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DATA Morning Call
Empowering active trading and investment through proper technical analysis.
DATA Morning Call is a subscription based daily service that is entirely focused on E-MINI futures trading and supports 3 trading vehicles to choose from with varying degrees of volatility and risk. By far the least volatile are the 10-year Notes and the most volatile is Crude Oil. DATA Morning Call reveals exactly where we will be buying or shorting and exactly where we will be booking profits. By focusing on learning how to contain or mitigate risk it is possible to trade higher volatility products that tend to have a higher degree of reward. This can be learned and it is the mission of the Direct Access Trading Academy to teach you to be a low risk/high return trader that specializes in one particular product and masters that product before trading any additional product. Click on education to learn more.
A proficient trader with a cash account may be able to average a 1% profit per week or better. Properly margined futures accounts may experience even greater returns. All this with the added safety of trading an index! To learn more join us in the DATA chat room by clicking on real-time chat or call us any time at 941-364-3600.
Trade with Knowledge! -Burr Jennings
* Please read the disclaimer at the bottom of this page!
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Friday, September 8th No Significant Economic Announcements Today Strategy Runner Workshop Wednesday September 13th 7pm!! *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES Z6 (S&P500), ZN Z6 (10 Year Note) and QM V6 (Crude Oil)
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session
S&P 500: The first day of the December contract as the front month was quite bearish as a gap down at the open proceeded to break last weeks low with ease. An afternoon reversal created positive momentum on the 210 filling the gap to Wednesdays close only to fall from that point to test the low of day and close below the open. This leaves us with a bearish look today that suggests trading below the loose confluence of the lower .214 and the Pivot (which is also yest. open) we should be working the short side in the S&P with the 8/23 low of 1303.00 as our minimum profit target. Without any economic announcements today it will be tough to spur much upward movement yet short-term the S&P is quite oversold. Be in the DATA chat room for the latest analysis.
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes rallied as suggested on Thursday and appear poised to do the same today as long as trading with support above the confluence of the upper .382 and the Pivot with last weeks high of 107 14.5/32 as the ultimate profit target.
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAYS market The Fib Grid and Pivot Points below represent TODAY'S market
Crude Oil: Oil continued it's selling ways on Thursday as did Natural Gas without so much as a .214 retracement on the opening Fib Grid. I remain uninterested in the short side in Oil and will only pursue buying opportunities such as a gap down at the open or trading with support above Wednesdays low of 67.450 with the high of the week at 70.40 as my minimum profit target. Trade with Knowledge! Burr Jennings
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Thursday, September 7th Jobless 8:30, Wholesale Trade 10:00, Oil and Nat. Gas Inventory 10:30 and Chain Store Sales 12pm ET Today Strategy Runner Workshop Wednesday September 13th 7pm!! *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES Z6 (S&P500), ZN Z6 (10 Year Note) and QM V6 (Crude Oil)
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session
S&P 500: As suggested in yesterdays DATA Morning Call, negative momentum came to pass but unfortunately on a gap down vs. a gap up. The open held resistance the entire day affording additional selling off the 2pm ET Beige Book. Today I will look for continued selling in the S&P below the confluence of the lower .214 and the Pivot above which all bets off to the short side. A gap down below Wednesdays low of 1312.00 and I will be buying the S&P as long as trading above the open. Keep an eye on the 210 minute chart for a potential reversal of momentum especially in the afternoon in which case the high of the week at 1327.50 is my minimum profit target. The S&P rolls to the December contract (ES Z6) as represented in the Fib and Pivot numbers above. Be in the DATA chat room for the latest market analysis.
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: A gap down at the open with weakness in the morning saw strength in the afternoon session on Wednesday as the 10-year Note Bulls cried "not dead yet!"With a gap down and a strong close it is reasonable to assume a rally in Notes today as long as trading above the confluence of the lower .214 and the Pivot with last weeks high of 107 14.5/32 as my ultimate profit target.
