Futures Market Blog

02.04.09

ADP private jobs survey comes in a bit better than expected. Of course, ADP is a putative portal onto the non farm payroll number Friday so bets are being rearranged. Today, we also get crude inventories at 10.35 just after ISM numbers at 10.  Treasury announces plans to introduce a new issue, a 7 year note to add to the supply that must come to market to finance the stimulus.

Current views, speculations and suggestions

Mar Yen: positive with support at 111.00
Mar Swiss: potential reversal day
Mar EC:  potential reversal day
Mar Canadian: neg with res at 81.80
Mar BP:  pos with support at 142.17
Mar ES: neg with res at 842.00
Mar NQ: pos with support at 1185.00
Mar Russell: pos with support at 443.50
Mar Mini Dow: neg with res at 8086
Mar Silver: potential reversal day
Apr gold:  potential reversal day
Mar crude:  neg with res at 42.05

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:
Mar Wheat:
Mar Ten Year: neg with resistance at 123.17

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International Markets

Mar Euro Bund: pos with support at 121.28
Mar Dax:  neg with res at 4461
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.