Bonds, Notes Still Constructive
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.
March ten-year notes
(
TYH1 |
Quote |
Chart |
News |
PowerRating) and
March bonds
(
USH1 |
Quote |
Chart |
News |
PowerRating) sold off earlier in the day but recovered to close
fairly well (auction related?). This suggests that their bullish cup and handle
patterns at the 50-day moving average remain intact. Look for buying
opportunities here but wait for follow through to the upside.
March corn
(
CH1 |
Quote |
Chart |
News |
PowerRating), mentioned
recently, still remains in a vulnerable position. Continue to look for a
shorting opportunity here.
March feeder cattle
(
FCH1 |
Quote |
Chart |
News |
PowerRating) look
poised to challenge their old lows. Don’t get me wrong, I still think the mad
cow thing could create a tremendous buying opportunity (eventually). It’s just
that the charts suggests that a swing back to the old lows is in the cards.
Looking Ahead
March coffee
(
KCH1 |
Quote |
Chart |
News |
PowerRating) continues to
hold up fairly well near life-of-contract lows.
Best of luck with
your trading on Friday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!
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