Continue To Wait For Setups
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.
We remain at an interesting juncture.
Most commodities are either near major lows and oversold or near major highs and
overbought. Therefore, I’d continue to wait for the markets to set up.
The dollar, which has been up sharply as of late, began to pull back on
Monday. This suggests that the inverse currencies may set up over the next few
days.
Follow Up
May bellies
(
PBK1 |
Quote |
Chart |
News |
PowerRating), mentioned recently, gapped higher but reversed to
close poorly. This suggests that their blow-off is over–at least temporarily. I
hope you were able to lock in profits here.
Best of luck with
your trading on Tuesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!