July 2, 2009
The worse-than-expected June employment report is dampening pre-holiday spirit in stocks and commodities before the 4th of July holiday. Lind Plus Senior Market Strategist Richard Ilczyszyn said when there is a holiday on a Friday, the Labor Department often delays the employment report release until the following week. But this time, the report was released a day early. He said there was likely a reason for that.
“I think it was part of the government’s strategy to have this release out before the holiday, so we could forget about it by Monday. If it were to come out next week, there’d be even more activity to the downside (in stocks),” he said.
In his morning notes, MF Global Research Senior Interest Rate and Equity Market Analyst Nick Kalivas said while the report was bearish stocks and bullish Treasuries, there was “not much to really say” about it. “The economy remains weak. I believe that hiring will remain depressed due to the socialist policies in Washington and lack of an economic driver,” he said.
Breakdown of the numbers
Non-Farm Payrolls fell 467,000. (-367,000 expected). Net revision is +8K. All in May.
Unemployment rate rose 0.1% to 9.5%. (9.6% expected)
Initial unemployment claims fell 13,000 to 514,000. (615,000 expected)
Continuing claims fell 36K to 6.702 mln. (6.740 mln expected)
1. Construction jobs declined 79,000
2. Manufactuirng decreased 136,000
3. Retail declined 21,000
4. Business services fell 188,000 with temporary help off 38,000
5. Financial fell 27,000
6. Government jobs declined 52,000
7. Education and healthcare bucked the trend and rose 34,000
Household employment fell 374,000.
Labor force declined 155,000
Unemployment rose 218,000 – less than recent months
Hourly earnings were unchanged.
Hours worked fell 0.1 to 33.0. Manufacturing rose 0.1 to 39.5 and OT was flat at 2.8
July 1, 2009
Independence Day Holiday Trading Schedule
What follows is a consolidated schedule for trading on some of the most popular North American futures markets for the U.S. Independence Day 2009 holiday. All times are CST (Chicago time).
Thursday, July 2, 2009
CME/CBOT Floor Trading
All products will have normal trading hours.
CME/CBOT Electronic Globex Trading
FX and interest rate products (CME and CBOT) will close at 4:00 p.m. CST.
Equity index products will close at 3:15 p.m.
CST commodities, GSCI, DJ AIG, ER, weather, CBOT ethanol, TRAKRS, Eurozone HICP, real estate, ETF, forestry, and CBOT grain products will have normal trading hours.
NYMEX/COMEX Floor Trading
All products will have normal trading hours.
NYMEX/COMEX Electronic Globex Trading
NYMEX/COMEX products on Globex are unaffected and will run on a normal schedule.
ICE Futures U.S. Floor Trading
Open-outcry products observe regular trading hours.
ICE Futures U.S. Electronic Trading
Currency pairs, U.S. Dollar Index, Russell Index and NYSE Composite close at 3:15 p.m.
Friday, July 3, 2009
CME Group Floor Trading
The exchange trading floor and normal operations will be closed on Friday, July 3, 2009, in observance of the Independence Day holiday.
CME Electronic Globex Trading
Electronic trading will stop for equity products at 10:30 a.m.
Trading will halt for foreign exchange, interest rate, housing products at 12:00 p.m.
The trade date for this session will be Monday, July 6, 2009.
NYMEX/COMEX on Globex
NYMEX/COMEX products on Globex will stop trading at 12:30 p.m. CST.
The trade date for this session will be Monday, July 6, 2009
ICE Futures U.S. Floor Trading
Open-outcry trading closed.
ICE Futures U.S. Electronic Trading
Currency pairs, U.S. Dollar Index close at 12:00 p.m. noon
Russell Index and NYSE Composite close at 10:30 a.m.
Agricultural products are closed.
This schedule is taken from sources that Lind-Waldock believes are accurate and are subject to change. The schedule has been assembled for information purposes only, and Lind-Waldock is not responsible for any errors or omissions. To confirm any part of the schedule, consult the Web site of the appropriate exchange: www.cmegroup.com; www.theice.com
June 30, 2009
Top Five Trading Mistakes
by Ben Kim
Over the years I have seen some repeated mistakes new traders make, and most are relatively easy to avoid if you are disciplined. Before I get into my list of the top five trading mistakes, I’ll mention one more that applies to trading as we move closer to the 4th of July holiday and the summer doldrums. In holiday markets, volume tends to be quiet at times, and that means markets can whipsaw, especially overnight. One large order can move a market significantly. We often see a lot of “noise” going on as we head into a holiday that might not be a true reflection of market fundamentals. It’s a time that’s harder to trade, and might not be the best time to initiate new positions if you aren’t an experienced trader. But if you do want to trade, avoiding the pitfalls is even more important. (more…)
June 29, 2009
June 26, 2009
Education Podcast - Futures Trading for Investors
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The Business of Day Trading
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Friedman’s Futures Forecast - Strictly Technical Hotline
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Weekly Review of Commodity Markets
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June 25, 2009
