Feb. 15, 2013 - Issue #673

In This Issue

1. Presidents’ Day Holiday Schedule
2. Clearing the Last Hurdle
3. Economic Calendar

1. Presidents’ Day Holiday Schedule

Friday, Feb 15

 CME & CBOT Equity Products: 4:15 CT – Regular close

 ICE Equity Products (Russell Index): 4:15

 CME & CBOT Interest Rate & FX Products:  3:15 CT – Early close

 NYMEX, COMEX Products: 4:15 CT / 5:15 ET – Regular close

 CBOT, KCBT, Grain & Agricultural Products: Regular close - Per each product schedule

 ICE Grains: 2:00 – Early close

 Sunday, Feb 17

 CME & CBOT Equity Products: 5:00 CT – Regular open for trade date Tuesday, Feb 19.*

 CME & CBOT Interest Rate & FX Products:  5:00 CT – Regular open for trade date Tuesday, Feb 19.*

 NYMEX, COMEX Products: 5:00 CT / 6:00 ET – Regular open for trade date Tuesday, Feb 19.*

 CBOT, KCBT, Grain & Agricultural Products: 4:00 CT – Grain markets pre–open for trade date Tuesday, Feb 19.*

 * Note: Session orders entered on Sunday are for trade date Tuesday, Feb 19, and will continue working until Tuesday’s close unless otherwise noted.

 Monday, Feb 18

 CME & CBOT Equity Products: 6:15 A.M. CT – Regular open, 10:30 A.M. CT – Trading halt (order entry, modification and cancellation allowed).

 CME & CBOT Interest Rate & FX Products:  12:00 CT – Trading halt (order entry, modification and cancellation allowed)  5:00 CT – Halted products resume trading.

 NYMEX, COMEX Products: 12:15 CT / 1:15 ET – Trading halt (order entry, modification and cancellation allowed.

5:00 CT / 6:00 ET – Halted products resume trading.

 CBOT, KCBT, Grain & Agricultural Products: 7:00 CT – Grain markets open for trade date Tuesday, Feb 19.

The following link will take you to the Globex Holiday Schedule, including for CME & CBOT equity products, interest rate & FX products, NYMEX & COMEX products, CBOT, KCBT, grain & agricultural products and others (PDF file):

The following link will take you to the ICE Holiday Schedule, including for the Dollar Index, Russell Indexes, CRB Index, as well as others (PDF file):

The above sources were compiled from sources believed to be reliable.  Cannon Trading assumes no responsibility for any errors or omissions.  It is meant as an alert to events that may affect trading strategies and is not necessarily complete.  The closing times for certain contracts may have been rescheduled.

2. TTN February-March 2013 Outlook: Clearing the Last Hurdles

From our friends at Trade The News

The New Year has started with a much more positive tone than 2012, though world leaders are still struggling to find balance between policies that promote economic recovery and those that might inflate new and dangerous bubbles. Europe's patchwork of rescue measures has dramatically eased sovereign yields off their peak levels. Meanwhile, Washington set the table for a positive January, establishing some certainty for businesses and households with the agreement to preserve middle class tax cuts, but kicked the can down the road again on the debt ceiling debate and the budget cuts demanded by the sequester. The notion of a "currency war" got some new life as the US Fed launched its open ended quantitative easing program and Japan's new government pushed the BOJ to promise a similar policy in 2014. As central banks tipped toward even more open handed policy and politicians continue to wrestle with the new fiscal realities, the global economy has quietly gotten back on its feet, looking steadier albeit at a slower "new normal" growth rate. Equity markets appear to be setting up for a break out if a few final political roadblocks can be overcome in the months ahead. Major US and European equity indices are at five-year highs, while Hong Kong stocks and Japan's Nikkei are near two-year highs. Companies have spent the last few years getting leaner and hopes abound that these more efficient firms can expand earnings multiples now that the economic turnaround is starting to take hold. The latest earnings season is showing mixed results in this regard, with some long time favorites like Apple losing favor but investment dollars finding a home in other stocks. The net result is equities continue to rise, and are now testing an inflection point exemplified by the S&P 500 testing a range above 1,500, within striking distance of all-time highs (1,565).

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!