Corn Again
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.
Special thanks to Marc Dupee’ for his(as usual)excellent coverage of
the futures market while I was away. Hat’s off to you Marc!
December corn
(
CZ0 |
Quote |
Chart |
News |
PowerRating), mentioned recently, appears to be finding support in
the area of its recent gap. This suggests its uptrend remains intact. Look for a
buying opportunity here.
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December lean hogs
(
LHZ0 |
Quote |
Chart |
News |
PowerRating) has formed a two-step pullback and is
finding support near the 52 level. Look for
buying opportunities here.
December bonds
(
USZ0 |
Quote |
Chart |
News |
PowerRating) rallied nicely earlier in the day on the stock
market’s woes but reversed to close poorly. This “tail” suggests the
market has temporarily run out of steam. For the nimble only, there may be a
shorting opportunity here.
Looking Ahead
December gold
(
GCZ0 |
Quote |
Chart |
News |
PowerRating) may be trying to find a bottom. However, remain
skeptical until the market proves itself, as we have seen many false starts here
over the past few years.
Best of luck with
your trading on Thursday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!