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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 29th Personal Income 8:30am, Consumer Sentiment 9:45am, NAPM-Chicago 10:00am 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 X6 (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 rally and a 1 tick new high came off support at the upper .214 and S1 yesterday creating near identical Fib and Pivot Points today. Economic Announcements once again will play a role in whether traders can close the S&P at or near the 52 week high as today is the last day of September and the end of the 3rd quarter. Similar to yesterday, I will pursue the short side off a significant gap up at the open that is above yesterdays high of 1350.50 with a gap fill and negative momentum as my minimum profit target. Weakness at the open that maintains above yesterdays low of 1343.00 will likely be bought to new highs on the week. Breaking below 1343.00 and I will pursue the short side as long as trading below 1345.75 with a minimum of 10 points of profit target and 1321.00 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 session 108 145/320 = 108 14.5/32 or 108 29/64 depending on your charting software
10 Year Note: Notes continued to crawl lower towards my ultimate profit target on Thursday off a low volatility narrow range day. I will continue to pursue the short side in Notes today only if trading below the confluence of the lower.214 and the Pivot (a powerful combination in Notes) with 107 31.5/32 as my ultimate profit target. Economic Announcements once again will play a role in directional bias today. Should Notes rally let 'em go. The higher they trade the better risk reward ratio we will get in the future as 107 31.5/32 will remain as my profit target for any future shorting.
*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 to rally on Thursday easily hitting my ultimate profit target of 63.675 before falling to a new low on the day creating a rather ominous daily bar that now suggests lower prices for Oil. We received the .214 retracement that I have been looking for and more often than not the first .214 retracement is sold to new lows. Breaking below yesterdays low of 62.70 and the short side will be favored as long as trading below 63.200 which maintains confluence with the Pivot and current upper .214 with this weeks low of 59.675 as my ultimate profit target. Natural Gas continues to implode well below any buy level as the November contract becomes our new boy to whip. Stay away from the buy side in November Natural Gas until high relative strength returns or a high probability gap down such as Mondays exists. Trade with Knowledge! Burr Jennings
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Thursday, September 28th Corporate Profits and GDP 8:30am, Natural Gas Inventory 10:30am, 5-Year Note 1:00pm 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 X6 (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 continued to rally off a lower open on Wednesday and as suggested in DATA Morning Call was a struggle to maintain levels above the previous high of 1347.25 most of the day. Pre-market economic announcements will likely make or break the S&P today. I will only pursue the buy side in the S&P off weakness at the open and will aggressively pursue the short side off a gap up above yesterdays high of 1350.25 at 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 loved Durable Goods at 8:30 and hated New Home Sales at 10:00 creating an outside day yesterday. Today I will continue to pursue the short side in Notes as long as trading below the confluence of the lower .382 and the Pivot as highlighted above with 107 31.5/32 as my ultimate profit target. Economic announcements at 8:30am ET will likely make or break Notes today.
*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 fell out of bed on Wednesday off the Oil Inventory announcement only to find considerable support at Mondays open and the .786 retracement from Mondays high to Mondays low as shown in the chart above. A rally through confluence and a close at the high of the day left Oil with one of the largest range days we have seen in a long time that so far is just .70 from my ultimate profit target. I will continue to pursue the buy side today as long as trading above the Pivot which is an area of previous resistance that may now offer support with 63.675 as my ultimate profit target. Natural Gas fell out of bed yesterday as some of that inexplicable premium began to come out with new low's on the week. Natty needs to be trading above yesterdays high of 5.740 to be considered a buy. Trade with Knowledge! Burr Jennings
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Wednesday, September 27th Durable Goods 8:30am, New Home Sales 10:00, Oil 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 X6 (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 continued its march to new 52 week highs closing at its highest level in 5 years with no more than a .214 pullback on the Fib Grid the entire day. With Durable Goods at 8:30am ET the mood of the market may change or exhaust today. A gap up at the open that is above yesterdays high and I will be pursuing the short side aggressively as long as trading below the open with a gap fill and negative momentum on the daily bars as my minimum profit target. Weakness at the open that maintains above the confluence highlighted above will likely be bought to new highs beyond 1347.25 whereupon any further ascent is likely to be a struggle. 