In This Issue
Crude Oil is King in Commodity Futures Markets
Historical View of Gold and Crude Oil
Economic Reports and Expiration Notices
by Jim Wyckoff
Click the image to enlarge.
December crude oil prices on Wednesday hit another all-time record high as prices are in a steep and accelerating uptrend on the daily bar chart. The next upside price objective for the crude oil bulls is to push prices to the major psychological resistance level of $100.00 a barrel. In fact, by the time you read this on Wednesday the crude market may have already touched that key price level. Importantly, traders in the other raw commodity futures markets are paying very close attention to crude oil. Bigger price moves in the "black gold" market will spill over into sympathy moves in other raw commodities, for at least the near term. There are no early technical warning signals to suggest the uptrend in crude oil futures will end anytime soon. However, there is little argument that crude oil prices are in the mature stages of a powerful bull market run. History shows that powerful bull market runs in which prices quickly move to fresh highs are generally followed by prices then backing off the highs just as quickly as those highs were scored. Look for still-higher price volatility in the crude oil market, and the other raw commodity futures markets, in the near term. Indeed, crude oil is king and will continue to be a major influence on other markets for at least the near term. Stay tuned!
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
In light of their new highs, we have put together twenty-year historical charts of both gold and crude oil.
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Cannon Trading respects your privacy and will never give this information to a 3rd party.
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 11/08 Thu |
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: Nov Orange Juice(NYBOT)
|
| 11/09 Fri |
7:30 AM CST - WASDE & Crop Production 7:30 AM CST - Supply & Demand 7:30 AM CST - Export & Import Prices(Oct) 7:30 AM CST - Trade Balance(Sep) 9:00 AM CST - Michigan Sentiment-Prel(Nov) 2:00 PM CST - Dairy Products Prices |
LT: Nov US Dollar Index Options(NYBOT)
Nov Canadian Dollar Options(CME) Nov Currency Options(CME) Dec Cotton Options(NYBOT) Dec Coffee Options(NYBOT) Dec Sugar Opttions(NYBOT) |
| 11/12 Mon |
Veterans Day Holiday
|
|
| 11/13 Tue |
1:00 PM CST - Treasury Budget(Oct)
|
LT: Dec Crude Oil Options(NYM)
|
| 11/14 Wed |
NOPA Crush
7:30 AM CST - PPI & Core PPI(Oct) 7:30 AM CST - Retail Sales(Oct) 9:00 AM CST - Business Inventories(Sep) 9:30 AM CST - API & DOE Energy Stats |
LT: Nov Soybeans(CBT)
Nov Rough Rice(CBT) |
| 11/15 Thu |
7:30 AM CST - CPI & Core CPI(Oct) 7:30 AM CST - NY Empire State Index(Nov) 11:00 AM CST - Philadelphia Fed(Nov) 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 |
FN: Dec Cocoa(NYBOT)
LT: Nov Feeder Cattle(CME) Nov Lumber(CME) Nov GSCI(CME) Nov 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!