In This Issue
1. Cannon Trading News Center Now Open
2. Hot Market Report - Copper Bulls Make Impressive Recovery
3. Economic Calendar
You can now find news on the latest geopolitical and market events impacting futures trading as well as current futures price quotes for over 50 contracts at the Cannon Trading News Center. You can also reach the News Center by clicking on "Futures News" on our home page.
The news feed at the top of the page is updated as stories are released, and the futures price quotes are refreshed when the page loads. Our in-house analysts also summarize hot news stories on fluctuations in commodities prices and geopolitical events from reliable sources like the FT, WSJ, Bloomberg, the Economist and more.
We hope this resource proves useful for you in making informed trading decisions, and if you have any requests for additional features don't hesitate to let us know.
By: Jim Wyckoff
May Comex copper futures on Wednesday surged to a fresh three-week high of $4.4340 a pound as of this writing. The market has made a strong rebound from a 3.5-month low of $4.0760 scored last week at the height of the Japan crisis. Price action in May copper futures on Tuesday also pushed above and negated a five-week-old downtrend that had been in place on the daily bar chart. The copper market bulls have gained good upside near-term technical momentum and their next upside price objective is to produce a close above strong resistance at the $4.50 level. The copper market bulls would begin to fade again if May futures prices fell below solid chart support at this week's low of $4.2665. Near-term technical resistance for May copper is located at Wednesday's high of $4.4340, at $4.4500, at $4.4750 and then at $4.50. Near-term chart support is located at $4.40, at last week's high of $4.3760, at $4.35, at $4.3250 and then at $4.30. Stay tuned! Jim Wyckoff
Click to enlarge the image.
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
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: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
| 03/23 Wed |
6:00 AM CDT - MBA Mortgage Purchase Index
9:00 AM CDT - New Home Sales(Feb) 9:30 AM CDT - API & DOE Energy Stats |
|
| 03/24 Thu |
7:00 AM CDT - Census Crush
7:00 AM CDT - Cotton Consumption 7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - Durable Orders(Feb) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
FN: Apr Crude Lt(NYM) |
| 03/25 Fri |
7:30 AM CDT - Dairy Products Prices
7:30 AM CDT - GDP-Third Estimate(Q4) 7:30 AM CDT - GDP Deflator-Third Estimate(Q4) 8:55 AM CDT - Michigan Sentiment-Final(Mar) 2:00 PM CDT - Quarterly Hogs & Pigs |
LT: Apr 2,5,10 Year Notes Options(CBT)
Apr Bonds Options(CBT) Apr Wheat Options(CBT) Apr Corn Options(CBT) Apr Oats Options(CBT) Apr Rough Rice Options(CBT) Apr Soybeans,Soyoil,Soymeal Options(CBT) |
| 03/28 Mon |
7:30 AM CDT - PCE Prices-Core(Feb)
7:30 AM CDT - Personal Income & Spending(Feb) 9:00 AM CDT - Pending Home Sales(Jan) |
LT: Mar Pork Bellies(CME)
Apr Copper Options(CMX) Apr Gold Options(CMX) Apr Silver Options(CMX) Apr Heating Oil Options(NYM) Apr RBOB Gasoline Options(NYM) Apr Natural Gas Options(NYM) |
| 03/29 Tue |
8:00 AM CDT - Case-Shiller 20-City Index(Jan)
9:00 AM CDT - Consumer Confidence(Mar) |
LT: Mar Copper(CMX)
Mar Gold(CMX) Mar Silver(CMX) Mar Platinum(CMX) Mar Palladium(CMX) Apr Natural Gas(NYM) |
| 03/30 Wed |
6:00 AM CDT - MBA Mortgage Purchase Index
6:30 AM CDT - Challenger Job Cuts(Mar) 7:15 AM CDT - ADP Employment Change(Mar) 9:30 AM CDT - API & DOE Energy Stats |
FN: Apr Natural Gas(NYM) |
| 03/24 Thu |
7:30 AM CDT - Grains Stocks
7:30 AM CDT - Prospective Plantings 7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 8:45 AM CDT - Chicago PMI(Mar) 9:00 AM CDT - Factory Orders(Feb) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
FN: Apr Copper(CMX)
Apr Silver(CMX) Apr Gold(CMX) Apr Platinum(CMX) Apr Palladium(CMX) LT: Mar 2,3,5 Year Notes(CBT) Mar Feeder Cattle(CME) Mar Fed Funds(CME) Mar Milk(CME) Apr Heating Oil(NYM) Apr RBOB Gasoline(NYM) Mar Feeder Cattle Options(CME) Mar Fed Funds Options(CME) Mar Milk Options(CME) Apr Lumber Options(CME) |
| 03/25 Fri |
7:30 AM CDT - Dairy Products Prices
7:30 AM CDT - Nonfarm Payrolls(Mar) 7:30 AM CDT - Unemployment Rate(Mar) 7:30 AM CDT - Hourly Earnings & Ave Workweek(Mar) 9:00 AM CDT - ISM Index(Mar) |
LT: Apr Live Cattle Options(CME)
May Cocoa Options(ICE) |
| 03/28 Mon |
FN: Apr Live Cattle(CME)
Apr Heating Oil(NYM) Apr RBOB Gasoline(NYM) |
|
| 03/29 Tue |
9:00 AM CDT - ISM Services(Mar) |
* 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!