WASHINGTON, Feb 10 (Reuters) – New U.S. claims for unemployment benefits dropped more than expected last week to touch their lowest point in 2-1/2 years, a government report showed on Thursday, offering assurance that the labor market was strengthening despite January’s poor jobs numbers. Initial claims for state unemployment benefits fell 36,000 to a seasonally… read more
Monthly Archives: February 2011
Swing Trading Strategies – Dow Jones hits new high on projected reversal date. [chart]
The Dow Jones futures traded to a new high (12218) before failing and dropping below the low of the prior pivot low. This price action has formed a possible peg-leg topping pattern. It is also important to not that the new high and possible failure, occurred on a projected reversal date I will have more… read more
Energy News – EIA report show Gasoline stocks at 20-year high.
* Crude stocks rise 1.9 mln barrels to 345.06 mln * Gasoline stocks up 4.66 mln barrels at 240.89 mln * Cushing inventories fall 927,000 bbls to 37.41 mln * Distillates rise 288,000 barrels to 164.37 mln NEW YORK, Feb 9 (Reuters) – U.S. crude oil inventories rose in line with expectations and gasoline stocks… read more
Futures news – USDA report bullish for grains!
CHICAGO, Feb 9 (Reuters) – CBOT corn was expected to open up 15 to 20 cents a bushel Wednesday on the back of bullish corn ending stocks data by the U.S. Department of Agriculture, traders said. Stocks data also buoyed wheat and soybeans. CBOT wheat was called to open 10 to 12 cents higher with… read more
Swing Trading Strategies – British pound could have one more push higher to end the cycle. [chart]
March British Pound – The two reversal dates—January 25 and January 31—provided support for the quick rally into the ascending median line target objective. The pound tested the median line, as well as the prior swing high at 1.6229, posted on November 4, 2010) before turning lower and trading lower into the minor reversal date… read more
Swing Trading Strategies – Natural gas drops through trigger price to confirm sell signal, what’s next? [chart]
TMV Swing Trading Report – Short March Natural gas – The bearish reaction was confirmed early in today’s session when N-gas traded thorough the 4.250 trigger price. The market quickly traded through the downward sloping median line and is currently trading below the line. For updated information on this trade, or to see new swing… read more
Grains Opening Calls and News / Futures Broker
WHEAT – Up 8 to 10 cents per bushel. Active export sales of U.S. wheat and news Egypt made its first purchase of wheat in nearly a month combine to boost wheat futures with further support from concern about harm to the U.S. crop from a cold snap this week. CORN – Up 3 to… read more
Reversal Dates for the week of February 7 through February 11.
Monday – Silver Tuesday – Soybeans, Soy meal, Crude oil, Natural gas, Dollar index, Canadian dollar, Coffee Wednesday – Heating oil, S&P, Cotton Thursday – Wheat Friday – For more information on “action-reaction’ reversal dates, go to www.tradersnetwork.com today!… read more
Trading News – Employment number less than expected.
NEW YORK, Feb 4 (Reuters) – U.S. employment rose far less than expected in January, partly the result of severe snow storms that slammed large parts of the nation, but the unemployment rate fell to its lowest level since April 2009. KEY POINTS: * Nonfarm payrolls grew just 36,000, the Labor Department said on… read more
Trading News – US Jobless Claims Tumble 42,000 last week.
WASHINGTON, Feb 3 (Reuters) – New U.S. claims for unemployment benefits dropped more than expected last week, a government report showed on Thursday, pointing to continued gradual improvement in the labor market. Initial claims for state unemployment benefits tumbled 42,000 to a seasonally adjusted 415,000, the Labor Department said, unwinding most of the previous week’s… read more