August Gold, Maybe A Short
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 Futures are trading up 2 ticks.
August Gold [GCQ9>GCQ9], on the Implosion 5 and Pullbacks From Lows List, has formed a three day shallow pullback (a). Look for a shorting opportunity here as the trend remains down.
Source: Omega Research.
July Natural Gas [NGN9>NGN9], mentioned last night and on the Pullbacks From Highs List, formed an inside day today. Continue to look for a buying opportunity as the overall trend remains up.
August Live Cattle [LCQ9>LCQ9], rallied to new highs today but reversed to close poorly. This may have the breakout players trapped on the wrong side of the market. Look for a shorting opportunity here.
Volatity Watch
July Copper [HGN9>HGN9] remains on the Volatility Explosions-Multiple Days List. Continue to watch for a large move (in either direction) as volatility reverts back to is mean.
Best of luck with your trading on Tuesday!
Dave Landry
PS-Reminder: Protective stops on every trade!