The Dollar And The Franc
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 1.0 point lower and the Bond Market Futures are down 1 tick.
There are only two markets that look interesting to me tonight.
The September Dollar [DXU9>DXU9] continued its slide again today (a). This pushed the September Dmark [DMU9>DMU9] and Swiss Franc [SFU9>SFU9] (both mentioned last night) higher. It also caused the British Pound [BPU9>BPU9] to rally sharply. Look for buying opportunities in these currencies or better yet, wait for a pullback.
Source: Omega Research.
For you breakout players, the energies, September Heating Oil [HOU9>HOU9], Crude Oil [CLU9>CLU9] and Unleaded Gas [HUU9>HUU9], all broke out to life-of-contract highs today. Look for buying opportunities here or better yet, wait for a pullback before attempting an entry.
Best of luck with your trading on Friday!
Dave Landry
PS-Reminder: Protective stops on every trade!