Cotton, Part II
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.
face=”Arial, Helvetica”>Join me, fellow TradingMarkets.com
content providers, and other traders and money managers at
the Trading Markets 2000 conference at the Venetian Hotel
Resort and Casino in Las Vegas on October 13-15, 2000.
face=”Arial, Helvetica”>For a back-to-basics look at
retracement levels, see my latest trading lesson,
Introduction To Retracements.
At
the time this is being published, the S&P Globex futures
are trading 0.10 points lower and the bond market is trading
up 1 tick.
December cotton
(
CTZ0 |
Quote |
Chart |
News |
PowerRating), mentioned recently, still looks poised to
resume its strong downtrend. Continue to look for a shorting
opportunity here, but wait for follow-through to the
downside.
width=”470″ height=”320″>
For you breakout
players, October sugar
(
SBV0 |
Quote |
Chart |
News |
PowerRating), mentioned Tuesday night,
is just shy of taking out life-of-contract highs. Continue
to look for a buying opportunity here — or, better yet,
wait for the next pullback.
Looking ahead, the
September Swiss franc
(
SFU0 |
Quote |
Chart |
News |
PowerRating) looks like it might be
rolling over from a double top. This one might be worth
watching going forward for a potential setup.
Best of luck with
your trading on Thursday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!