Futures Market Blog

02.17.09

Empire State Manufacturing comes in at an abysmal number. G-7 came and went without much direct commentary on currency levels so the dollar gets incredibly strong alongside gold.

As Sunday night, Monday and today are counted as one trading day for clearing purposes, technical levels can be difficult to determine.

Current views, speculations and suggestions

Mar Yen: neg with res at 109.30
Mar Swiss: negative with res at 86.50
Mar EC:  neg with res at 128.20
Mar Canadian: pos but below daily support of 79.75
Mar BP:  potential reversal day
Mar ES: neg with res at 811
Mar NQ: potential reversal day
Mar Russell: neg with res at 440
Mar Mini Dow: neg with res at 772.0
Apr Gold: pos with support at 937
Mar Silver: positive with support at 13.45
Mar crude:  neg with res at 38.20

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: neg with res at 9.73
Mar Wheat: neg with res at 5.42
Mar Ten Year: pos with support at 122.28

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International Markets

Mar Euro Bund: pos with support at 124.61
Mar Dax: pos but below daily support of 4281
Mar NK:  neg with res at 7768

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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.