Swiss Franc Rallied
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 1.90 points higher and the Bond Market Futures are trading down 2 ticks.
The September Swiss Franc [SFU9>SFU9], mentioned last night, rallied nicely out of a deep pullback today (a) as the Dollar [DXU9>DXU9] continued its slide. Look for a buying opportunity in the Franc and in the British Pound [BPU9>BPU9] which has formed a similar pattern.
Source: Omega Research.
November Orange Juice [OJX9>OJX9], mentioned last night, looks like it may be resuming its uptrend. Continue to look for a buying opportunity here.
For you breakout players, October Unleaded Gas [HUV9>HUV9], on the Momentum 5 List, broke out to life-of-contract highs today. Look for a buying opportunity here.
December Bonds [USZ9>USZ9], on the Pullbacks From Lows List, appear to be stalling out at the 115 resistance. This suggests that the long term downtrend may still be intact. Look for a possible shorting opportunity here.
Best of luck with your trading on Friday!
Dave Landry
PS-Reminder: Protective stops on every trade!