Bounce Play In Nasdaq Futures?
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, June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating) still looks like it has the potential to break out of a cup
and handle.
The June Nasdaq futures
(
NDM2 |
Quote |
Chart |
News |
PowerRating) gapped lower on the negative IBM news (a)
to their February lows but reversed to close well (b). This, combined with
market timing buy signals (see my stock outlook) suggests that they are poised
to bounce.
Follow Up/Looking Ahead
Once again, April feeder cattle
(
FCJ2 |
Quote |
Chart |
News |
PowerRating), mentioned recently, continues to
implode. If
you have profits here, you might want to lock in a piece. And, once again, the
same goes for April live
cattle
(
LCJ2 |
Quote |
Chart |
News |
PowerRating), also mentioned recently.
April lean hogs
(
LHJ2 |
Quote |
Chart |
News |
PowerRating) and May bellies
(
PBK2 |
Quote |
Chart |
News |
PowerRating) continued to implode. We could see setups here
soon on a pullback.
Best of luck with
your trading on Tuesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!