In This Issue
All Of The Huge Threats Facing The Economy Summarized In One Paragraph
Hot Market Report - GOLD
CME Globex® Martin Luther King Holiday Schedule
Economic Calendar
By: David Rosenberg of Gluskin-Sheff
The best articulator of the bear case, David Rosenberg of Gluskin-Sheff, summarizes all of the risks facing the market in one paragraph:
Market sentiment is as overly optimistic now as it was pessimistic at the July- August lows. Eurozone fiscal deflationary shock. Anti-inflation policy restraint in emerging Asia. Widespread cutbacks at the state and local government level. Debt ceiling issue triggers major rounds of market volatility. Tax breaks that are temporary tend to have marginal economic impact with few multiplier impacts, hence GDP revisions will likely be to the downside post-Q1. Another downleg in home prices undercuts confidence and spending (with around two years' supply of total vacant inventory backlog).
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by JS Services
FEB '11 GOLD ** NEUTRAL CORRECTION **
- The MKT is in neutral, working a slight positive bias against a negative underlying trend. Opportunity exists on both sides of the MKT. However, the threat of the return of the negative momentum must be respected.
- On the SELL side accept BREAKOUT, FADE and REVERSAL strategies off major inflection points with the expectation that the negative momentum is going to resume. DP SELL BREAKOUT strategies can risk a little more of current events and other MKTs of confluence confirm a negative posture.
- On the BUY side DP FADE strategies are valid, however the underlying momentum remains negative and any long opportunity is short term. DP BUY REVERSAL strategies should be avoided, as any break in momentum is a sign that the BEAR TREND is ready to resume. UP BUY BREAKOUT strategies are aggressive and the better opportunity is a DIR FADE after a positive breakout signal.
Daily | High | Low | Close | Change | Trend | MIN - Neutral | 9848 |
GCAG1 | 1386.8 | 1372.4 | 1380.9 |
|
| INT - UP | 1312.3 |
GCAJ1 | 1388.5 | 1374.4 | 1383.0 |
|
| MAJ - NEU | 1240.0 |
Click the image to enlarge
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!
by CME Group
Friday, Jan 14
1515 CT – Regular CME Globex close for trade date Friday, Jan 14
Sunday, Jan 16
1700 CT – Regular CME Globex open for trade date Tuesday, Jan 18
Note: Day/Session orders entered on Sunday are for trade date Tuesday, Jan 18 and will continue working until Tuesday's close at 1515 CT
Monday, Jan 17
1030 CT – Trading halt · Order entry, modification and cancellation allowed
1700 CT – Halted products resume trading
Tuesday, Jan 18
1515 CT – Regular CME Globex close for trade date Tuesday, Jan 18
Friday, Jan 14
1515 CT – Early CME Globex close for all CME interest rate and CBOT financial products for trade date Friday, Jan 14
Sunday, Jan 16
1700 CT – Regular CME Globex open for CME interest rate products for trade date Tuesday, Jan 18
1730 CT – Regular CME Globex open for CBOT financial products for trade date Tuesday, Jan 18
Note: Day/Session orders entered on Sunday are for trade date Tuesday, Jan 18, and will continue working until Tuesday's close at 1600 CTMonday, Jan 17
1200 CT – CME interest rate and CBOT financial products trading halt
•Order entry, modification and cancellation allowed
1700 CT – Halted CME interest rate products resume trading
1730 CT – Halted CBOT financial products resume trading
Tuesday, Jan 18
1600 CT – Regular CME Globex close for trade date Tuesday, Jan 18
Friday, Jan 14
1515 CT – Early CME Globex close for trade date Friday, Jan 14
Sunday, Jan 16
1700 CT – Regular CME Globex open for trade date Tuesday, Jan 18
Note: Day/Session orders entered on Sunday are for trade date Tuesday, Jan 18, and will continue working until Tuesday's close at 1600 CT
Monday, Jan 17
1200 CT – Trading halt
•Order entry, modification and cancellation allowed
1700 CT – Halted products resume trading
Tuesday, Jan 18
1600 CT – Regular CME Globex close for trade date Tuesday, Jan 18
Friday, Jan 14
1515 CT / 1615 ET – Early CME Globex close for trade date Friday, Jan 14
Sunday, Jan 16
1700 CT / 1800 ET – Regular CME Globex open for NYMEX, COMEX & DME products on CME Globex for trade date Tuesday, Jan 18
Note: Day/Session orders entered on Sunday are for trade date Tuesday, Jan 18, and will work continuously until Tuesday's close at 1615 CT / 1715 ET
Monday, Jan 17
1215 CT / 1315 ET – Trading halt
•Order entry, modification and cancellation allowed
1700 CT / 1800 ET – Halted products resume trading
Tuesday, Jan 18
1615 CT / 1715 ET – Regular CME Globex close for trade date Tuesday Jan 18
*All times listed in Central Time
The above calendar is compiled from sources believed to be reliable. Cannon Trading assumes no responsibility for any errors or omissions. It is meant as an alert to events that may affect trading strategies and is not necessarily complete. The closing times for certain contracts may have been rescheduled.
