Beans And Corn Vulnerable
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 Globex S&P futures are trading
up 2 points and the bond market is trading up 2 ticks.
Once again, the
VIX is at two-month lows. This suggests that there may be an
upcoming shorting opportunity in the September S&P
futures
(
SPU0 |
Quote |
Chart |
News |
PowerRating). Just wait for some additional signal(s)
or price action, because — at least, so far — the contract
has done nothing wrong.
July soybeans
(
SN0 |
Quote |
Chart |
News |
PowerRating) had a slight rally earlier in the day on Thursday,
but they reversed to close poorly. This suggests that their
downtrend remains intact. Look for a shorting opportunity
here or in the November contract
(
SX0 |
Quote |
Chart |
News |
PowerRating), which also looks
weak.
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July corn
(
CN0 |
Quote |
Chart |
News |
PowerRating) is a pattern similar to beans.
Best of luck with
your trading on Friday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!