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: As suggested in yesterdays DATA Morning Call, Notes began their trek towards my profit target of 107 31.5/32 and will likely be influenced by Durable Goods at 8:30am ET today. My bias remains to the short side in Notes especially below the confluence highlighted above with 107 31.5/32 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: A small gap down at the open and Oil rallied above the Pivot testing Mondays high and ultimately retreating 60% to Mondays low as the bears once again showed their teeth producing an inside day. With momentum still positive on the daily bars I will continue to pursue the buy side in Oil but only above the confluence of the upper .382 and the Pivot with Mondays high of 62.150 as my minimum profit target and 63.675 as my ultimate target. We have Oil Inventory at 10:30am ET so no initializing new positions until after the announcement. Natural Gas needs to be trading above yestedays open of 5.755 to be considered bullish today on the new November contract (QG X6). Trade with Knowledge! Burr Jennings
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Tuesday, September 26th Consumer Confidence 10:00am 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 X6 (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 small gap up at the open offered positive momentum on the daily bars but bullish levels could not be maintained initially yet new highs on the day and ultimately a new high for 2006 as suggested in yesterdays DATA Morning Call came to fruition. A cry of too far too fast was heard in to the close as 5 points or so came out of the S&P. There was an exact .214 pullback buyer all afternoon that kept the S&P in hyper bullish territory not affording a buying opportunity for any trade looking for a slightly greater pullback. Today I will continue to pursue the buy side as long as trading above the loose confluence of the upper .382 and the Pivot with yesterdays high of 1340.00 as my minimum profit target. A gap up at the open that is above yesterdays high of 1340.00 and I will pursue the short side 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: A gap up at the open was bought in to most of the day on Monday with little suggestion that a gap fill and negative momentum was coming. But that is exactly what I am looking for today as a double gap up and an inability to trade the Pivot for 2 consecutive days suggests that Notes are due to relax to at least Thursdays close of 107 31.5/32 or more.
*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 gapped down at the open on Monday only to rally well above last Thursdays high posting an outside day. As suggested in DATA Morning Call, I am looking for a $3 minimum rally in Oil which would suggest 62.675 today or more. I will continue to pursue the buy side in Oil as long as trading above the upper .382 and the Pivot as highlighted above. Natural Gas also gapped down yesterday but with little upside. As long as Natural gas is trading above yesterdays open of 4.430 on the October contract or 5.595 on the November - work the buy side. If you are positioned in the October contract you must liquidate and potentially roll to the November contract today before 2:30pm ET. If you are in need of assistance or have any questions regarding the roll, call me at 941-364-3600 and I will help you. Trade with Knowledge! Burr Jennings
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Monday, September 25th Existing Home Sales 10:00am 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 X6 (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 DATA Morning Call, the S&P continued to sell on Friday breaking through my ultimate profit target of 1322.75 before closing 3 points higher at the end of the day. Today I will continue to pursue the short side in the S&P as long as trading below the confluence of the lower .214 and the Pivot with Fridays low of 1321.00 as my minimum profit target and the September low at 1300.25 as my ultimate profit target. That said, with a new 52 week high last week the bull may not be dead quite yet. Trading above Fridays high of 1328.25 and I will work the buy side as long as trading above confluence with last weeks high of 1339.75 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: A gap up at the open in Notes had us working the short side on Friday only to be defeated from continued buying in the afternoon. I am currently only interested in the short side in Notes until the gap to Thursdays close at 107 31.5/32 fills. I will be shorting a gap up today or looking for any compelling failure pattern in conjunction with negative momentum to get short Notes.
*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 to get pounded to new September lows on Friday as the 2006 low of 59.175 approaches. Hedge Funds caught on the wrong side of both Oil and Natural Gas continue to run for the exits as their continued losses force liquidation of contracts. It is important to understand that pit traders are getting paid well for pushing price lower hitting stops and margin calls profiting handsomely. At some point (usually a new and violent low) they will look around the pit and there will be no more sellers. Expect a violent several day rally in both Natural Gas and Oil when this occurs. "When " is always the big question. Gaps down below the low of the week at the open are usually a good indication and have failed as of late to follow thru with not much more than a few dimes in Natural gas and a dollar or so in Oil. This will change and when it does you will want to be long and you will want to hold on to those longs. 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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