Beans Reverse
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.
face=”Arial, Helvetica”>Join me, fellow TradingMarkets.com
content providers, and other traders and money managers at
the Trading Markets 2000 conference at the Venetian Hotel
Resort and Casino in Las Vegas on October 13-15, 2000.
November soybeans
(
SX0 |
Quote |
Chart |
News |
PowerRating) gapped higher on the open (a) but reversed to
close poorly (b). This suggests that their downtrend remains
intact and that a challenge of life-of-contract lows is
possible. Look for a shorting opportunity here.
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December corn
(
CZ0 |
Quote |
Chart |
News |
PowerRating) has formed a pattern similar to beans. Look for a
shorting opportunity here.
September orange
juice
(
OJU0 |
Quote |
Chart |
News |
PowerRating), mentioned recently, still looks
vulnerable. Continue to look for a possible shorting
opportunity here.
The September
dollar
(
DXU0 |
Quote |
Chart |
News |
PowerRating) looks poised to make another leg higher
out of a pullback. Look for shorting opportunities in the
September euro
(
ECU0 |
Quote |
Chart |
News |
PowerRating) and September Swiss franc
(
SFU0 |
Quote |
Chart |
News |
PowerRating).
Follow-up: The
energies, mentioned recently, still look vulnerable but
haven’t offered any clean setups. Remain patient, because
they will likely set up over the next few days.
Best of luck with
your trading on Tuesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!