May 4th, 2011 - Issue #582

In This Issue

1. We Have Futures Widgets!
2. Jim Wyckoff's Hot Market Report
3. Economic Calendar

1. We Have Futures Widgets!

This week our software developers completed a series of futures market quotes programs. We've made the simple versions of these programs available on our web site for you to use on your own web pages or blogs as widgets.

You can find them at the Cannon Trading Company Futures Widget Dashboard.

Our widgets are simple to install and provide your visitors a quick convenient snapshot of the futures market. They've been designed with both functionality and aesthetics in mind in order to enhance your blog or web page to the fullest degree.

Each widget is updated every minute and targets a segment of the futures trading market. The following widgets are provided for free use:

- An ultimate "dashboard" widget with quotes for 30+ contracts from Energies, Currencies, E-Minis, Metals, Grains, and Softs/ Exotics.
- Currency Futures Quotes
- Futures Market News (similar to the news module on our home page)
- Energy Futures
- E-Mini Futures
- Precious Metal Futures
- Grains Futures
- Soft/ Exotics Futures
- A premium widget combining Oil, Gold, and the Average U.S. Gas Price

We also invite any futures traders, brokers, or other futures trading professionals to connect with us on our LinkedIn Profile!

Jim Wyckoff's Hot Market Report

Cotton Bears Have Downside Technical Momentum

Click the image to enlarge

July ICE cotton futures prices are presently in a two-month-old downtrend on the daily bar chart, from the contract and record high (for the July contract) of $2.0997 a pound, scored in early March. Prices last week hit a fresh three-month low of $1.4650. The cotton market bulls have faded badly recently and the bears do have fresh downside near-term technical momentum on their side. The fact that cotton futures prices have spent the past few sessions in a pause mode from the three-month low scored last week is not bullish and suggests the bears are just building energy for the next leg down in price pressure. The next downside technical objective for the energized cotton market bears is pushing and closing July futures prices below solid chart support at last week's low of $1.4650. Below that lies chart support at $1.4000. The cotton market bulls would have to produce multiple closes in July futures back above strong chart resistance at the $1.6000 level to provide some fresh near-term upside technical momentum to then begin to suggest an uptrend could be generated. 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

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!

3. 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!