July Soybeans, Possible Short
Each evening we focus on the most interesting aspects for the upcoming trading day. The comments are based on observations of the nightly updates of the Futures and Market Bias pages. They are provided for educational purposes only and are not intended to be direct trading advice. Also, keep in mind that these remarks are made up to 12 hours in advance of the markets opening. Therefore, overnight events may alter the outcome of these observations.
At the time this is being published, the S&P Globex Futures are trading 1.30 points higher and the Bond Market Futures are trading down 3 ticks.
July Soybeans [SN9>SN9], on the Pullbacks From Lows List, have been consolidating at lower levels (a). Look for a shorting opportunity as the long term trend remains down.
Source: Omega Research.
July Pork Bellies [PBN9>PBN9], on the Pullbacks From Lows List, reversed yesterday’s rally and closed poorly today. Look for a shorting opportunity here as trend remains down.
Volatility Watch
July Heating Oil [HON9>HON9], has been recently consolidating by trading sideways. This action has cause the volatility to drop off and it is now on the Volatility Explosions-Multiple Days Readings List. Watch for a larger than normal move (in either direction) as volatility reverts back to its mean.
Best of luck with your trading on Friday!
Dave Landry
PS-Reminder: Protective stops on every trade!