If you have any questions please contact customer service.
For more information, see the CME Globex® Martin Luther King Holiday Schedule
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
| 01/12 Wed |
6:00 AM CST - MBA Mortgage Purchase Index 7:30 AM CST - WASDE Report & Crop Production 7:30 AM CST - Grain Stocks 7:30 AM CST - Winter Wheat Seedlings 7:30 AM CST - Export & Import Prices(Dec) 9:30 AM CST - API & DOE Energy Stats 1:00 PM CST - Treasury Budget(Dec) 1:00 PM CST - Fed's Beige Book(Jan) |
|
| 01/13 Thu |
7:30 AM CST - Initial Claims-Weekly 7:30 AM CST - USDA Weekly Export Sales 7:30 AM CST - Core PPI & PPI(Dec) 7:30 AM CST - Trade Balance(Nov) 9:30 AM CST - EIA Gas Storage 3:30 AM CST - Money Supply |
|
01/14 |
7:30 AM CST - NOPA Crush 7:30 AM CST - Dairy Products Prices 7:30 AM CST - Core CPI & CPI(Dec) 7:30 AM CST - Retail Sales 8:15 AM CST - Capacity Util & Industrial Prod(Dec) 8:55 AM CST - Mich Sentiment(Jan) 9:00 AM CST - Business Inventories(Nov) |
LT: Jan Lumber(CME) Jan Rough Rice(CBT) Jan Soybeans(CBT) Jan Soymeal(CBT) Jan Soyoil(CBT) Jan Eurodollar Options(CME) Jan Value Line Options(CBT) Feb Coffee Options(ICE) Feb Crude Lt Options(NYM) |
| 01/17 Mon |
MARTIN LUTHER KING JR DAY | LT: Jan Eurodollar(CME) |
| 01/18 Tue |
7:30 AM CST - Empire Manufacturing(Jan) 8:00 AM CST - Net Long-Term TIC Flows(Nov) 9:00 AM CST - NAHB Housing Market Index(Jan) |
8:00 AM CST - Net Long-Term TIC Flows(Nov) 9:00 AM CST - NAHB Housing Market Index(Jan) FN: Jan Lumber(CME) LT: Feb Sugar 11 Options(CME) |
| 01/19 Wed |
6:00 AM CST - MBA Mortgage Purchase Index 7:30 AM CST - Building Permits & Housing Starts(Dec) 9:30 AM CST - API & DOE Energy Stats 2:00 PM CST - Milk Production |
LT: Feb Platinum Options(CMX) Feb Palladium Options(CMX) |
| 01/20 Thu |
7:30 AM CST - Initial Claims-Weekly 9:00 AM CST - Existing Home Sales(Dec) 9:00 AM CST - Leading Indicators(Dec) 9:00 AM CST - Philadelphia Fed(Jan) 9:30 AM CST - EIA Gas Storage 3:30 AM CST - Money Supply |
LT: Feb Crude Lt(NYM) |
| 01/21 Fri |
7:30 AM CST - Dairy Products Prices 7:30 AM CST - USDA Weekly Export Sales 2:00 PM CST - Cattle On Feed 2:00 PM CST - Cold Storage |
LT: Jan DJIA Options(CME) Jan S&P 500 Options(CME) Jan E-Mini S&P 500 Options(CME) Jan NASDAQ Options(CME) Jan E-Mini NASDSAQ Options(CME) Jan Russell Options(CME) Feb 2,5 & 10 Year Notes Options(CBT) Feb Bonds Options(CBT) Feb Corn,Oats,Rough Rice Options(CBT) Feb Soybeans,Soymeal,Soyoil Options(CBT) Feb Wheat Options(CBT) Feb Orange Juice Options(ICE) |
| 01/24 Mon |
FN: Feb Crude Lt(NYM) | |
| 01/25 Tue |
8:00 AM CST - Case-Shiller 20-City Index(Nov) 9:00 AM CST - Consumer Confidence(Jan) 9:00 AM CST - FHFA Housing Price Index(Nov) FOMC MEETING |
* 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!