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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 15th CPI 8:30am, IPCU 9:15am, Consumer Sentiment 9:45am ET Today *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, the S&P held support at the upper .214 to rally and close 4 points higher on a 5 point range day. Today price action will likely be dictated by the result of the 8:30am ET CPI report. Similar to yesterday, I will be working the short side should a significant gap up at the open exist that is well above Thursdays high of 1332.00 and will pursue the short side as long as trading below the open with a gap fill and negative momentum on the daily bars as my minimum profit target. We have the same Fib Grid and Pivot today as yesterday due to yesterdays inside day and narrow range. Weakness at the open will likely be bought, but similar to yesterday I am looking for S1 and the upper .214 to offer support for a new high on the week.
*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 blew threw my ultimate profit target in the first 30 minutes of trading on Thursday only to retreat under pressure created from the 8:30am ET economic announcements with resistance at confluence as can be seen in the chart above. Similar to the S&P, Notes will likely be dictated by the 8:30am ET CPI report this morning and yesterdays outside day suggests further selling today to a minimum of 106 25.5/32 before a potential rebound. The Pivot is a fine line in the sand to trade against today. Notes could be tricky as they currently want to go down in what is a certifiable bull market. Be in the DATA chat room for the latest and be sure to ask plenty of questions!
*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 again held at the Pivot yesterday for new lows on the week as the Natural Gas Inventory spanked Natty for a 10% move to the south side. Margin call pressure became an issue as once again negative momentum was posted. With yesterday the 9th day of negative momentum on the daily bars nothing has changed in my trading plan. Today, as in previous days, I will look to buy Oil should a significant gap down below yesterdays low of 63.000 exist at the open as long as Oil is trading above the open. My expectation continues to be that a violent short squeeze from oversold conditions takes back at least $3 from short sellers. Natural Gas has now joined Oil in the ranks of the brutally oversold. Look to buy Natty on a gap down or any high relative strength trade that is above the open. Trade with Knowledge! Burr Jennings
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Thursday, September 14th Import/Export and Retail Sales 8:30am, Business Inventories 10:00am, Nat. Gas Inventory 10:30am ET Today *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 the S&P rallied to new highs on the week and easily broke above my ultimate profit target of 1331.25 before relaxing slightly in to the close. Although the futures hit a new 2006 high the cash S&P 500 index still has approximately 7 more points to go before accomplishing the same. With significant economic announcements the next 5 of 6 trading sessions it is not unreasonable to assume that we will get the fuel to accomplish this in the cash index. Weakness will likely be bought and I will consider the buy side as long as trading above the upper .214 of 1325.75 taking in to consideration that for the last 2 consecutive trading sessions the S&P has not been able to trade at the Pivot. That should not be the case today. S1 at 1323.75 is also a likely area of support that may lead the S&P to new highs. A gap up at the open well above yesterdays high of 1332.00 and I will be short selling the S&P 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 session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes continued their march higher on Wednesday easily surpassing my minimum profit target of 107 9.5/32 before relaxing in to the close. I will continue to pursue the buy side in Notes today as long as trading above the confluence of the upper .214 and the Pivot (a powerful combination) with the September high of 107 14.5/32 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: Strength at the open Wednesday was sold to below Tuesdays low by 5 ticks before a rally lit Oil to new highs on the day which continued to advance in the afternoon until the last 30 minutes. With yesterday the 8th day of negative momentum on the daily bars nothing has changed in my trading plan. Today, as in previous days, I will look to buy Oil should a significant gap down below yesterdays low of 63.525 exist at the open as long as Oil is trading above the open. My expectation continues to be that a violent short squeeze from oversold conditions takes back at least $3 from short sellers. Trade with Knowledge! Burr Jennings
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Wednesday, September 13th Quarterly Services 10:00am, Oil Inventory 10:30am 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, the S&P maintained high relative strength on Tuesday and rallied well above Mondays high nearly eclipsing my ultimate profit target of 1327.50 which I will look for today. I will again look to confluence today at the upper .214 and the Pivot as highlighted above to offer support with 1327.50 as my minimum profit target and the 2006 high of 1331.25 as my ultimate target. Economic announcements are light today. Expect further ascent to be a struggle. A gap up at the open well above yesterdays high of 1326.25 and I will be working the short side in the S&P as long as trading below the open.
