Follow Through
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.
Index futures melted down on Wednesday, and
appear to have more downside potential. If you were not already in a short
position, be sure to wait for follow through on Thursday.
Flight to quality continues to boost
the financials. Treasury bonds
(
USU2 |
Quote |
Chart |
News |
PowerRating) and Ten-year notes
(
TYU2 |
Quote |
Chart |
News |
PowerRating) may
provide an opportunity for daytraders if the markets weaken further. They are
extended, so again, wait for follow through.
Finally, Wheat
(
WN2 |
Quote |
Chart |
News |
PowerRating), mentioned
last night, started to move out of its pullback from high.
Have a great trading day Thursday!
Duke
P.S. Use stops on every trade.