In This Issue
1. A Cry for Help
2. Jim Wyckoff Hot Market
3. Economic Calendar
Featured Articles This Week
a. How to Identify and Use Support and Resistance Levels
b. "Market Manipulation" Is Not Why Most Traders Lose
c. How DEEP Will Cuts in Government Services Go?
By Janice Dorn, M.D., Ph.D.
Janice Dorn, M.D., Ph.D. is a Financial Psychiatrist and Financial Futurist. Dr. Janice Dorn is believed to be the only Ph.D. (Brain Anatomist) and M.D. (Board-Certified Psychiatrist and Addiction Psychiatrist) in the world who actively trades, writes commentary on the financial markets and coaches fellow traders. Dr. Dorn has been trading the gold futures markets full time since 1993. She has written over 2000 articles on trader and investor psychology, and coached over 600 traders.
I'm not afraid of storms, for I'm learning how to sail my ship…Louisa May Alcott
“I am trading poorly. I can’t get much right these days and am losing after five years of solid gains in the grains. I don’t know what is wrong with me. I have become mediocre at best and am breaking my rules. The worst part is that I keep adding to losers and end up taking big losses or getting margin calls. Something is wrong. I am bummed and burned out. Two years of gains are now gone. I feel like I might be dying. No need to respond, I just had to tell someone.”
That is what I found in my inbox last Thursday. I responded three times but all the mails came back “undeliverable.”
If you are out there and reading this, please know that I have been where you are. This may or may not be some small comfort for you. You tell me that you feel you might be dying. What does this mean? What type of dreams are you having? What is the nature of your suicidal thoughts, if any?
It is presumptive of me to think I know what is going on to cause this suffering. I don’t know and can’t know unless you tell me. However, what you are experiencing has happened to many traders and there seems to be a recurring pattern. Yes- it’s dangerous to generalize and I am perhaps not doing you any justice in this way. However, your cry for help is something I have heard before and I know that there is a way through this.
Live Cattle Bulls Have Good Upside Technical Momentum
April live cattle futures on the Chicago Mercantile Exchange are in a solid six-week-old uptrend on the daily bar chart and have just hit a fresh 10-week high. The cattle market bulls have solid upside technical momentum and are looking for more on the upside in the near term. Their next upside price objective is to push prices above strong chart resistance at the contract high of $129.70. A close below solid technical support at $127.50 would at least temporarily dent the bullish enthusiasm.
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
Source: Moore Research Center, Inc.
| Date | Reports | Expiration & Notice Dates |
| 1/25 Wed |
6:00 AM CST - MBA Mortgage Purchase Index 9:00 AM CST - FHFA Housing Price Index(Nov) 9:00 AM CST - Pending Home Sales(Dec) 9:30 AM CST - API & DOE Energy Stats 11:30 AM CST - FOMC Rate Decision(Jan) | |
| 1/26 Thu |
7:30 AM CST - USDA Weekly Export Sales 7:30 AM CST - Initial Claims-Weekly 7:30 AM CST - Durable Orders(Dec) 9:00 AM CST - Leading Indicators(Dec) 9:00 AM CST - New Home Sales(Dec) 9:30 AM CST - EIA Gas Storage 3:30 AM CST - Money Supply | LT: Jan Feeder Cattle(CME) Jan Feeder Cattle Options(CME) Feb Natural Gas Options(NYM) Feb RBOB Gasoline Options(NYM) Feb Heating Oil Options(NYM) Feb Gold Options(CMX) Feb Copper Options(CMX) |
| 1/27 Fri |
7:30 AM CST - Dairy Products Prices 7:30 AM CST - Chain Deflator-Adv(Q4) 7:30 AM CST - GDP-Adv(Q4) 8:55 AM CST - Michigan Sentiment-Final(Jan) | LT: Jan Copper(CMX) Jan Gold(CMX) Jan Silver(CMX) Jan Platinum(CMX) Jan Palladium(CMX) Feb Natural Gas(NYM) Feb Wheat Options(CBT) Feb Corn Options(CBT) Feb Oats Options(CBT) Feb Soybeans,Soyoil,Soymeal Options(CBT) Feb 2,5,10 Year Notes(CBT) |
| 1/30 Mon |
7:30 AM CST - Personal Income & Spending(Dec) 7:30 AM CST - PCE Prices-Core(Dec) | FN: Feb Natural Gas(NYM) |
| 1/31 Tue |
7:30 AM CST - Employment Cost Index(Q4) 8:00 AM CST - Case-Shiller 20-City Index(Nov) 8:45 AM CST - Chicago PMI(Jan) 9:00 AM CST - Consumer Confidence(Jan) | LT: Feb Heating Oil(NYM) FN: Feb Copper(CMX) Feb Gold(CMX) Feb Silver(CMX) Feb Palladium(CMX) Feb Platinum(CMX) |
| 2/01 Wed |
6:00 AM CST - MBA Mortgage Purchase Index 7:15 AM CST - ADP Employment Change(Jan) 9:00 AM CST - Construction Spending(Dec) 9:00 AM CST - ISM Index(Jan) 9:30 AM CST - API & DOE Energy Stats 1:00 PM CST - Auto & Truck Sales(Jan) | |
| 2/02 Thu |
6:30 AM CST - Challenger Job Cuts(Jan) 7:30 AM CST - USDA Weekly Export Sales 7:30 AM CST - Initial Claims-Weekly 7:30 AM CST - Productivity-Prel(Q4) 7:30 AM CST - Unit Labor Costs(Q4) 9:30 AM CST - EIA Gas Storage 3:30 PM CST - Money Supply | |
| 1/17 Tue |
2:00 PM CST - Consumer Credit(Nov) | |
| 2/03 Fri |
7:30 AM CST - Dairy Products Prices 7:30 AM CST - Ave Workweek & Hourly Earnings(Jan) 7:30 AM CST - Nonfarm Payrolls(Jan) 7:30 AM CST - Unemployment Rate(Jan) 9:00 AM CST - Factory Orders(Dec) 9:00 AM CST - ISM Services(Jan) | |
| 2/06 Mon |
* 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!