July 14th, 2010 - Issue #540

In This Issue

1. 2010 Futures Calendar & Reference Guide
2. Wheat Market Bulls Flex Their Muscles
3. Economic Calendar

1. 2010 Futures Calendar & Reference Guide

Half of 2010 is behind us but we still have the last half to go! We have a limited number of hard copy 2010 Futures Calendar & Reference guides which we will be happy to mail out to you. This pocket size guide contain valuable trading information such as:

• Economic reports
• First Notice and last trading day notices
• Holiday Schedule
• Trading Hours Time Table
• Contract specifications
• and more..

In order for us to mail out the reference guide, please fill out the information below. We will only send out the guides to clients and prospects who have provided us with full information.

2. Wheat Market Bulls Flex Their Muscles

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.

Chicago soft red winter wheat futures at the Chicago Board of Trade on Wednesday hit a fresh six-month high of $5.94 3/4 a bushel, basis the December contract. Price action the past two weeks has seen this market gain around $1.00 a bushel. Prices are in a four-week-old uptrend on the daily bar chart. Bulls have solid upside near-term technical momentum on their side as panic short covering and fresh commodity fund buying have helped to drive prices sharply higher in a short period of time. The next upside price objective for the wheat market bulls is to produce a close in Chicago futures above major psychological resistance at $6.00 a bushel. A close above $6.00 would then suggest a challenge of the January high of $6.33 in December wheat. Solid technical support for December Chicago wheat is located at this week's low of $5.59 1/2. A close below that level would deflate the bulls and begin to suggest a market top is in place. The wheat market bears do point out that December Chicago wheat is presently short-term overbought, as evidenced by the Relative Strength Index. The 14-period RSI overlaid on the daily bar chart for December wheat is presently reading 75.54. Any RSI reading above 70.00 does suggest a market that is overdone on the upside and due for at least a corrective pullback very soon. Stay tuned! Jim

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

3. Economic Calendar

Source: Moore Research Center, Inc.

* 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!