In This Issue

Life After Mini SP - Day Trading Crude Oil Futures “Buying the Fear, Selling the Greed”
Hot Market Report
Economic Calendar

February, 17th 2011 - Issue #571

Life After Mini SP - Day Trading Crude Oil Futures “Buying the Fear, Selling the Greed”

Join us for a Webinar on February 23

Space is limited.
Reserve Your Webinar Seat Now at: https://www2.gotomeeting.com/register/477215826

This Wednesday, February 23rd, Ilan Levy-Mayer, Vice President of Cannon Trading and President / AP of LEVEX Capital Management Inc., a registered commodity trading advisor, will hold a live educational day trading webinar starting at 8:15 AM central time.

During the webinar, Ilan will:

• Share his approach to day trading futures and review other markets he scans for day trading other than the ES (mini SP 500)
• Explain his day trading strategies that can be applied to futures markets such as crude oil futures
• Review some of his technical indicators
• Detail his day trading money management philosophy
• Walks through live trade set ups as they happen real-time

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

Title: life after mini SP - Day trading crude oil futures " buying the fear, selling the greed"
Date: Wednesday, February 23, 2011
Time: 6:15 AM - 8:00 AM PST

After registering you will receive a confirmation email containing information about joining the Webinar.

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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!

Hot Market Report

by Jim Wyckoff

Price Action Thursday, Friday Critical for Wheat Market

Click the image to enlarge

Soft red winter wheat futures for March delivery at the Chicago Board of Trade on Wednesday hit a fresh three-week low of $8.25 1/2 a bushel. Recent trading has seen prices decline around 50 cents a bushel from last week's contract high of $8.93 1/4. This price downturn is the seasonal "February Break" phenomenon that occurs around this time nearly every year. Price action early Thursday morning saw a corrective bounce from the recent selling pressure. Now, price action Thursday and Friday becomes extra important from a near-term technical perspective. If wheat prices can rebound Thursday and Friday, it would be likely that the February Break is over and that this week's low of $8.25 1/2, basis March futures, is just another "reaction low" on the daily bar chart, amid a three-month-old price uptrend that is presently still in place on the daily bar chart. However, if March wheat futures prices continue their weakness into the end of this week, the aforementioned uptrend would be negated. Also, a technically bearish weekly low close on Friday would see still more chart damage inflicted to suggest still more downside price pressure in the near term. A close below major psychological support at $8.00 a bushel in March wheat would also produce fresh near-term technical damage. A close in March wheat futures prices back above chart resistance at $8.74 a bushel would provide the bulls with some fresh upside near-term technical momentum.

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

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!