Bellies Up?
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.
Once again, we have a plethora of
buy/repeat buy signals on the Market Bias page. One has to wonder if
this time is the "real deal" as the VIX (and VXN) reversed
from new highs and the indices reversed from new lows. Therefore, for
the nimble, continue to look for buying opportunities in the September
S&P (SPU1)
and Nasdaq 100 futures (NDU1).
Just don’t overstay your welcome, as last time I checked, we remained
in a bear market.
February bellies (PBG2)
appear to be holding up fairly well just under life-of-contract highs.
This action suggests that they have the potential to resume their
longer-term uptrend.
Best of luck with your
trading on Tuesday!
P.S. Reminder: Protective
stops on every trade!
