In This Issue
Coffee Bulls Gain Some Upside Technical Momentum
How Should We as Traders Confront Risk?
Economic Calendar
by Jim Wyckoff
ICE Futures U.S. coffee for December delivery on Wednesday hit a fresh two-week high of $1.9045 and then backed off on a corrective pullback from solid gains posted Tuesday. The coffee market bulls have regained some fresh upside near-term technical momentum recently as prices are presently trading up around 14 cents a pound from the October low of $1.7160, basis December futures. The next upside near-term technical objective for the coffee market bulls is producing a close in December futures above solid chart resistance at late-September reaction high of $1.9090 a pound. A close above that price level would provide the bulls with better upside technical momentum to then suggest a challenge of the contract high of $1.9865, scored in early September. Coffee market bears would begin to regain some fresh downside near-term technical momentum by pushing December futures below strong chart support at this week's low of $1.7635. Stay tuned!
Written by The Cannon Trading Staff
"Risk," it is a four letter word. As traders it is something that we thrive on and dread. We chase and fear. We look for and look to avoid. It is RISK. Without it, there is no opportunity for profit. Without it trading lacks potential. With it, failure and heartache are the consequences when it is abused.
Risk itself is not a bad thing. When it is misused by traders, it becomes a problem. Controlled risk presents traders with exciting and profitable opportunities. Uncontrolled, it brings the end to the dreams and careers of many traders.
How should we as traders confront risk?....
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
| 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) | |
| 10/20 Wed |
6:00 AM CDT - MBA Mortgage Applications 9:30 AM CDT - API & DOE Energy Stats 1:00 PM CDT - Fed's Beige Book(Oct) |
LT: Oct Butter(CME) Nov Crude Lt(NYM) Nov Platinum Options(NYM) |
| 10/21 Thu |
7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - USDA Weekly Export Sales 9:00 AM CDT - Leading Indicators(Sep) 9:00 AM CDT - Philadelphia Fed(Oct) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
|
| 10/22 Fri |
7:30 AM CDT - Dairy Products Prices 2:00 PM CDT - Cattle On Feed 2:00 PM CDT - Cold Storage |
FN: Nov Crude Lt(NYM) LT: Nov 2,3,5,10 Yr Notes Options(CBT) Nov Bonds Options(CBT) Nov Corn Options(CBT) Nov Oats Options(CBT) Nov Rough Rice Options(CBT) Nov Soybeans Options(CBT) Nov Soyoil Options(CBT) Nov Soymeal Options(CBT) Nov Wheat Options(CBT) |
| 10/25 Mon |
9:00 AM CDT - Existing Home Sales(Sep) | |
| 10/26 Tue |
8:00 AM CDT - Case-Shiller 20-City Index(Aug) 9:00 AM CDT - Consumer Confidence(Oct) 9:00 AM CDT - FHFA Home Price Index(Aug) |
LT: Nov Copper Options(CMX) Nov Gold Options(CMX) Nov Silver Options(CMX) Nov Heating Oil Options(NYM) Nov RBOB Gasoline Options(NYM) Nov Natural Gas Options(NYM) |
* 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!