In This Issue
1. Jim Wyckoff Hot Market Report
2. Article: Walk Before You can Run
3. Economic Calendar
Click the image to enlarge
Corn futures for July delivery at the Chicago Board of Trade on Tuesday morning were trading locked down the permissible daily trading limit of 30 cents a bushel, at $7.52 1/2. Price action is seeing a corrective, profit-taking pullback from recent strong gains that saw July futures on Friday score a new all-time record high of $7.99 3/4.
No serious near-term technical damage has occurred in July corn futures with Tuesday's solid selling pressure. Prices remain in a 12-month-old longer-term uptrend on the daily bar chart. It would take a push in prices below the last "reaction low" on the daily bar chart, presently located at the June low of $7.29 1/4, to at least temporarily negate the aforementioned price uptrend and produce some significant near-term technical damage. And it would take multiple closes below major psychological support at $7.00 a bushel in July corn futures to produce more serious near-term chart damage to then suggest a major market top is in place.
For the bulls to regain the strong upside near-term technical momentum they enjoyed just recently, they would need to produce a close above major psychological resistance at $8.00 a bushel. Near-term technical resistance for July corn is located at $7.60, $7.65, $7.70 and then at the May high of $7.75. Chart support is located at $7.50, $7.45, $7.40, $7.36 and then at $7.29 1/4. 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!
The image of a successful futures trader is that of a lone wolf surveying the landscape looking for an opportunity to attack and seize quick and substantial profits. We all know about the potential for making a fortune in the futures markets. Yet, few do so. Why is that? What are some of the common pitfalls that prevent this dream from becoming a reality for most traders?
One of the most prevalent misconceptions for inexperienced traders is that they believe themselves to be...
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
| 06/15 Wed |
6:00 AM CDT - MBA Mortgage Purchase Index
7:30 AM CDT - Core CPI & CPI(May) 7:30 AM CDT - Empire Manufacturing(Jun) 8:00 AM CDT - Net Long-Term TIC Flows(Apr) 8:15 AM CDT - Capacity Util & Industrial Prod(May) 9:00 AM CDT - NAHB Housing Market Index(Jun) 9:30 AM CDT - API & DOE Energy Stats |
LT: Jul Platinum Options(CMX)
Jul Palladium Options(CMX) Jul Sugar-11 Options(NYM) |
| 06/16 Thu |
7:30 AM CDT - Initial Claims-Weekly
7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Building Permits & Housing Starts(May) 7:30 AM CDT - Current Account Balance(Q1) 9:00 AM CDT - Philadelphia Fed(Jun) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
LT: Jun NASDAQ(CME)
Jun S&P 500(CME) Jun NASDAQ Options(CME) Jun S&P 500 Options(CME) Jun Value Line Options(CME) Jul Crude Lt Options(NYM) |
| 06/17 Fri |
7:30 AM CDT - Dairy Products Prices
8:55 AM CDT - Mich Sentiment(Jun) 9:00 AM CDT - Leading Indicators(May) 2:00 PM CDT - Catttle On Feed 2:00 PM CDT - Milk Production |
FN: Jul Cocoa(ICE)
LT: Jun DJIA(CME) Jun E-Mini S&P 500(CME) Jun E-Mini NASDAQ(CME) Jun Russell(CME) Jun Value Line(CME) Jun DJIA Options(CME) Jun E-Mini S&P 500 Options(CME) Jun E-Mini NASDAQ Options(CME) Jun Russell Options(CME) Jul Orange Juice Options(ICE) |
| 06/20 Mon |
||
| 06/21 Tue |
9:00 AM CDT - Existing Home Sales(May)
FOMC Meeting |
LT: Jun 10 Year Notes(CBT)
Jun Bonds(CBT) Jul Crude Lt(NYM) |
| 06/22 Wed |
6:00 AM CDT - MBA Mortgage Purchase Index
9:00 AM CDT - FHFA Housing Price Index(Apr) 9:30 AM CDT - API & DOE Energy Stats 1:15 PM CDT - FOMC Rate Decision(Jun) |
FN: Jul Coffee(ICE) |
| 06/23 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 9:00 AM CDT - New Home Sales(May) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
FN: Jul Crude Lt(NYM) |
| 06/24 Fri |
7:30 AM CDT - Durable Orders(May)
7:30 AM CDT - GDP-Third Estimate(Q1) 7:30 AM CDT - GDP Deflator-Third Estimate(Q1) 2:00 PM CDT - Quarterly Pigs & Hogs |
FN: Jul Cotton(CME)
LT: Jul 2,5,10 Year Notes Options(CBT) Jul Bonds Options(CBT) Jul Corn Options(CBT) Jul Oats Options(CBT) Jul Rough Rice Options(CBT) Jul Wheat Options(CBT) Jul Soybeans Options(CBT) Jul Soyoil Options(CBT) Jul Soymeal Options(CBT) |
| 06/27 Mon |
7:30 AM CDT - PCE Prices-Core(May)
7:30 AM CDT - Personal Income & Spending(May) |
LT: Jul Copper Options(CMX)
Jul Gold Options(CMX) Jul Silver Options(CMX) Jul Heating Oil Options(NYM) Jul RBOB Gasoline Options(NYM) Jul Natural Gas Options(NYM) |
| 06/28 Tue |
8:00 AM CDT - Case-Shiller 20-City Index(Apr)
9:00 AM CDT - Consumer Confidence(Jun) |
LT: Jun Copper(CMX)
Jun Gold(CMX) Jun Silver(CMX) Jun Platinum(CMX) Jun Palladium(CMX) Jul Natural Gas(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!