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAYS market The Fib Grid and Pivot Points below represent TODAY'S market
Crude Oil: Oil slipped lower on Wednesday despite (or to spite) my not wanting to short at these levels. If you bought as I did last week off the gap down for a positron trade you are feeling the teeth of the bear in Oil. We are now $12 off the 2006 high, well over-sold and with no reason in the news to be long. This is historically an environment that suddenly and without foresight tends to capitulate and if so I am looking to scratch this trade as opposed to making a profit as assumptions to the buy side have been overshadowed by unacceptable risk. A gap down at the open today and I will be aggressively buying Oil as long as trading above the open looking for a mid-point to break-even on my current long position. You should consider doing the same. If you are not already positioned long, consider that Oil is oversold and ripe for a short squeeze off anything fundamental or technical. We have Oil and Natural Gas Inventory today which will likely shake things up. Natural Gas rallied .20 over the last 2 days - a lame effort at best. A break below the low of the week and I will be looking for any good reason to be long Natural Gas. Trade with Knowledge! Burr Jennings
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Wednesday, September 6th Productivity and Costs 8:30, ISM Non-Mfg 10:00 and Beige Book 2pm ET Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES U6 (S&P500), ZN Z6 (10 Year Note) and QM V6 (Crude Oil)
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session
S&P 500: High relative strength in the S&P maintained prices above the upper .214 and the Pivot which led to new highs on Tuesday as the S&P posted the 8th trading session without negative momentum on the daily bars. That day is coming and it may be today. Economic announcements are light today and this week but as the S&P approaches the 2006 high the air is thin and the struggle is inevitable especially in the month of September which is notorious for being bumpy. Again, a gap up at the open that is above yesterdays high and I will be aggressively pursuing the short side in the S&P as long as trading below the open with last Thursdays close of 1305.50 as my minimum profit target. Due to the fact that the pit was not open on Monday I am ignoring the e-mini trading from Mondays session. I am not interested in the buy side in the S&P at this time. Beige Book at 2pm ET today may have a significant impact on equity and treasury markets.
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: A small gap down in Notes was sold against on Tuesday posting a continuance of negative momentum on the daily bars and closing poorly. A gap down at the open today that is below yesterdays low and I will be working the buy side as long as trading above the open with last weeks high of 107 14.5/32 as my ultimate profit target. I am not interested in the short side in Notes at this time. Beige Book at 2pm ET today may have a significant impact on equity and treasury markets.
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAYS market The Fib Grid and Pivot Points below represent TODAY'S market
Crude Oil: Oil was held down by Fridays low yesterday and closed right at last weeks low after a double bottom at Mays low brought buyers back in to Oil. Yesterdays price action was lame at best and continued downside pressure is likely today. Once again, a gap down at the open that is below yesterdays low and I will be buying Oil aggressively as long as trading above the open with a gap fill and positive momentum on the daily bars as my minimum profit target and last weeks swing high of 70.40 as my ultimate profit target. Strength at the open must maintain support above the loose confluence of the lower .214 and the Pivot as highlighted above to be considered bullish. I have no interest in the short side in Oil at this time. Due to the fact that the pit was not open on Monday I am ignoring the e-mini trading from Mondays session. Trade with Knowledge! Burr Jennings
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Tuesday, September 5th No Significant Economic Announcements Today *Check this weeks economic calendar by clicking on: www.econoday.com eSignal Futures Symbols: ES U6 (S&P500), ZN Z6 (10 Year Note) and QM V6 (Crude Oil)
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session
S&P 500: A gap up at the open had us working the short side in the S&P in the morning session on Friday. Strength in the afternoon had all bets to the short side come off as a new high on the day/month/summer closed the S&P strong. S&P's and Notes are enjoying a coupled bull market as lower interest rates and lower energy costs are juicing the S&P to within 15 points of the 2006 high which appears inevitable. That said, A gap up at today's open similar to Friday and I will be working the short side as long as trading below the open. Weakness at the open will likely be bought and given Fridays open which was quite pivotal aligns with today's upper .214 I will buy against 1309.25 with Fridays high as my minimum profit target and the 2006 high as my ultimate target. Let us keep in mind: the S&P has not had negative momentum on the daily bars since 8/23 and is due. We do not have any economic announcements to fuel the market today. Expect further advances to be a struggle.
*Chart above represents the Fib Grid and Pivot (short red line) from yesterdays market The Fib Grid and Pivot Points below represent TODAY'S session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes posted an outside day on Friday and closed strong suggesting a move higher today and are bullish as long as trading above the confluence of the upper .214 and the Pivot as highlighted above with 107 14.5/32 as my minimum profit target. A gap up above Fridays high at the open and I will be shorting Notes aggressively as long as trading below the open with a gap fill and negative momentum on the daily bars as my minimum profit target.
*Chart above represents the Fib Grid and Pivot (short red line) from YESTERDAYS market The Fib Grid and Pivot Points below represent TODAY'S market
Crude Oil: Oil opened with positive momentum on the daily bars Friday only to fade 80% back to the low of the week before closing poorly. Today I will only purse the buy side above confluence as highlighted above or on a gap down at the open that is below last weeks low of 68.650 with last Fridays high as my minimum profit target. Ditto for Natural Gas - a strong buy on a gap down as long as trading above the open. I am not interested in the short side in Oil or Natural Gas at this time. Trade with Knowledge! Burr Jennings
_____________________________________________________________________ Monday, September 4th Labor Day - U.S. Markets Closed _____________________________________________________________________ D i s c l a i m e r It should not be assumed that the methods, techniques, or indicators presented in DATA Morning Call will be profitable or that they will not or cannot result in losses. Past results are not necessarily indicative of future results. DATA Morning Call is not a solicitation for the purchase or sale of securities, options or futures and is offered as an educational resource only.
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