Here Were The Profitable Opportunites Today
The volatility continues… and with that
volatility comes extreme opportunities. Today there were several opportunities
in the Sept. S&P 500 futures
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SPU2 |
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PowerRating) or the Sept. S&P E-Mini
contract
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ESU2 |
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PowerRating).
The opening on the S&P 500
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$SPX.X |
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pulled back and fell close to the -1.0 Volatility Band. It then gave an opening
Trap Door reversal for at least a 10-point gain. Later in the day, a 1,2,3 Higher
Bottom reversal gave way to an uptrend rally worth 12 points. By reading
Kevin Haggerty on a daily basis, traders can learn to identify these
great intraday or daily opportunities. Also
Carolyn Boroden’s stock perspectives are very helpful.
In the September Nasdaq 100 market
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NDU2 |
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PowerRating) the futures were stalled at around 12:50 PM EST due to a limit down
rule. The futures were down by 56 or 5.68% to close at 897.
Grains and beans on the
Chicago Board of Trade (CBOT) traded lower due to news of rainy, cool weather in
the Midwest. Nov. Soybean
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SX2 |
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PowerRating) prices had shot higher earlier in the
week after a weekend of extreme heat and no rain, but the cooler weather
conditions may have helped lose the crop stress, some market analysts said.
Sept. soybeans broke its upward long-term trend line by gapping lower at today’s
open and then drifting lower from there. Soybeans ended at $5.25 1/2 a bushel
down 18 1/2 cents or 3.40%.
Corn futures were lower as scattered showers were seen as beneficial to the
crop, analysts said. December corn
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CZ2 |
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1/4 a bushel.
Wheat prices followed corn and beans lower as well, however losses were limited
by a solid weekly export sales report. Wheat for September
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WU2 |
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delivery fell 1 cent to $3.35 a bushel.
In the energies traded at the New York Mercantile Exchange (NYMEX); September
crude oil
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CLU2 |
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September unleaded gasoline
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HUU2 |
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gallon, September heating oil
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HOU2 |
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gallon and September natural gas
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NGU2 |
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million British thermal units.
Precious metals lost once again today. August
gold futures
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GCQ2 |
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PowerRating) dropped $1.70 to $309.70 a troy ounce on the Comex
division of the New York Mercantile Exchange. September silver
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SIU2 |
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PowerRating) dipped .50 of a cent to $4.855; and Sept. copper
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HGU2 |
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continued its stream of steady losses by dropping .55 to 69.09 a pound.