Tuesday, July 7th 2009

Another light day eco wise. There is another auction. In fact there are four auctions in a row, a first. 10 year tomorrow, 30 year on Thursday. The debt markets are a little heavy in front of this. Most other markets are fairly calm and trading within standard deviations.

Crude oil is realigning itself with dollar trading.

Talk in Washington is for a need for another stimulus package.

Current views, speculations and suggestions
(good till close of business today)

Sept Yen: pos with support at 10426
Sept Swiss: pos but below daily support of 9154
Sept EC: pos but below daily support of 138.92
Sept Canadian: neg with res at 86.72
Sept BP:  neg with res at 163.50
Sept ES: pos with support at 884
Sept NQ: pos with support at 1432
Sept Mini Dow: neg with res at 8272
Aug Gold: positive but below daily support of 919
Sept Silver: pos but way below daily support of 13.00
Aug crude: neg with res at 65.30
Nov Soybeans: neg with res at 9.85
Sept Wheat: neg with res at 5.35
Sept Ten Year: potential reversal day

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International Markets

Sept Bund:  pos with support at 121.46
Sept Dax: neg with res at 4700
NKD: neg with res at 9790

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N.B.: if you initiate a trade using ANY of these numbers use a STOP at least equivalent to 2 ½%. Repeat: use Stops.  Don’t think about using Stops. Use Stops. Some find it appropriate to look at the margin requirement and use that as a stop or if it’s a steep initial requirement, use half.

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.