Indices 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
market’s opening. Therefore, overnight events may alter the
outcome of these observations.
Just a reminder, I’ll be
speaking on the afternoon of Saturday, October 14th at the TradingMarkets2000 First Annual Traders
Conference. I’ll also be available for one-hour private workshop held later
that day.
I’m pleased to announce that we recently launched
the Trader’s Galleria.
Check it out, there you’ll find books, software, trading courses, computers and
just about everything else a trader needs to be successful. You can even
pre-order my upcoming book on swing
trading at a 20% discount.
There’s not much to look at tonight (Wednesday). The pullback in
copper didn’t work but fortunately didn’t trigger. It’s too early to tell
if this is a bigger picture failure. The crude complex is just too crazy to play
at this juncture. Bonds continue to be in a weak position but haven’t offered a
setup. Ditto for Sugar. Corn looks like it’s once again trying to put in a bottom
but so far, this has been a lengthy process. And finally, the Swiss Franc
appears to be trying to put in a short term bottom but its too early to jump in
here, especially in front of the G-7 Meeting.
Considering the
above, the only potential play for Thursday may be in the December Dow Jones
(
DJZ0 |
Quote |
Chart |
News |
PowerRating) and S&P futures
(
SPZ0 |
Quote |
Chart |
News |
PowerRating). This is based on the fact
that they remain oversold, the fact that they both bounced around the August
lows, and the fact that there is a repeat CVR VI buy signal on the Market
Bias Page. Look for buying opportunities here.Â
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Best of luck with
your trading on Thursday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!