Top Day Rec

10.31.08

Happy Halloween.

Personal Income comes in about as expected while spending contracts. Chicago area purchasing managers later and U of M consumer sentiment. Overnight, crosses favor Yen over EC. Debt instruments are higher on the idea that the Fed will continue to cut. Crude is lower on the idea that recessionary pressures will cut demand. Copper is about to have its largest monthly drop in 20 years. There are rumors that the trading arm of the Chinese government is sitting on large, unauthorized trading losses in EC and AUD.  Again, these are rumors but they do assume the gravity of a data point in trade decisions. The current market is similar to a piece of abstract impressionism art: everyone has a different response to what they are looking at.

News Releases

Current views, speculations and suggestions

Dec Yen: pos with support at 100.
Dec Swiss: neg with res at 89.15
Dec EC:  pos with support at 125.25
Dec Canadian: support at 80.25
Dec BP: support at 159.50
Dec ES: neg with res at 975
Dec NQ: neg with res at 1367
Dec Russell: support at 498
Dec Mini Dow: neg with res at 935
Dec silver: neg with res at 10.00
Dec Gold:  pos with support at 705
Dec Crude: neg with res at 67
Nov Soybeans:  neg with res at 9.59
Dec Wheat:  neg with res at 5.49
Dec Ten Year: neg with res at 114.23
Mar Sugar: pos with support at 11.35

International Markets:
Dec Euro Bund: neg with res at 117.62
Dec Dax: neg with res at 5022

N.B.: if you initiate a trade using any of these numbers use a stop equivalent to 2 ½%. Repeat: use stops.

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Futures trading entails considerable risk and is not for everyone. An account can lose more than its initial investment. Stops are not necessarily filled at the stop level. Past performance is not a guarantee of future results.