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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, October 13th Import/Export Prices and Retail Sales 8:30am ET, Consumer Sentiment 9:45am, Business Inventories 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 yesterdays DATA Morning Call, pre-market economic announcements gave the S&P the fuel to capitulate momentum on the daily bars back to positive and high relative strength the entire day which led to new 52 week highs and a strong close. Despite important economic announcements today, the S&P is unlikely to rally with the same vigor as yesterday. Weakness will likely be bought especially around the confluence of the upper .214 and the Pivot as highlighted above with yesterdays high of 1372.00 as my ultimate profit target. A gap up at the open that is above yesterdays high and I will be working 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. It is very reasonable to assume that a pullback to the old 52 week high of 1363.25 and even Wednesdays close of 1359.00 will occur in the near future.
*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 a quiet inside day yesterday therefore we do not have ant change in our trading plan today. Today's price action will likely be dictated by pre-market economic announcements. I am very interested in working the buy side in Notes below yesterdays low of 106 29.0/32 with a gap fill to last Fridays close 107 19.5/32 as my minimum profit target. Notes are over-cooked to the downside here and therefore I am not interested in shorting at these levels.
*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 sold to new 2006 lows yesterday but only by a few ticks and closed a bit better than the open. Oil is building a base to rally off of here and trading above yesterdays high of 58.375 puts positive momentum back on the daily bars suggesting that we buy pullbacks as long as Oil maintains above the confluence of the Pivot and yesterdays close of 57.875 off of support. A gap down at the open and I will be aggressively pursuing the buy side in Oil as long as trading above the open. Trade with Knowledge! Burr Jennings
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Thursday, October 12th International Trade and Jobless 8:30am ET, Oil and Natural Gas Inventory 10:30am, Beige Book 2:00pm 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:A gap down at the open was bought to Tuesdays high whereupon equities got defensive in front of FOMC minutes and ultimately sold off to the low of the day. A Yankee pitcher flew his plane in to the side of a condo building in Manhattan and the rest is history. We now have negative momentum on the daily bars but with a high relative strength close on the Fib Grid. No lack of buyers below the low of this week. Pre-market economic announcements will likely set the tone for the day but if yesterdays closing action follows we will likely be buying pullbacks looking for a new high on the week at 1363.50
*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 maintained resistance at the lower .214 yesterday and sold to new lows. Today's price action will likely be dictated by pre-market economic announcements. I am very interested in working the buy side in Notes below yesterdays low of 106 29.0/32 with a gap fill to last Fridays close 107 19.5/32 as my minimum profit target. Notes are over-cooked to the downside here and therefore I am not interested in shorting at these levels.
*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 maintained resistance at the lower .214 and sold to well below last weeks low posting a new 52 week low on Wednesday. I am very interested in buying a gap down at the open in to new 52 week low territory today as long as Oil is trading above the open with another $3 to $4 profit target to the upside similar to the last couple of breaks to new 2006 lows. Trade with Knowledge! Burr Jennings
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Wednesday, October 11th FOMC Minutes 2:00pm 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 broke Mondays high yesterday but could not surpass the last weeks new 2006 high causing a sell-off that broke the low of the day only to retrace back to the high of the day. Choppy stuff in a market that desperately needs to pullback to re-arm itself with buyers. At yesterdays close I am no longer interested in pursuing the buy side in the S&P since my profit target is only a few points above. Significant weakness at the open and I will consider the buy side as long as trading above yesterdays low. A gap up at the open that is above 1263.25 and I will be pursuing nothing but the short side with a gap fill and negative momentum on the daily bars as my minimum profit target. A number of good economic reports and news have been met with lack luster price action. This pony is looking tired up here. FOMC minutes at 2:00pm ET will spice up volatility so be aware!
*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 gapped down and continued to cascade on Tuesday with hardly a bounce worth discussing. That may change today with the 2:00pm ET FOMC minutes sure to throw some volatility in to the mix. Weakness at the open should be bought today as I am expecting a gap fill to Fridays close 107 19.5/32 and positive momentum on the daily bars to exist.
