Bonds Away?
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.
face=”Arial, Helvetica”>Join me, fellow TradingMarkets.com
content providers, and other traders and money managers at
the Trading Markets 2000 conference at the Venetian Hotel
Resort and Casino in Las Vegas on October 13-15, 2000.
At the time this
is being published, the Globex S&P futures are trading
up 0.25 points and the bond market is trading up 3 ticks.
September bonds
(
USU0 |
Quote |
Chart |
News |
PowerRating) failed to follow through to the downside from
Friday’s reversal day down (a). In fact, they actually
rallied and closed well (b). This suggests that their
long-term uptrend remains intact. Look for a buying
opportunity here.
face=”Arial, Helvetica”>
width=”470″ height=”320″>
December gold
(
GCZ0 |
Quote |
Chart |
News |
PowerRating) appears to be stalling out in its rally from
lows and looks poised to return to those lows (around 276).
Look for a shorting opportunity here.
Random Thoughts
/ Looking Ahead
I’m still watching
the grains for bottoming action.
September crude
(
CLU0 |
Quote |
Chart |
News |
PowerRating) hit life-of-contract highs on Monday. This is
the highest oil has been since the Gulf War. It’s too early
to tell if we are going to put in a top here or make another
continuation move higher. Don’t be a hero; wait for setups.
Best of luck with
your trading on Tuesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!