In This Issue
Soybean Bulls Have Upside Technical Momentum
Special Feature: How to Confront Risk in Futures Trading
Economic Reports and Expiration Notices
by Jim Wyckoff
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March soybean futures at the Chicago Board of Trade this week hit a fresh three-month high of $10.23 a bushel. Importantly, prices have also closed above what was major psychological resistance at $10.00 a bushel. Bulls have gained good upside near-term technical momentum recently as prices are in a four-week-old uptrend on the daily bar chart. Price action in mid-December did push above and negate a 5.5-month-old downtrend line on the daily bar chart, drawn from the summertime and autumn highs. The next upside technical objective for the soybean market bulls is to push and close March futures prices above solid technical resistance at $10.50. Above that lies psychological resistance at $11.00 a bushel. The bean market bears would obtain some fresh downside near-term technical momentum by pushing and closing prices below solid technical support at last week's low of $9.36 a bushel. Below that lies psychological support at $9.00 a bushel. Soybean market bulls are at least a bit worried about the approaching "February Break" seasonal phenomenon, whereby futures prices tend to experience a significant pull-back after a rally to begin the new year.
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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E-Futures International
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by Cannon Trading staff
It is a four letter word. As traders it is something that we thrive on and dread. We chase and fear. We look for and look to avoid. It is RISK. Without it, there is no opportunity for profit. Without it trading lacks potential. With it, failure and heartache are the consequences when it is abused.
Risk itself is not a bad thing. When it is misused by traders, it becomes a problem. Controlled risk presents traders with exciting and profitable opportunities. Uncontrolled, it brings the end to the dreams and careers of many traders.
How should we as traders confront risk?
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Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
|---|---|---|
| 01/08 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 9:35 AM CDT - EIA Gas Storage 1:00 PM CDT - Consumer Credit(Nov) 3:30 PM CDT - Money Supply |
LT: Jan Nikkei 225(CME)
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| 01/09 Fri |
7:30 AM CDT - Dairy Products Prices
7:30 AM CDT - Ave Workweek & Hourly Earnings(Dec) 7:30 AM CDT - Nonfarm Payrolls(Dec) 7:30 AM CDT - Unemployment Rate(Dec) 9:00 AM CDT - Wholesale Inventories(Nov) |
LT: Jan Orange Juice(ICE)
Jan Currencies Options(CME) Jan US Dollar Index Options(ICE) Feb Coffee Options(ICE) |
| 01/12 Mon |
7:30 AM CDT - Cotton Ginnings
7:30 AM CDT - WASDE Report & Crop Production |
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| 01/13 Tue |
1:00 PM CDT - Treasury Budget(Dec)
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| 01/14 Wed |
7:30 AM CDT - Import & Export Prices(Dec)
7:30 AM CDT - Retail Sales(Dec) 9:00 AM CDT - Business Inventories(Nov) 9:35 AM CDT - API & DOE Energy Stats |
LT: Jan Rough Rice(CME)
Jan Soybean Meal(CME) Jan Soybean Oil(CME) Jan Soybeans(CME) Feb Crude Oil Options(NYM) |
| 01/15 Thu |
7:30 AM CDT - Core PPI & PPI(Dec)
7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 9:00 AM CDT - Philadelphia Fed(Jan) 9:35 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
LT: Jan Lumber(CME)
Feb Brent Crude Oil(NYM) |
* 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!
