In This Issue
1. Hot Market Report - Gold, Silver Bulls Flex Their Muscles
2. Special Feature: The Key To Success as a Trader
3. Economic Calendar
Comex gold futures prices Wednesday morning scored a fresh all-time record high of $1,438.20 an ounce, basis the April contract, as of this writing. Meantime, Comex silver futures notched another fresh 31-year high of $34.89 an ounce, basis May futures. The precious metals bulls are benefiting from safe-haven investment demand, inflation fears and a weakening U.S. dollar index. Technically, the gold market bulls have the strong overall technical advantage. Prices are in a steep five-week-old uptrend on the daily bar chart. On the longer-term charts, gold prices have been trending higher for 10 years. Gold bulls' next near-term upside technical breakout objective is to produce a close above technical resistance at $1,450.00 an ounce. Bears' next near-term downside price breakout objective is closing prices below psychological support at $1,400.00. May Comex silver futures bulls also have the strong overall near-term and longer-term technical advantage. Prices are in a steep five-week-old uptrend on the daily chart. The next downside price breakout objective for the silver bears is closing prices below solid technical support at $32.50. Bulls' next upside price objective is producing a close above solid technical resistance at $35.00 an ounce. Importantly, technicals at present suggest the path of least resistance for both metals' prices will remain sideways to higher until there is a strong near-term technical clue to suggest the powerful price uptrends are coming to an end. Stay tuned!--Jim Wyckoff
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
by Cannon Trading staff
Is it intelligence? No. If it were, then doctors, lawyers, and engineers would make the best traders.
Is it the latest software program? No. If it were then the developers of the "magic black boxes" would be the best traders.
Is it experience? No. If it were then all successful traders would be bald or have gray hair, and we know this is not the case.
Is it those that have inside information? No. Be real. In today's trading world data and information are global and instantaneous.
I'll tell you. It is one factor. An all encompassing trait that successful traders have in common. They can be male or female, young or old, experienced or novice traders. What is it?
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
| 03/02 Wed |
6:00 AM CST - MBA Mortgage Purchase Index
6:30 AM CST - Challenger Job Cuts(Feb) 7:15 AM CST - ADP Employment Change(Feb) 9:30 AM CST - API & DOE Energy Stats 1:00 PM CST - Fed's Beige Book(Mar) |
FN: Mar Heating Oil(NYM)
Mar RBOB Gasoline(NYM) |
| 03/03 Thu |
7:30 AM CST - Initial Claims-Weekly
7:30 AM CST - USDA Weekly Export Sales 7:30 AM CST - Productivity-Rev(Q4) 7:30 AM CST - Unit Labor Costs-Revised(Q4) 9:00 AM CST - ISM Services(Feb) 9:30 AM CST - EIA Gas Storage 3:30 PM CST - Money Supply |
LT: Feb Milk(CME)
Feb Milk Options(CME) |
| 03/04 Fri |
7:30 AM CST - Dairy Products Prices
7:30 AM CST - Ave Workweek & Hourly Earnings(Feb) 7:30 AM CST - Hourly Earnings(Feb) 7:30 AM CST - Nonfarm Payrolls(Feb) 7:30 AM CST - Unemployment Rate(Feb) 9:00 AM CST - Factory Orders(Jan) |
LT: Mar Butter Options(CME)
Mar Canadian Dollar Options(CME) Mar Currencies Options(CME) Mar Live Cattle Options(CME) Mar Pork Bellies Options(CME) Mar US Dollar Options(ICE) Apr Cocoa Options(ICE) |
| 03/07 Mon |
2:00 PM CST - Consumer Credit(Jan) | |
| 03/08 Tue |
FN: Mar Pork Bellies(CME) | |
| 03/09 Wed |
6:00 AM CST - MBA Mortgage Purchase Index
9:00 AM CST - Wholesale Inventories(Jan) 9:30 AM CST - API & DOE Energy Stats |
LT: Mar Cotton(CME) |
| 03/10 Thu |
7:30 AM CST - WASDE Report & Crop Production
7:30 AM CST - Initial Claims-Weekly 7:30 AM CST - USDA Weekly Export Sales 7:30 AM CST - Trade Balance(Jan) 9:30 AM CST - EIA Gas Storage 1:00 PM CST - Treasury Budget(Feb) 3:30 PM CST - Money Supply |
|
| 03/11 Fri |
7:30 AM CST - Dairy Products Prices
7:30 AM CST - Retail Sales(Feb) 8:55 AM CST - Mich Sentiment(Mar) 9:00 AM CST - Business Inventories(Jan) |
LT: Mar Orange Juice(ICE)
Apr Coffee Options(ICE) |
| 03/14 Mon |
7:30 AM CDT - NOPA Crush |
LT: Mar Wheat(CBT)
Mar Corn(CBT) Mar Oats(CBT) Mar Rough Rice(CBT) Mar Soybeans,Soymeal,Soyoil(CBT) Mar US Dollar Index(ICE) Mar Currencies(CME) Mar Eurodollar(CME) Mar Eurodollar Options(CME) |
| 03/15 Tue |
7:30 AM CDT - Empire Manufacturing(Mar)
7:30 AM CDT - Export & Import Prices(Feb) 8:00 AM CDT - Net Long-Term TIC Flows(Jan) 9:00 AM CDT - NAHB Housing Market Index(Mar) 1:15 PM CDT - FOMC Rate Decision(Mar) |
FN: Mar US Dollar Index(ICE)
LT: Mar Canadian Dollar(CME) Mar Lumber(CME) Apr Sugar 11 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!