In This Issue
1. Jim Wyckoff Hot Market Report; Crude Oil
2. Cannon Trading Daily Blog: 3 Valuable Daily Updates via Email
3. Economic Calendar
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Crude oil futures for August delivery on the New York Mercantile Exchange on Monday dropped to a fresh six-month low of $91.51 a barrel. Price action in June has seen crude prices drop around $7.00 a barrel as serious near-term technical damage has been inflicted to suggest still more downside price pressure in the near term.
August crude oil prices last week produced a bearish downside "breakout" from a five-week-old choppy and sideways trading range on the daily bar chart. That range was defined on the daily bar chart by strong technical resistance at $105.00 (the top of the range) and by strong technical support at the $95.00 area (the bottom of the trading range). With the push in August crude oil prices well below the aforementioned trading range, technical odds now favor prices continuing to trend lower in the near term.
The downside price target for the energized crude oil market bears is $85.00 a barrel, or below. The past six weeks have seen August crude oil futures prices get a haircut to the tune of around $20.00 a barrel, from the May 2 high of $115.52. Near-term technical support for August crude oil futures is seen at $94.00, at Wednesday's low of $93.24, at $93.00 and then at $92.50. Near-term resistance is located at this week's high of $95.10, at $96.00, $97.00 and then at $97.50 a barrel.
Crude oil market bulls also know the market place is one surprise Middle East or other worldwide geopolitical development away from a quick spike in crude oil futures prices. Any major flare-up in Middle East tensions or another unexpected major geopolitical development would likely produce at least a $20.00-a-barrel price spike from the present price levels. 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!
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Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
| 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) |
| 06/29 Wed |
6:00 AM CDT - MBA Mortgage Purchase Index
9:00 AM CDT - Pending Home Sales(Apr) 9:30 AM CDT - API & DOE Energy Stats |
FN: Jul Natural Gas(NYM) |
| 06/30 Thu |
7:30 AM CDT - Grain Stocks
7:30 AM CDT - Planted Acreage 7:30 AM CDT - USDA Weekly Export Sales 7:30 AM CDT - Initial Claims-Weekly 8:45 AM CDT - Chicago PMI(Jun) 9:30 AM CDT - EIA Gas Storage 3:30 PM CDT - Money Supply |
FN: Jul Copper(CMX)
Jul Gold,Silver(CMX) Jul Platinum,Palladium(CMX) Jul Wheat,Corn(CBT) Jul Oats,Rough Rice(CBT) Jul Soybeans,Soyoil,Soymeal(CBT) LT: Jun 2,3,5 Year Notes(CBT) Jun Fed Funds(CME) Jun Live Cattle(CME) Jun Milk(CME) Jul Heating Oil(NYM) Jul RBOB Gasoline(NYM) Jul Sugar-11(NYM) Jun Fed Funds Options(CME) Jun Milk Options(CME) Jul Lumber Options(CME) |
| 07/01 Fri |
7:30 AM CDT - Dairy Products Prices
7:30 AM CDT - Nonfarm Payrolls 8:55 AM CDT - Michigan Sentiment-Final(Jun) 9:00 AM CDT - Construction Spending(May) 9:00 AM CDT - ISM Index(Jun) 2:00 PM CDT - Auto & Truck Sales(Jun) |
FN: Jul Orange Juice(ICE)
Jul Sugar-11(NYM) LT: Jul Butter Options(CME) Jul Live Cattle Options(CME) Jul Pork Bellies Options(CME) Aug Cocoa Options(ICE) |
| 07/04 Mon |
Indepence Day | |
| 07/05 Tue |
9:00 AM CDT - Factory Orders(May) |
FN: Jul Butter(CME)
Jul Heating Oil(NYM) Jul RBOB Gasoline(NYM) Jul Pork Bellies(CME) |
| 07/06 Wed |
6:00 AM CDT - MBA Mortgage Purchase Index
6:30 AM CDT - Challenger Job Cuts)(Jun) 7:15 AM CDT - ADP Employment Change(Jun) 9:00 AM CDT - ISM Services(Jun) |
* 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!