In This Issue
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, December 13th, is rollover day. It is recommended that all new positions be placed in the March 2008 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 DECEMBER 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, December 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 DECEMBER 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.
December Currencies are deliverable on Monday the 17th, please closeout any December Currencies by the close on Friday the 14th.
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 Trade The News
In November, concerns that credit market problems might lead to recession sent traders flocking to the Treasury market, pushing the 10-year yield back below 4% and the 2-year below 3%. Equity markets sunk back to the levels seen in August when the subprime slime first hit the fan, though a late month rally began after FOMC veteran Kohn said the Fed would stay 'flexible' and could act again if the market turmoil persists, backtracking from some sterner talk put forward by the Fed after the last 'pre-emptive' rate cut. Other Fed speakers, including Chairman Bernanke, followed by echoing the need for Fed "flexibility," confirming to most market watchers that another rate cut is in the offing, despite concerns about inflation and the weakness of the US dollar. Developments in the equity, energy, and forex markets, as well as surprise macro events, will all inform the decision making process of this more flexible Fed.
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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 |
|---|---|---|
| 12/13 Thu |
7:30 AM CST - PPI & Core PPI(Nov) 7:30 AM CST - Retail Sales(Nov) 7:30 AM CST - USDA Weekly Export Sales 7:30 AM CST - Initial Claims-Weekly 9:00 PM CST - Business Inventories(Oct) 9:30 AM CST - EIA Gas Storage 3:30 PM CST - Money Supply |
LT: Dec Cocoa(ICE)
Dec Nikkei 225(CME) Dec Nikkei 225 Options(CME) Jan Crude Oil Options(NYM) FN: Dec Live Cattle(CME) |
| 12/14 Fri |
7:30 AM CST - CPI & Core CPI(Nov)
7:30 AM CST - NOPA Crush 8:15 AM CST - Capacity Util & Indus Prod(Nov) 2:00 PM CST - Dairy Products Prices |
LT: Dec Wheat(CBT)
Dec Corn(CBT) Dec Oats(CBT) Dec Soybeans(CBT) Dec Soybean Meal & Oil(CBT) Dec Lean Hogs(CME) Dec Lean Hog Options(CME) Dec CRB Index(ICE) Dec CRB Index Options(ICE) Jan Sugar Options(ICE) |
| 12/17 Mon |
7:30 AM CST - Current Account(Q3)
7:30 AM CST - NY Empire State Index(Dec) 8:00 AM CST - Net Foreign Purchases(Oct) |
FN: Dec Currencies(CME)
LT: Dec US Dollar Index(ICE) Dec Eurodollar(CME) Dec GSCI(CME) Dec Currencies(CME) Dec LIBOR(CME) Dec Eurodollar Options(CME) |
| 12/18 Tue |
7:30 AM CST - Housing Starts & Building Permits(Nov)
|
FN: Dec Canadian Dollar(CME)
LT: Dec Coffee(ICE) Dec Canadian Dollar(CME) |
| 12/19 Wed |
9:30 AM CST - API & DOE Energy Stats
|
LT: Dec US 10 Yr T-Notes(CBT)
Dec US 30 Yr T-Bonds(CBT) Jan Crude Oil(NYM) Jan Platinum Options(NYM) |
| 12/20 Thu |
7:30 AM CST - GDP-Final(Q3) 7:30 AM CST - Chain Deflator-Final(Q3) 7:30 AM CST - USDA Weekly Export Sales 7:30 AM CST - Initial Claims-Weekly 9:00 AM CST - Leading Indicators(Nov) 9:30 AM CST - EIA Gas Storage 11:00 AM CST - Philadelphia Fed(Dec) 3:30 PM CST - Money Supply |
LT: Dec S&P 500(CME)
Dec Nasdaq 100(CME) Dec DJIA(CBT) Dec S&P 500 Options(CME) Dec Nasdaq 100 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!