Could The Yen Be Your Friend?

August 20, 2001
Dave Landry

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.

There’s not too much to look at tonight.
Bellies and hogs, mentioned Friday, failed to follow though on Monday. Although
index futures reversed and we have several market timing buy signals tonight, I’d avoid
trading them ahead of Fed.Â

Considering the above, about the only thing
interesting I could find was the September Japanese Yen
(
JYU1 |
Quote |
Chart |
News |
PowerRating). It looks
poised to resume its uptrend out of a first pullback. Look for a buying
opportunity here but wait for follow through as it did close poorly on Monday.