In This Issue
1. Jim Wyckoff Hot Market Report
2. Free Guide: 'Surival Day-Trading' by Ilan Levy-Mayer
3. Economic Calendar
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Soft red winter wheat futures on the Chicago Board of Trade in early electronic trading Wednesday hit a fresh two-week low of $7.64 3/4, basis the nearby July contract. Prices have backed well down from the May high of $8.34 1/2 a bushel and are now back in the middle of a sideways and choppy trading range on the daily bar chart. That trading range is bound by the May high of and by the May low of $7.23. The wheat market bears can correctly argue July futures prices have been trending generally lower since a 2.5-year high of $9.50 3/4 was scored in early February. The next upside price objective for the Chicago wheat bulls is to produce a close in July futures back above major psychological resistance at $8.00. The next downside technical objective for the bears is to push and close July futures prices below solid chart support at $7.40. In the coming weeks, look for the wheat futures market to become a follower of corn and soybean futures. Like all the grains, wheat will also look to the key "outside markets"--crude oil and the U.S. dollar index--for price direction. Crude oil has been the leader of the raw commodity market sector for quite some time. Any further price weakness in the U.S. dollar index would be an underlying bullish factor for the commodity markets, while renewed strength in the dollar index would be a bearish factor for the commodity markets. 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!
Register to download the guide: 'Surival Day-Trading' by Ilan Levy-Mayer.
This 3 page article (published in SFO magazine Sept. 2007) offers some practical tips for both newcomers and experienced commodity traders.
The Article details how to calculate daily loss limits and daily profit targets, and provides tips and examples on the following:
Please fill out the short form below to start reading immediately:
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
| 06/01 Wed |
6:00 AM CDT - MBA Mortgage Purchase Index
6:30 AM CDT - Challenger Job Cuts(May) 7:15 AM CDT - ADP Employment Change(May) 9:00 AM CDT - Construction Spending(Apr) 9:00 AM CDT - ISM Index(May) 2:00 PM CDT - Auto & Truck Sales(Jun) |
|
| 06/02 Thu |
7:30 AM CDT - Initial Claims-Weekly
7:30 AM CDT - Productivity-Rev(Q1) 7:30 AM CDT - Unit Labor Costs-Rev(Q1) 9:00 AM CDT - Factory Orders(Apr) 9:30 AM CDT - EIA Gas Storage 10:00 AM CDT - API & DOE Energy Stats 3:30 PM CDT - Money Supply |
FN: Jun Heating Oil(NYM)
Jun RBOB Gasoline(NYM) LT: May Milk(CME) May Milk Options(CME) |
| 06/03 Fri |
7:30 AM CDT - USDA Weekly Export Sales
7:30 AM CDT - Dairy Products Prices 7:30 AM CDT - Ave Workweek & Hourly Earnings(May) 7:30 AM CDT - Nonfarm Payrolls(May) 7:30 AM CDT - Unemployment Rate(May) 9:00 AM CDT - ISM Services(May) |
LT: Jun Canadian Dollar Options(CME)
Jun Currencies Options(CME) Jun Live Cattle Options(CME) Jun US Dollar Index Options(ICE) Jul Cocoa Options(ICE) |
| 06/06 Mon |
FN: Jun Live Cattle(CME) | |
| 06/07 Tue |
2:00 PM CDT - Consumer Credit(Apr) | |
| 06/08 Wed |
6:00 AM CDT - MBA Mortgage Purchase Index
9:30 AM CDT - API & DOE Energy Stats 1:00 PM CDT - Fed's Beige Book(Jun) |
|
| 06/09 Thu |
7:30 AM CDT - WASDE Report & Crop Production
7:30 AM CDT - Initial Claims-Weekly 7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Trade Balance(Apr) 9:00 AM CDT - Wholesale Inventories(Apr) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
|
| 06/10 Fri |
7:30 AM CDT - Dairy Products Prices
7:30 AM CDT - Export & Import Prices(May) 1:00 PM CDT - Treasury Budget(May) |
LT: Jul Cotton Options(CME)
Jul Coffee Options(ICE) |
| 06/13 Mon |
LT: Jun Currencies(CME)
Jun Eurodollar(CME) Jun US Dollar Index(ICE) Jun Eurodollar Options(CME) |
|
| 06/14 Tue |
7:30 AM CDT - NOPA Crush
7:30 AM CDT - Core PPI & PPI(May) 7:30 AM CDT - Retail Sales(May) 9:00 AM CDT - Business Inventories(Apr) |
FN: Jun US Dollar Index(ICE)
LT: Jun Canadian Dollar(CME) Jun Lean Hogs(CME) Jun Lean Hogs Options(CME) |
* 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!