In This Issue
November Soybeans Looking for Takers
Economic Reports and Expiration Notices
by Jim Wyckoff
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October live cattle futures on the Chicago Mercantile Exchange on Wednesday morning notched a fresh three-week low. Prices are presently in a two-month-old downtrend from the June contract high of $113.20. The live cattle bears have recently gained fresh downside near-term technical momentum. The next downside technical objective for the live cattle bears is pushing and closing October futures below solid chart support at the July low of $103.80. Below that price level lies strong technical support at the $102.00 area. For the cattle bulls to begin to gain some fresh upside near-term technical momentum, they will have to push and close October futures above solid overhead chart resistance at the $106.50 area. Above that lies strong chart resistance at $108.00. From a Fibonacci technical perspective, this week's price action has also favored the bearish camp for live cattle futures. October futures prices on Tuesday pushed and closed below the key 50% Fibonacci retracement level of the price move from the March 31 low of $97.55 to the contract high of $113.20, scored on June 20. That 50% retracement level is located at $105.35. The next downside Fibonacci objective for the cattle bears is to push October futures below the 61.8% retracement level of that same move, which is located at $105.55.
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
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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 |
|---|---|---|
| 08/21 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - Leading Indicators(Jul) 9:00 AM CDT - Philadelphia Fed(Aug) 9:35 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
FN: Sep Coffee(ICE)
|
| 08/22 Fri |
7:30 AM CDT - Dairy Products Prices
7:30 AM CDT - Livestock Slaughter 2:00 PM CDT - Cold Storage 2:00 PM CDT - Cattle On Feed |
FN: Sep Crude Oil(NYM)
LT: Sep Wheat Options(CBT) Sep US Bonds Options(CBT) Sep Corn Options(CBT) Sep Oats Options(CBT) Sep Rough Rice Options(CBT) Sep Soybeans Options(CBT) |
| 08/25 Mon |
9:00 AM CDT - Existing Home Sales(Jul)
|
|
| 08/26 Tue |
9:00 AM CDT - Consumer Confidence(Aug)
9:00 AM CDT - New Home Sales(Jul) 1:00 PM CDT - FOMC Minutes |
LT: Aug Frozen Pork Bellies(CME)
Sep Heating Oil Options(NYM) Sep Silver Options(CMX) Sep Gold Options(CMX) Sep Copper Options(CMX) Sep Natural Gas Options(NYM) Sep RB Gasoline Options(NYM) |
| 08/27 Wed |
7:30 AM CDT - Durable Orders(Jul)
9:35 AM CDT - API & DOE Energy Stats |
LT: Aug Copper(CMX)
Aug Platinum(NYM) Aug Palladium(NYM) Aug Silver(CMX) Aug Gold(CMX) Sep Natural Gas(NYM) |
| 08/28 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - Chain Deflator-Prel(Q2) 7:30 AM CDT - GDP-Prel(Q2) 9:35 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
FN: Sep Natural Gas(NYM)
LT: Aug Feeder Cattle Options(CME) Aug Feeder Cattle(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!