Copper Looks Good
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.
At the time this is being published, the S&P Globex Futures are trading .60 points lower and the Bond Market Futures are trading up 2 ticks.
September Copper [HGU9>HGU9], mentioned last night and up 1.50 cents today, looks like it is pivoting back into the direction of its underlying uptrend. Continue to look for a buying opportunity here.
Source: Omega Research.
November Soybeans [SX9>SX9], on the Pullbacks From Lows List, is a three bar pullback. Look for a shorting opportunity here as the longer term trend remains down.
August Pork Bellies [PBQ9>PBQ9], on the Implosion 5 List, gapped higher on the open today but reversed to close poorly. This suggests that its downtrend remains in tact. Look for a shorting opportunity here.
Volatility Watch
The September Dmark [DMU9>DMU9] and Swiss Franc [SFU9>SFU9] both remain on the Volatility Explosions-Multiple Days List. Look for a larger-than-normal move in these contracts as volatility reverts to its mean.
Best of luck with your trading on Thursday!
Dave Landry
PS-Reminder: Protective stops on every trade!