Employment Report For Tomorrow
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 1.10 points lower and the bond market is trading down 1 tick.
Heads up, the Employment Report is scheduled for release tomorrow. This will likely cause extreme volatility in early trading in both the stock and bond markets.
The December NASDAQ 100 Futures [NDZ9>NDZ9], mentioned last night (see archive for details), rallied sharply (a) out of its first pullback since its fast move upwards. It now looks poised to challenge its old highs. Continue to look for a buying opportunity here.
The December Yen [JYZ9>JYZ9], mentioned over the past few nights, continues to consolidate and still looks poised to break higher. Continue to look for a buying opportunity here.
The January energies, Heating Oil [HOF0>HOF0], Crude Oil [CLF0>CLF0] and Unleaded Gas [HUF0>HUF0], mentioned last night, all rallied out of deep pullbacks today. Continue to look for buying opportunities here.
Volatility Watch
February Lean Hogs [LHG0>LHG0], are now on the Volatility Explosions-Low 6/100 List. This combined with the fact that they are also on the Momentum 5 and Pullbacks Off Highs List suggest they are poised to break higher. Look for a buying opportunity here.
Best of luck with your trading on Friday!
Dave Landry
PS-Reminder: Protective stops on every trade!