In This Issue
Coffee Bulls Produce Big Upside "Breakout"
Economic Reports and Expiration Notices
by Jim Wyckoff
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December coffee futures this week saw a big and bullish upside "breakout" from a recent trading range seen during the summertime, and hit a fresh seven-month high. Trader concern about recent dry weather in Brazil coffee regions stunting the next coffee crop in the world's largest producing nation helped to fuel the gains. Coffee bulls have gained fresh upside technical momentum this week. There is some stiff overhead technical resistance at this week's high of 130.75 cents, basis December arabica coffee futures. A push and close above that resistance level would provide the bulls with more upside technical momentum and would open the door to a challenge of major resistance at the contract high of 141.00 cents. The coffee bears would gain some fresh downside technical momentum by pushing prices below a strong support zone located between 125.00 and 126.00 cents. Recently the coffee bulls have also seen heightened speculative interest on the long side of the futures market, including fresh fund buying. Reason: Record high crude oil prices, a weaker U.S. dollar, 30-plus year highs in the Continuous Commodity Index (CCI) and 16-month highs in gold futures have all been bullish outside influences in the coffee futures market. Stay tuned!--Jim
Need help on better entry into, and exit from, markets? Jim has an e-book called "The Art of Effective Stop Order Placement in Trading Markets." You can buy it for only $14.95 by clicking on the "SUBSCRIBE" section of his website at www.jimwyckoff.com. If you are like many traders who feel your market entry and protective stop placement methods need improvement, then his e-book will be a valuable resource to you. Jim also has an e-book entitled "62 Rules Used by Profitable Futures Traders," which sells for $19.95.
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
TIP: During these days of high market volatility, visit Cannon's Breaking News and Quotes page, where you can view the latest futures news, search for specific topics, and watch the market move.
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 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) |
| 09/21 Fri |
2:00 PM CDT - Dairy Products Prices
2:00 PM CDT - Cattle On Feed 2:00 PM CDT - Livestock Slaughter |
LT: Sep E-Mini S&P 500(CME)
Oct Wheat Options(CBT) Oct U.S. Bonds(CBT) Oct Corn Options(CBT) Oct Oat Options(CBT) Oct Rough Rice Options(CBT) Oct Soybean Options(CBT) Sep E-Mini S&P 500 Options(CME) Oct Orange Juice Options(NYBOT) |
| 09/24 Mon |
|
FN: Oct Cotton(NYBOT)
|
| 09/25 Tue |
9:00 AM CDT - Consumer Confidence(Sep)
9:00 AM CDT - Existing Home Sales(Aug) Cotton Ginnings |
LT: Oct Copper Options(CMX)
Oct Gold Options(CMX) Oct Silver Options(CMX) Oct Heating Oil Options(NYM) Oct Gasoline Options(NYM) Oct Natural Gas Options(NYM) |
| 09/26 Wed |
7:30 AM CDT - Durable Orders(Aug)
9:30 AM CDT - API & DOE Energy Stats |
LT: Sep Gold(CMX)
Sep Silver(CMX) Sep Copper(CMX) Sep Platinum(NYM) Sep Palladium(NYM) Oct Natural Gas(NYM) |
| 09/27 Thu |
7:30 AM CDT - Agricultural Priceswx
7:30 AM CDT - GDP-Final(Q2) 7:30 AM CDT - Chain Deflator-Final(Q2) 7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - Help-Wanted Index(Aug) 9:00 AM CDT - New Home Sales(Aug) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
FN: Oct Natural Gas(NYM)
LT: Sep Feeder Cattle(CME) Sep Feeder Cattle 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!