In This Issue
1. June to September Rollover Notice
2. Copper Sees Short Covering in a Bear Market
3. Economic Calendar
Please note that Equity Indices products; TF, ES, NQ, EMD and YM roll on Thursday the 10th at 8:30 am Chicago time from the June 2010 contract to the September 2010 contract. The month code for September is 'U'.
It is recommended that all new positions be placed in the September contract as of Thursday's trade date.
Please close any open June Currencies positions by the close on Friday the 11th.
Should you have any further questions please contact your broker.
by Jim Wyckoff
Disclaimer: 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.
Comex copper futures for July delivery on Wednesday morning were trading solidly higher on short covering in a market that is still technically bearish. July copper prices are in a two-month-old downtrend on the daily chart and earlier this week hit a fresh eight-month low of $2.72 a pound. For the bulls to begin to regain some fresh upside technical momentum to begin to suggest a market low is in place and that a price uptrend can be established, they will have to produce multiple daily closes above major resistance at $3.00 a pound. The bears remain in overall technical control of copper. A close below strong technical support at this week's low of $2.72 in July copper would produce more serious chart damage and suggest a downside target of $2.50 a pound for nearby futures. The present significantly bearish technical posture for copper is also a bearish shot across the bow for all raw commodity markets. Copper is a red industrial metal that is very important for commercial and residential construction worldwide. A down-trending copper market suggests a weak worldwide construction sector. Stay tuned!
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 |
|---|---|---|
| 06/09 Wed |
9:00 AM CDT - Wholesale Inventories(Apr)
9:30 AM CDT - API & DOE Energy Stats 1:00 PM CDT - Fed's Beige Book(Jun) |
|
| 06/10 Thu |
7:30 AM CDT - WASDE Report & Crop Production
7:30 AM CDT - Supply & Demand 7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - Trade Balance(Apr) 9:30 AM CDT - EIA Gas Storage 1:00 PM CDT - Treasury Budget(May) 3:30 PM CDT - Money Supply |
|
| 06/11 Fri |
7:30 AM CDT - Dairy Products Prices
7:30 AM CDT - Retail Sales 8:55 AM CDT - Mich Sentiment(Jun) 9:00 AM CDT - Business Inventories(Apr) |
LT: Jul Cotton Options(NYM)
Jul Coffee Options(ICE) |
| 06/14 Mon |
7:30 AM CDT - NOPA Crush
|
LT: Jun Currencies(CME)
Jun US Dollar Index(ICE) Jun Lean Hogs(CME) Jun Lean Hogs Options(CME) |
| 06/15 Tue |
7:30 AM CDT - Export & Import Prices(May)
7:30 AM CDT - Empire Manufacturing Survey(Jun) 8:00 AM CDT - Net Long-Term TIC Flows(Mar) |
FN: Jun US Dollar Index(ICE)
LT: Jun Canadian Dollar(CME) Jul Sugar 11 Options(NYM) |
| 06/16 Wed |
7:30 AM CDT - Building Permits & Housing Starts(May)
7:30 AM CDT - Core PPI & PPI(May) 8:15 AM CDT - Capacity Util & Industrial Prod(May) 9:30 AM CDT - API & DOE Energy Stats |
LT: Jun Platinum Options(CMX)
|
| 06/17 Thu |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - Core CPI & CPI(May) 7:30 AM CDT - Current Account Balance(Q1) 9:00 AM CDT - Leading Indicators(May) 9:00 AM CDT - Philadelphia Fed(Jun) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
FN: Jul Cocoa(ICE)
LT: Jun NASDAQ(CME) Jun S&P 500(CME) Jun Valueline(CBT) Jun NASDAQ Options(CME) Jun S&P 500 Options(CME) Jun Valueline Options(CBT) Jul Crude Lt Options(NYM) |
| 06/18 Fri |
7:30 AM CDT - Dairy Products Prices
2:00 PM CDT - Cattle On Feed 2:00 PM CDT - Milk Production |
LT: Jun DJIA
Jun E-Mini S&P 500 Jun E-Mini NASDAQ Jun Russell Jun DJIA Options Jun E-Mini S&P 500 Options Jun E-Mini NASDAQ Options Jun Russell Options Jul Orange Juice Options(ICE) |
| 06/21 Mon |
|
LT: Jun 10 Year Notes(CBT)
Jun Bonds(CBT) |
| 06/22 Tue |
9:00 AM CDT - Existing Home Sales(May)
2:00 PM CDT - Cold Storage |
FN: Jul Coffee(ICE)
LT: Jul Crude Lt(NYM) |
| FN=First Notice, OE=Option Expiration, LT=Last Trade | ||
* 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!