Crude Oil 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.
August crude
(
CLQ1 |
Quote |
Chart |
News |
PowerRating) is setting up as a pullback from lows. Look for a
shorting opportunity here but wait for follow through to the downside.
The VIX and VXN are reversing from low levels.
This, combined with poor price action, suggests that the September index futures
remain vulnerable. Continue to look for a shorting opportunity here but use
caution about carrying a position into the Fed announcement.
Best of luck with
your trading on Tuesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!