CPI Release For Tomorrow
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 .30 points higher and the Bond Market Futures are trading down 1 ticks.
Friendly reminder, the CPI is scheduled for release tomorrow. With all the focus on inflation lately, it will likely cause volatility in both the Bond and Stock Index Futures.
July Cocoa [CCN9>CCN9], on the Pullbacks From Highs List, closed well today and appears poised to pivot out of its pullback. Look for a buying opportunity here.
Source: Omega Research.
On the Implosion 5 List, August Gold [GCQ9>GCQ9], mentioned last night and down $1.00 today, still looks interesting to me. Continue to look for a shorting opportunity here.
September Bonds [USU9>USU9], on the Implosion 5 List, rallied earlier today but reversed to close poorly. Look for a shorting opportunity here as the long term trend remains down.
For you breakout players, July Crude [CLN9>CLN9], on the Momentum 5 List, closed just shy of major highs. Look for a buying opportunity here.
Best of luck with your trading on Wednesday!
Dave Landry
PS-Reminder: Protective stops on every trade!