Belly 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.
August bellies
(
PBN1 |
Quote |
Chart |
News |
PowerRating), mentioned recently,
gapped higher on the open, but reversed to close poorly. This suggests that their
downtrend remains intact. Look for a
shorting opportunity here.
The June index futures became even more overbought on price and indicators
(see Friday’s Stock Outlook) on Monday. For the nimble only (e.g. a day trade), look for a shorting opportunity on signs of a reversal.
Looking Ahead
July cotton
(
CTN1 |
Quote |
Chart |
News |
PowerRating) continues to hit life-of-contract lows. For you
bottom fishers, it may set up soon.
Best of luck with
your trading on Tuesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!
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