*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 gave us a buying opportunity in Notes on Tuesday and as suggested that weakness was bought for a test of Fridays high. Today it is likely that Notes will continue to rally as long as trading above confluence as highlighted above with 107 9.5/32 as my minimum profit target and 107 14.5/32 as my ultimate 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 got severely spanked yesterday as our line in the sand to buy against offered only resistance and buying extreme weakness below Mondays low was met with even lower prices. In the regular trading session, Oil has had negative momentum every day since 9/1 with one of the greatest pushes lower occurring yesterday. The Fib Grid now has nearly $7 of range on it with a close yesterday just off the low of day. Systematic liquidation of long positions has blown away all that I know statistically about Oil. That said, each day of liquidation gets Oil ever closer to the inevitable positive momentum on the daily bars and a minimal 20% retracement to the high of the year. That is little comfort if you are positioned long the October contract which expires next Tuesday. Today, as in previous days, I will look to buy Oil should a significant gap down below yesterdays low of 63.650 exist at the open as long as Oil is trading above the open. My expectation continues to be that a violent short squeeze from oversold conditions takes back at least $3 from short sellers. Oil Inventory at 10:30am ET will add to the volatility today. Trade with Knowledge! Burr Jennings
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Tuesday, September 12th International Trade 8:30am and 10-Year Note Auction 1:00pm 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: A gap down at the open pushed the S&P through last weeks low only to rebound well above Thursdays high to close positive for the day. Yesterdays outside day suggests further buying today I will pursue the buy side in the S&P as long as trading above the confluence of the upper .382 and the Pivot as highlighted above with last weeks high of 1327.50 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 session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes fell out of bed yesterday as the confluence of the upper .214 and the Pivot offered nothing but resistance. International Trade at 8:30am ET will likely move Notes and Bonds today with resistance at the lower .382 and the Pivot offering a break of last weeks low at 106 24/32. Keep in mind this is a bull market in Notes and we will ultimately be looking to buy pullbacks or extreme weakness in Notes for a new monthly high.
*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: A significant gap down at the open afforded a buying opportunity in both Oil and Natural Gas on Monday. I expect the buying from Monday to continue today as long as trading above the Monday morning high of 65.600 which is approximately yesterdays close and today's Pivot as well. A significant gap down at the open similar to yesterday and I will be buying aggressively above the open. Oil has now sold nearly $15 from the 2006 high and is due for at least a 20% retracement putting my minimum target to the upside at 67.850 Trade with Knowledge! Burr Jennings
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Monday, September 11th 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 S&P posted an uneventful inside day on Friday that leaves us with the same trading plan as Friday.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 Fri. 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. Please recognize a moment of silence today for those that perished on September 11th, 2001
*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: As suggested in DATA Morning Call, Notes continued their bullish trek on Friday and I will continue to pursue the buy side above the confluence of the upper .214 and the Pivot with 107 14.5/32 as my ultimate profit target. We do not have any economic announcements today but International Trade and the 10-year auction both tomorrow should have traders setting their positions with anticipation. Please recognize a moment of silence today for those that perished on September 11th, 2001
*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: A week of persistent and at times brutal selling in Oil provided no love to Oil bulls such as myself and the sting of paying too much for current long positions experienced no abatement from Tuesday to Friday. Today I will continue to pursue the buy side in Oil especially off a gap down at the open that is below Fridays low of $66.00 in which case I will be buying aggressively above the open with a gap fill and positive momentum on the daily bars as my minimum profit target. As suggested last week, I am not interested in profiting from my long position from last week, only a scratch to break-even and pay for commissions. a rally is coming and whether led by a short squeeze or by news related it will come. The question is always "when." Please recognize a moment of silence today for those that perished on September 11th, 2001
Trade with Knowledge! Burr Jennings
____________________________________________________________________ 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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