March Copper consolidating
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 market’s 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 3.40 points higher and the bond market is trading up 4 ticks.
Heads up, the Employment Report is scheduled for release early tomorrow morning. This will likely cause extreme volatility in early trading for both the bond and index futures.
March Copper [HGH0>HGH0], on the Pullbacks Off Highs List, is consolidating after pulling back from life-of-contract highs. Look for a buying opportunity here.
For you breakout players, January Feeder Cattle [FCF0>FCF0], mentioned last night, hit and closed at life-of-contract highs today. Continue to look for a buying opportunity here.
Volatility Watch
As you know, historical volatility calculations are based on closing prices only. Therefore, March Wheat [WH0>WH0], which hasn’t changed much recently on a closing basis is now on the Volatility Explosions-Multiple Days List. Watch for a larger-than-normal move as volatility reverts back to its mean.
Best of luck with your trading on Friday!
PS-Reminder: Protective stops on every trade!