Grain futures at the Chicago Board of Trade on Monday finished with solid price gains. However, the markets closed well off their session highs and near their session lows. Market bears are wondering if the "Turnaround Tuesday" phenomenon will hit the grain futures Tuesday--whereby price action runs counter to that seen Monday. Corn futures have arguably become the near-term leader in the grain markets. But traders did take note that Monday's price action saw a fresh contract high of $3.85 1/4 notched in March futures, only to see prices back well off the high and close near the session low. In fact, in seven of the last nine trading sessions, corn futures have closed near their session lows. This is an early warning signal that bulls are becoming exhausted at higher price levels. Corn bears also took note Monday that bullish fundamental news (reports of corn exports halted in Argentina) did produce a big gap-higher opening on the daily bar chart for December futures. However, the fresh bullish news appeared to be faded as the trading session wore on, with prices closing near the session low. Any time a market fails to rally on fresh bullish fundamental news, that's a solid warning signal that all of the bullish fundamentals have been factored into the market, and a top may be close at hand. While corn futures did close higher on Monday, the low-range close was less than impressive, technically. See, too, at the bottom of the chart that the Moving Average Convergence Divergence (MACD) indicator has recently produced a bearish line crossover signal, whereby the thick blue MACD line crossed below the thin red "trigger" line. But make no mistake: At present the price trend in corn futures remains up, and the bulls still have the solid near-term technical advantage. The bears would have to fill on the downside the upside price gap on the daily bar chart that was created on Nov. 2, to begin to regain some serious downside technical momentum. That means pushing prices back down to $3.47 1/2, basis March futures. There is stiff overhead chart resistance in March corn at Monday's contract high of $3.85 1/4. A push and close above that level would be significantly bullish to suggest a run at $4.00 a bushel in corn futures in the coming weeks.
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
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!
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 11/22 Wed |
8:50 AM CST - Michigan Sentiment-Prel(Nov)
9:30 AM CST - API & DOE Energy Stats |
FN: Dec Crude Oil(NYM)
Dec Cotton(NYBOT) |
| 11/23 Thu |
Thanksgiving Day Holiday
|
|
| 11/24 Fri |
2:00 PM CST - Dairy Products Prices
|
LT: Dec Oat Options(CBT)
Dec U.S. Bond Options(CBT) |
| 11/27 Mon |
|
LT: Dec Natural Gas Options(NYM)
Dec Gold Options(CME) Dec Silver Options(CME) Dec Copper Options(CME) Dec Heating Oil Options(NYM) Dec Unleaded Gas Options(NYM) |
| 11/28 Tue |
7:30 AM CST - Durable Orders(Oct)
9:00 AM CST - Consumer Confidence(Nov) 9:00 AM CST - Existing Home Sales(Oct) |
LT: Nov Gold(CMX)
Nov Silver(CMX) Nov Copper(CMX) Nov Platinum(NYM) Nov Palladium(NYM) Dec Natural Gas(NYM) |
| 11/29 Wed |
7:30 AM CST - GDP-Prel(Q3) 7:30 AM CST - Chain Deflator-Prel(Q3) 9:00 AM CST - New Home Sales(Oct) 9:30 AM CST - API & DOE Energy Stats 1:00 PM CST - Fed's Beige Book |
FN: Dec U.S. 10 & 2 Yr Notes(CBT)
Dec U.S. 30 Yr Bonds(CBT) Dec Corn(CBT) Dec Oats(CBT) Dec Wheat(CBT) Dec Soybean Oil(CBT) Dec Soybean Meal(CBT) Dec Natural Gas(NYM) |
| 11/30 Thu |
7:30 AM CST - Personal Income & Spending(Oct)
7:30 AM CST - USDA Weekly Export Sales 7:30 AM CST - Initial Claims-Weekly 9:00 AM CST - Chicago PMI(Nov) 9:00 AM CST - Help-Wanted Index(Oct) 9:30 AM CST - EIA Gas Storage 3:30 PM CST - Money Supply |
FN: Dec Gold(CMX)
Dec Silver(CMX) Dec Copper(CMX) Dec Platinum(NYM) Dec Palladium(NYM) LT: Nov Fed Funds(CBT) Dec Heating Oil(NYM) Dec Unleaded Gas(NYM) Dec Lumber Options(CME) |
* 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!