Futures Market Blog

02.02.09

Stocks lower everywhere, at least to start. January was worst month on record. For a Monday, there’s more than enough eco news. Personal income and spending, construction spending and the Institute for Supply Management, that at 10. Numbers are suggesting continuing contraction. UK has its worst snowstorm since 1991.

Current views, speculations and suggestions

Mar Yen: positive with support at 110.88
Mar Swiss: neg with res at 86.70
Mar EC:  neg with res at 128.92
Mar Canadian: potential reversal day (down)
Mar BP:  pos with support at 140.22
Mar ES: potential reversal day
Mar NQ: potential reversal day
Mar Russell: potential reversal day
Mar Mini Dow: potential reversal day
Mar Silver: positive with support at 12.04
Apr gold:  support 893
Mar crude:  neg with res at 43.20

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:  pos with support at 9.535
Mar Wheat: potential reversal day
Mar Ten Year: neg with res at 124.00

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International Markets

Mar Euro Bund: pos with support at 122.02
Mar Dax: potential reversal day
Mar NK: potential reversal day

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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.