*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 and easily broke Fridays low threatening last weeks low were I am very interested in buying. Once again today, if a gap down exists at the open that is below yesterdays low I will pursue nothing but the buy side as long as trading above the open or below last weeks low of 57.750 not in between. Look for a gap fill to Mondays close of 59.975 minimum and 61.30 as my ultimate profit target. Trade with Knowledge! Burr Jennings
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Tuesday, October 10th 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: Support at the lower .214 offered a break above Fridays high yesterday that found resistance at the upper .214 closing slightly positive. Today I will look for yesterdays buying to continue as long as trading above the confluence of the upper .382 and the Pivot with last weeks high of 1363.25 as my ultimate profit target. As suggested in yesterdays DATA Morning Call, today begins 3rd quarter earnings season as the major S&P500 components come to the confessional. Good reports are already priced in therefore will likely be sold against. Bad reports and 20 points will come out of the S&P quite easily.
*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 unpredictably rallied to the high of the week off the 8:30am ET Employment Report on Friday only to implode selling more than a full point from the high of the day creating a nasty failure pattern on the daily bars suggesting that we pursue the short side today as long as resistance is below the confluence of the lower .382 and the Pivot as highlighted above. A gap down at the open that is below Fridays low of 107 18.5/32 and I will pursue only the buy side until a gap fill and positive momentum on the daily bars exists.
*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 gap up at the open led to my minimum profit target of $61.00 Monday morning only to implode in afternoon trading. Given yesterdays price action I will only pursue the buy side in Oil today if support is maintained above the loose confluence of the lower .382 and the Pivot. What is more than likely is continued selling with the Pivot as our line in the sand to sell short against. Similar to yesterday I am very interested in buying Oil below last weeks low or on a gap down at the open. Trade with Knowledge! Burr Jennings
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Monday, October 9th No Significant Economic Announcements, Notes and Bonds Closed 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 gap down at the open off the 8:30am ET Employment Report found support at the upper .382 and rallied through the high of the day on Friday. Today I am very interested in the short side in the S&P especially off a gap up at the open that is above last weeks high. Regardless of a gap or not I will look for failure patterns above last weeks high to short sell for a 10 to 20 point pullback this week. That said weakness at the open will more than likely be bought with last weeks high of 1363.50 as an ultimate profit target. Notes and Bonds are closed today for the Columbus Day holiday so price action may be a bit weak in equities. Today also begins 3rd quarter earnings season as the major S&P500 components come to the confessional. Good reports are already priced in therefore will likely be sold against. Bad reports and 20 points will come out of the S&P quite easily.
*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 and Bonds ate closed today! Notes unpredictably rallied to the high of the week off the 8:30am ET Employment Report on Friday only to implode selling more than a full point from the high of the day creating a nasty failure pattern on the daily bars suggesting that we pursue the short side Tuesday as long as resistance is below the confluence of the lower .382 and the Pivot as highlighted above. A gap down at the open that is below Fridays low of 107 18.5/32 and I will pursue only the buy side until a gap fill and positive momentum on the daily bars exists.
*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 weakness on Friday posted negative momentum on the daily bars and with support at the lower .382 managed to close reasonably well suggesting that momentum may once again capitulate to to positive on the daily bars in which case I will be pursuing the buy side in Oil with $61.00 as my minimum profit target and $62.65 as my ultimate target. That said, if weakness persists today and the current negative momentum remains intact, I will work the short side in Oil as long as resistance is maintained below the confluence of the lower .382 and the Pivot as highlighted above with last weeks low of 57.75 as my ultimate profit target. Below 57.75 I am very interested in the buy side in Oil this week and will look for any good technical reason to be long Oil at this level or below. Natural Gas continues to act well and is a buy on any pullback/weakness that maintains above $61.10 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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