In This Issue
Commodities and Precious Metal Report
Euro Currency Chart and Technical Analysis for Oct. 6th and 7th
Economic Calendar
by MF Global Research
The gold market is likely to maintain its upward trend, as evidence is building that a super-spike is being made. The next upside resistance is at $1,350.00 from a Fibonacci extension. Support will continue to come from fear that monetary authorities are attempting to weaken their currencies, miner hedge unwinds, and the likelihood that central banks buy additional amounts of gold. These factors could keep the market on an upward path beyond the $1,350 level. Potential risk comes from the slightly downward trend in open interest, especially as prices test the $1,350 level. We favor continuing to trade the market as a positive affair up to $1,350.
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Cannon Trading respects your privacy and will never give this information to a 3rd party.Disclaimer:
Trading commodity futures and options involves substantial risk of loss. The recommendations 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 futures 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!
Source: Js Services
FOREX EUR/USD ** BULL TREND EXTREME ** - Technically the MKT has produced a positive signal into the upper extreme and will need to hold structure if it is going to avoid a drop back into a digestive trade. On the SELL side UP FADE signals are valid but REVERSALS are a better option. Use resting profit limits and tight stops. DIR and DP BREAKOUT strategies are aggressive but do have the potential to profit from a quick negative move out of the extreme. Use tight position management as any unrealized profits can be erased quickly.
- On the BUY side accept DP FADE signals after confirmation. The MKT is extended and may search for stops before it resumes its Bull move. REVERSAL strategies are a better option. The sharper the break, the better for an entry with the expectations that the MKT is going to revisit the recent move high. BUY DIR and UP BREAKOUT strategies may need to be "worked" as the MKT is extended and has the potential to produce some starts and stops.
Click the image to enlarge
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
| 10/06 Wed |
6:00 AM CDT - MBA Mortgage Application 7:15 AM CDT - ADP Employment Change(Sep) 9:30 AM CDT - API & DOE Energy Stats |
|
| 10/07 Thu |
7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - USDA Weekly Export Sales 9:30 AM CDT - EIA Gas Storage 2:00 PM CDT - Consumer Credit 3:30 PM CDT - Money Supply |
LT: Oct Cotton(NYM) |
| 10/08 Fri |
7:30 AM CDT - WASDE Report & Crop Production 7:30 AM CDT - Supply & Demand 7:30 AM CDT - Dairy Products Prices 7:30 AM CDT - Nonfarm Payrolls(Sep) 7:30 AM CDT - Unemployment Rate(Sep) 7:30 AM CDT - Hourly Earnings & Ave Workweek(Sep) 9:00 AM CDT - Wholesale Inventories(Aug) |
LT: Oct Canadian Dollar Options(CME) Oct Currencies Options(CME) Oct US Dollar Index Options(ICE) Nov Coffee Options(ICE) |
| 10/11 Mon |
Columbus Day | |
| 10/12 Tue |
1:00 PM CDT - FOMC Minutes | |
| 10/13 Wed |
6:00 AM CDT - MBA Mortgage Applications 7:30 AM CDT - Export & Import Prices(Sep) 9:30 AM CDT - API & DOE Energy Stats 1:00 PM CDT - Treasury Budget(Sep) |
|
| 10/14 Thu |
7:30 AM CDT - NOPA Crush 7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Core PPI & PPI(Sep) 7:30 AM CDT - Trade Balance(Aug) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
LT: Oct Barley(CBT) Oct Lean Hogs(CME) Oct Soymeal(CBT) Oct Soyoil(CBT) Oct Lean Hogs Options(CME) |
| 10/15 Fri |
7:30 AM CDT - Dairy Products Prices 7:30 AM CDT - Core CPI & CPI(Sep) 7:30 AM CDT - Retail Sales(Sep) 7:30 AM CDT - NY Fed-Empire Manufacturing Survey(Oct) 8:55 AM CDT - Mich Sentiment(Oct) 9:00 AM CDT - Business Inventories(Aug) |
LT: Oct DJIA Options(CME) Oct Eurodollar Options(CME) Oct S&P 500 Options(CME) Oct E-Mini S&P 500 Options(CME) Oct NASDAQ Options(CME) Oct E-Mini NASDAQ Options(CME) Oct Russell Options(CME) Oct Value Line Options(CME) Nov Cotton Options(NYM) Nov Crude Lt Options(NYM) Nov Orange Juice Options(ICE) Nov Sugar 11 Options(NYM) |
| 10/18 Mon |
8:00 AM CDT - Net Long-Term TIC Flows(Jul) 8:15 AM CDT - Capacity Util & Industrial Prod(Jul) |
|
| 10/19 Tue |
7:30 AM CDT - Building Permits & Housing Starts(Sep) |
* 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!