In This Issue
One Way to Eliminate Fear and Greed While Day Trading
Wheat Bears Back in Technical Command
by Ilan Levy-Mayer, Vice President, Cannon Trading
Disclaimer: The methods described in this article are for educational purposes only. Past results are not necessarily indicative of future results. The author and the publisher assume no responsibility for your trading results. Trading involves a high degree of risk. No recommendation is being made to buy any stock, commodity, option or other financial instrument. Consult your financial advisor before starting any investment system.
In this article, I will explain my philosophy on entering multiple contracts and provide three detailed examples with charts included.
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by Jim Wyckoff
December soft red winter wheat futures at the Chicago Board of Trade have backed way down from last Friday's 2.5-month high of $5.74 3/4 a bushel. Since last Friday's high, prices have dropped around 75 cents a bushel. Serious near-term technical damage has been inflicted the past three trading sessions, to suggest that a near-term market top is in place and that prices can now retest the early-October contract low of $4.39 1/4. Price action this week in December Chicago wheat did negate a steep three-week-old uptrend from the early-October contract low. The next downside price objective for the re-powered wheat market bears is to push and close December futures prices below solid technical support at $4.80. For the weakened wheat market bulls to regain fresh upside technical momentum they will have to push and close December futures prices above strong technical resistance at $5.29.
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 |
| 10/29 Thu |
7:30 AM CDT - Initial Claims-Weekly
7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Chain Deflator-Adv(Q3) 7:30 AM CDT - GDP-Adv(Q3) 9:35 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
FN: Nov Natural Gas(NYM)
LT: Oct Feeder Cattle(CME) Oct Feeder Cattle Options(CME) |
| 10/30 Fri |
7:30 AM CDT - Dairy Products Prices
7:30 AM CDT - Personal Income & Spending(Sep) 8:45 AM CDT - Chicago PMI(Oct) 8:55 AM CDT - Mich Sentiment-Rev(Oct) 9:00 AM CDT - Employment Cost Index(Q3) |
FN: Nov Copper(CMX)
Nov Gold(CMX) Nov Silver(CMX) Nov Platinum(CMX) Nov Palladium(CMX) Nov Rough Rice(CBT) Nov Soybeans(CBT) LT: Oct Live Cattle(CME) Oct Fed Funds(CBT) Nov Heating Oil(NYM) Nov RBOB Gasoline(NYM) Oct Fed Funds Options(CBT) Nov Lumber Options(CME) |
| 11/02 Mon |
9:00 AM CST - Construction Spending(Sep)
9:00 AM CST - ISM Index(Oct) |
FN: Nov Orange Juice(ICE)
|
| 11/03 Tue |
9:00 AM CST - Factory Orders(Sep)
1:00 PM CST - Auto & Truck Sales(Oct) |
FN: Nov Heating Oil(NYM)
Nov RBOB Gasoline(NYM) |
| 11/04 Wed |
9:00 AM CST - ISM Services(Oct)
9:35 AM CDT - API & DOE Energy Stats |
|
| 11/05 Thu |
7:30 AM CST - Employment Cost Index(Q3)
7:30 AM CST - Productivity-Prel(Q3) 7:30 AM CST - Initial Claims-Weekly 7:30 AM CST - USDA Weekly Export Sales 9:35 AM CST - EIA Gas Storage 3:30 PM CST - Money Supply |
|
* 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!