In This Issue
Free Research: Monthly Market Memo
Economic Reports and Expiration Notices
Last week, we brought you a monthly futures market outlook from Trade the News.
This week, we're presenting MF Global Research's Monthly Market Memo for August.
This report includes detailed analysis of debt, equity, currency, precious metal, energy, and grain markets as well as trade recommendations and more.
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by Jim Wyckoff
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Soft red winter wheat futures at the Chicago Board of Trade overnight hit a fresh two-plus year low of $5.06 a bushel, basis the December contract. Prices are in a solid 10-week-old downtrend on the daily bar chart and the bears are in firm technical command. A close in December wheat futures below major psychological support at $5.00 a bushel would produce more chart damage to suggest a challenge of the 2008 low of $4.55 a bushel, basis nearby futures. Below that lies major psychological support at $4.00. For the beleaguered wheat market bulls to begin to regain some technical footing, they will have to close December futures prices above solid technical resistance at $5.60. Below that price level does lie near-term technical resistance at $5.25 and then at $5.50.
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
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
| 08/13 Thu |
7:30 AM CDT - Import & Export Prices(Jul)
7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - Retail Sales(Jul) 9:00 AM CDT - Business Inventories(Jun) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
|
| 08/14 Fri |
7:30 AM CDT - Core CPI & CPI(Jul)
8:15 AM CDT - Capacity Util & Industrial Prod(Jul) 8:55 AM CDT - Mich Sentiment-Prel(Aug) |
LT: Aug Lean Hogs(CME)
Aug Soybeans(CBT) Aug Soymeal(CBT) Aug Soyoil(CBT) |
| 08/17 Mon |
7:30 AM CDT - Empire Manufacturing(Aug)
8:00 AM CDT - Net Long-Term TIC Flows(Jun) |
LT: Aug Eurodollar
Aug LIBOR Aug T-Bill Aug LIBOR Options Sep Crude Lt Options |
| 08/18 Tue |
7:30 AM CDT - Housing Starts & Building Permits(Jul)
7:30 AM CDT - Core PPI & PPI(Jul) 2:00 PM CDT - Milk Production |
|
| 08/19 Wed |
9:35 AM CDT - API & DOE Energy Stats
|
LT: Sep Mini-Crude Oil(NYM)
|
| 08/20 Thu |
7:30 AM CDT - Initial Claims-Weekly
7:30 AM CDT - USDA Weekly Export Sales 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 |
LT: Sep Crude Oil(NYM)
Sep Coffee(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!