Cotton Pulling Back
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 5.60 points lower and the bond market is trading
down 1 tick.
December cotton
(
CTZ0 |
Quote |
Chart |
News |
PowerRating), mentioned Monday night, seems to be bumping up
against resistance near 58. This suggests that its downtrend
remains intact. Look for a shorting opportunity here, but
wait for follow-through to the downside.
width=”470″ height=”320″>
October sugar
(
SBV0 |
Quote |
Chart |
News |
PowerRating) continues to hold up well at higher levels —
closing just shy of life-of-contract closing highs.
Look for a buying opportunity here.
August feeder
cattle
(
FCQ0 |
Quote |
Chart |
News |
PowerRating) closed well on Tuesday and looks poised
to resume its uptrend.
Best of luck with
your trading on Wednesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!