Bounce In Indicies–Silver To Shine?
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.
Tonight (Tuesday), we have multiple buy signals on the Market
Bias Page. This, combined with positive price action on Tuesday suggests
that there may be a bounce play in the June index futures.
May silver
(
SIK1 |
Quote |
Chart |
News |
PowerRating) probed to life-of-contract lows but reversed to close
well. This action may have trapped shorts on the wrong side of the market. For
the nimble, look for a buying opportunity here.
April live cattle
(
LCJ1 |
Quote |
Chart |
News |
PowerRating),
mentioned recently, still look like they have the potential to resume their
longer-term uptrend out of a pullback. Continue to look for a buying
opportunity here.
Best of luck with
your trading on Wednesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!