In This Issue
Bearish Symmetrical Triangle Pattern in Sugar
Economic Reports and Expiration Notices
For those of you trading the E-Mini S&P futures, the "Big" S&P 500 futures or any Stock Index contract, it is extremely important to remember that Thursday, September 13th, is rollover day. It is recommended that all new positions be placed in the December 2007 contract as of Thursday's trade date. GLOBEX will not roll over until Thursday morning at 8:30 A.M. Central Time, despite the fact that the trade date changes at Wednesday afternoon's opening.
Further, please be aware that the executing brokers in the SEPTEMBER contract of the "Big" S&P 500 and NASDAQ 100 will not be "held" on ANY order, and that they will not take Cancel and Replace orders at all beginning Friday, September 14th. Also, please be aware of liquidity issues in the 2nd step E-Mini S&P and E-Mini NASDAQ. Expect sharply decreased liquidity on the SEPTEMBER contract beginning Thursday morning. Carefully consider whether you wish to place Market or Stop orders after that time.
Traders with electronic trading software should make sure that defaults reflect the proper contract as of Thursday morning.
NOTE: E-MINI rollover actually occurs at 8:30 A.M. Central Time, Thursday, but orders placed Wednesday afternoon and evening after 3:30 P.M. Central Time (before rollover) will work through Thursday's close (after rollover). Please consider carefully how you place Stop or Market orders in these contracts.
Feel free to call (800 - 454 - 9572) let us know if we can provide any further clarification, information or be of any additional assistance.
by Jim Wyckoff
Click the image to enlarge.
October sugar futures have recently formed a bearish symmetrical triangle pattern on the daily bar chart. Symmetrical triangle patterns are continuation patterns. Given that the most recent trend in the sugar futures market has been down, technical odds do favor a downside "breakout" from the triangle pattern. A push and close in prices below solid support at the August low of 9.08 cents would also be a significantly bearish clue to suggest a fresh leg down in prices in the near term. A push and close in October sugar futures above the solid resistance level of 9.60 cents would provide the bulls with some fresh upside technical momentum to suggest that a near-term market low is in place. Stay tuned!--Jim
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 |
|---|---|---|
| 09/13 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:30 AM CDT - EIA Gas Storage 1:00 PM CDT - Treasury Budget(Jul) 3:30 PM CDT - Money Supply |
LT: Sep Cocoa(NYBOT)
Sep Nikkei 225(CME) Sep Nikkei 225 Options(CME) |
| 09/14 Fri |
7:30 AM CDT - NOPA Crush
7:30 AM CDT - Current Account(Q2) 7:30 AM CDT - Export & Import Prices(Aug) 7:30 AM CDT - Retail Sales(Aug) 8:15 AM CDT - Capacity Util & Indus Production(Aug) 9:00 AM CDT - Business Inventories(Jul) 9:00 AM CDT - Michigan Sentiment-Prel(Sep) 2:00 PM CDT - Dairy Products Prices |
LT: Sep Wheat(CBT)
Sep Oats(CBT) Sep Soybeans(CBT) Sep Soybean Meal & Oil(CBT) Sep Corn(CBT) Sep Rough Rice(CBT) Sep Lumber(CME) Sep CRB Index(NYBOT) Sep CRB Index Options(NYBOT) Sep Eurodollar Options(CME) Oct Cotton Options(NYBOT) Oct Coffee Options(NYBOT) Oct Sugar Options(NYBOT) |
| 09/17 Mon |
7:30 AM CDT - NY Empire State Index(Sep)
|
FN: Sep Lumber(CME)
Sep Currencies(CME) LT: Sep U.S. Dollar Index(NYBOT) Sep LIBOR(CME) Sep Eurodollar(CME) Sep Currencies(CME) Sep LIBOR Options(CME) Oct Crude Oil Options(CME) |
| 09/18 Tue |
7:30 AM CDT - PPI & Core PPI(Aug) 8:00 AM CDT - Net Foreign Purchases(Jul) 1:15 PM CDT - FOMC Policy Statement |
FN: Sep Canadian Dollar(CME)
LT: Sep Coffee(NYBOT) Sep Canadian Dollar(CME) Sep GSCI(CME) |
| 09/19 Wed |
7:30 AM CDT - PPI & Core PPI(Aug) 7:30 AM CDT - Housing Starts & Building Permits(Aug) 9:30 AM CDT - API & DOE Energy Stats |
LT: Sep U.S. 10 Yr T-Notes(CBT)
Sep U.S. 30 Yr Bonds(CBT) Oct Platinum Options(NYM) |
| 09/20 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - Leading Indicators(Aug) 9:30 AM CDT - EIA Gas Storage 11:00 AM CDT - Philadelphia Fed(Sep) 2:00 PM CDT - Cold Storage 3:30 PM CDT - Money Supply |
LT: Sep S&P 500 Index(CME)
Sep NASDAQ 100 Index(CME) Sep DJIA Index(CBT) Oct Crude Oil(NYM) Sep S&P 500 Options(CME) Sep NASDAQ 100 Options(CME) Sep DJIA Options(CBT) |
* 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!