In This Issue
1. The New Cannon Trading Website
2. January Futures Market Forecast
3. Economic Calendar
We are pleased to announce the redesign and launch of our website, cannontrading.com!
Please take a moment to visit the site and familiarize yourself with the new layout.
Highlights include:
Be sure to stay tuned as we have more new features planned for 2010.
Good Trading!
Traders gladly rode out 2009 with equity and commodity markets near their highs, while central bankers and government officials seemed pleased to see the markets come back even if the overall economy is still shaky. With the exception of a few early movers like Australia, G20 central banks and governments let their stimulus programs continue through the end of 2009, but the new year may require them to roll up their sleeves to take care of some unfinished business. The implementation of the stimulus programs was bumpy process (recall Congress initially voting down the $700B bank bailout), but the exit strategy will likely be a whole new animal, more difficult to tame by several orders of magnitude. A pack of economic releases this month will complete the December and Q4 data picture and likely influence the course of policy makers for the year to come. Macroeconomic and sovereign ratings events will also play a big role in how policy unfolds in the months ahead.
Costly financial sector bailouts and surging unemployment levels decimated public finances in 2009, and markets will be expecting someone to deal with the tab in 2010. Recent events in Dubai have been viewed by many as a prelude to a sovereign related scare of a greater magnitude and ratings agencies, chastened by the fallout from the subprime debacle, are circling ominously. Of the AAA rated nations, the US and UK stand out as most vulnerable for a downgrade, with deficits expected to stay well above 10% of GDP next year and national debt at stratospheric levels in both countries. The prospects for fiscal consolidation in the short-term outlook slim: The US is in the midst of ambitious and potentially expensive health care reform while the UK remains stuck in recession. And both countries will face pivotal elections in 2010. Polls are indicating that a hung parliament could emerge from next year's UK general election (which would necessitate messy coalition building) while politically risky tax hikes or spending cuts are unlikely to get though congress prior to midterm elections in November.
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Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
| 01/07 Thu |
7:30 AM CST - USDA Weekly Export Sales
7:30 AM CST - Initial Claims-Weekly 9:35 AM CST - EIA Gas Storage 3:30 PM CST - Money Supply |
|
|---|---|---|
| 01/08 Fri |
7:30 AM CST - Ave Workweek & Hourly Earnings(Dec)
7:30 AM CST - Nonfarm Payrolls(Dec) 7:30 AM CST - Unemployment Rate(Dec) 9:00 AM CST - Wholesale Inventories(Nov) 2:00 PM CST - Consumer Credit(Nov) |
|
| 01/11 Mon |
|
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| 01/12 Tue |
7:30 AM CST - Crop Production(Annual)
7:30 AM CST - Grain Stocks 7:30 AM CST - Winter Wheat Seedings 7:30 AM CST - Trade Balance(Nov) |
|
| 01/13 Wed |
9:35 AM CST - API & DOE Energy Stats
1:00 PM CST - Treasury Budget(Dec) |
|
| 01/14 Thu |
7:30 AM CST - Export & Import Prices(Dec)
7:30 AM CST - USDA Weekly Export Sales 7:30 AM CST - Initial Claims-Weekly 7:30 AM CST - Retail Sales(Dec) 7:30 AM CST - NOPA Crush 9:00 AM CST - Business Inventories(Nov) 9:35 AM CST - EIA Gas Storage 3:30 PM CST - Money Supply |
LT: Feb Crude Lt Options(NYM)
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* 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!