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December 2nd 2016 Newsletter

Trading glossary for traders and a look at crude oil futures snapping higher post OPEC meeting


December 2nd, 2016 - Issue #854

In This Issue

1. Trading Updates: Changes to Mini Russell, Trading Glossary and More
2. Hot Market Report: Nymex Crude Oil Prices Soar After OPEC Agreement
3. Economic Calendar

1. Trading Updates:

Changes to Mini Russell 2000 REDUCTION IN THE PRICE MULTIPLIER Effective Monday, December 5

REDUCTION IN THE PRICE MULTIPLIER FOR ALL ICE RUSSELL CONTRACTS Effective Monday, December 5, the price multiplier for all Russell futures contracts traded on ICE Futures U.S. is being reduced by 50%, from $100 X Index to $50 X Index*. This means that the nominal value of each futures contract is also reduced by 50%.

Among the effects of the multiplier change: • All ICE Russell futures and options positions that are open at the close of trading on December 2 will double (the Exchange does this automatically)

The tick size for the futures contracts DOES NOT change (.10), but the value of the tick DOES change, decreasing from $10 to $5 To accommodate this change, the Exchange and Clearing fees for Russell contracts will also be reduced by 50% as of December

NEW: Visit our trading glossary, put together by the trading desk here at Cannon Trading!

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2. Hot Market Report - Nymex Crude Oil Prices Soar After OPEC Agreement


From our friend Jim Wyckoff

Jim has an excellent daily newsletter where he reviews different markets, alerts you for potential trades and much more. Included is his great bi-weekly newsletter with charts and a little longer term outlook. We recommend checking out his website, educational CDROM, and services at jimwyckoff.com click on image below to enlarge

crude oil Futures

The Nymex crude oil market shot sharply higher and gained 10% in value in one day Wednesday, following an OPEC meeting that saw a crude oil-production-cut agreement reached. Prices have pushed above what was very strong chart resistance at the $50.00 level. While the bulls have gained the overall near-term technical advantage with this week's surge, the sledding will get much tougher for the bulls with prices above the $50.00 mark. Stay tuned!

3. Economic Calendar

Source: Moore Research Center, Inc.

Date Reports Expiration & Notice Dates
12/02
Fri
7:30 AM CST - Ave Workweek & Hourly Earnings(Nov)
7:30 AM CST - Nonfarm Payrolls(Nov)
7:30 AM CST - Unemployment Rate(Nov)
FN: Dec RBOB & ULSD(NYM)
LT: Dec Live Cattle Options(CME)
Jan Cocoa Options(ICE)
12/05
Mon
9:00 AM CST - ISM Services(Nov)


FN: Dec Live Cattle(CME)


12/06
Tue
7:30 AM CST - Productivity-Rev(Q3)
7:30 AM CST - Trade Balance(Oct)
7:30 AM CST - Unit Labor Costs-Rev(Q3)
9:00 AM CST - Factory Orders(Oct)
3:30 PM CST - API Energy Stocks



12/07
Wed
6:00 AM CST - MBA Mortgage Index
9:30 AM CST - EIA Petroleum Stat Report
2:00 PM CST - Consumer Credit(Oct)
2:00 PM CST - Dairy Products Sales
LT: Dec Cotton(NYM)


12/08
Thu
7:30 AM CST - USDA Weekly Export Sales
7:30 AM CST - Initial Claims-Weekly
9:30 AM CST - EIA Natural Gas Report
3:30 PM CST - Money Supply
LT: Dec Nikkei(CME)
Jan Sugar-16(ICE)
Dec Nikkei Options(CME)

12/09
Fri
9:00 AM CST - Mich Sentiment(Dec)
9:00 AM CST - Wholesale Inventories(Oct)
11:00 AM CST - WASDE Report & Crop Production
FN: Jan Sugar-16(ICE)
LT: Dec Canadian Dollar Options(CME)
Dec Currencies Options(CME)
Dec Mx Peso Options(CME)
Dec US Dollar Index Options(ICE)
Jan Coffee Options(ICE)
12/12
Mon
1:00 PM CST - Treasury Budget(Nov)





12/13
Tue
7:30 AM CST - Export(ex-ag) & Import(ex-oil)(Nov)
3:30 PM CST - API Energy Stocks




12/14
Wed
6:00 AM CST - MBA Mortgage Index
7:30 AM CST - Core PPI & PPI(Nov)
7:30 AM CST - Retail Sales(Nov)
7:30 AM CST - Retail Sales Ex-Auto(Nov)
8:15 AM CST - Capacity Util & Industrial Prod(Nov)
9:00 AM CST - Business Inventories(Oct)
9:30 AM CST - EIA Petroleum Status Report
1:00 PM CST - FOMC Rate Decision(Dec)
2:00 PM CST - Dairy Products Sales
LT: Dec Wheat(CBT)
Dec Corn(CBT)
Dec Oats(CBT)
Dec Soymeal,Soyoil(CBT)
Dec Cocoa(ICE)
Dec Lean Hogs(CME)
Dec Lean Hogs Options(CME)
12/15
Thu
7:30 AM CST - USDA Weekly Export Sales
7:30 AM CST - Initial Claims-Weekly
7:30 AM CST - Core CPI & CPI(Nov)
7:30 AM CST - Current Account Balance(Q3)
7:30 AM CST - Empire Manuafacturing(Dec)
7:30 AM CST - Philadelphia Fed(Dec)
9:00 AM CST - NAHB Housing Market Index(Dec)
9:30 AM CST - EIA Natural Gas Report
11:00 AM CST - NOPA Crush
3:30 PM CST - Money Supply
LT: Dec S&P 500(CME)
Dec S&P 500 Options(CME)
Jan Crude Lt Options(NYM)
Jan Sugar-11 Options(ICE)

FN=First Notice, OE=Option Expiration, LT=Last Trade

Disclaimer: This calendar is compiled from sources believed to be reliable. Moore Research Center, Inc. assumes no responsibility for any errors or omissions. It is meant as an alert to events that may affect trading strategies and is not necessarily complete. The release dates for certain economic reports may have been rescheduled.

* Please note that the information contained in this letter is intended for clients, prospective clients, and audiences who have a basic understanding, familiarity, and interest in the futures markets.

** The material contained in this letter is of opinion only and does not guarantee any profits. These are risky markets and only risk capital should be used. Past performances are not necessarily indicative of future results.

*** This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts herein contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgment in trading!

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