Futures Market Blog

1.09.09

Unemployment upticks to 7.2% but the jobs lost number wasn’t as bad as feared at 524K. Some had thought this number would be breaking 700K, There was an  upward revision to the previous month so the relief rally that could ensue might feel a little hollow.

There are many markets with potential reversal days (see below) so this could be a watershed day and could have been without the confusing unemployment number.

Current views, speculations and suggestions

Mar Yen: possible reversal day (up)
Mar Swiss: possible reversal day (up)
Mar EC:  see above
Mar Canadian: positive with support at 81.70
Mar BP:  pos with support at 148.40
Mar ES: positive with support at 886
Mar NQ: positive with support at 1215.00
Mar Russell: pos with support at 487.00
Mar Mini Dow: potential reversal day (down)
Mar Silver: positive with support at 10.55
Feb gold:  positive with support at 825
Feb crude:  potential reversal day (down)

Longer term spread idea: from 12.22 we are long April crude at 44.90 and short Dec crude at 52.50 for a differential of 7.60.  On 1.07 could have bought April at 52.10 and sold Dec at 59.83 for 7.73.

Mar Soybeans:  pos with support at 9.66
Mar Wheat: positive with support at 5.86
Mar Ten Year: neg with res at 126.16

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International Markets

Mar Euro Bund: neg with res at 124.70
Mar Dax: potential reversal day (down)
Mar NK: potential reversal day (down)

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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.

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.