Dollar Rallies
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.
The dollar, mentioned recently, formed a bullish outside day in a pullback on
Wednesday. Continue to look for shorting opportunities in inverse currencies
such as the June British Pound
(
BPM1 |
Quote |
Chart |
News |
PowerRating) and the Euro
(
ECM1 |
Quote |
Chart |
News |
PowerRating).
May orange juice
(
OJK1 |
Quote |
Chart |
News |
PowerRating) looks
like it has one more stab to life-of-contract lows out of a pullback left in it.
Look for a shorting opportunity here.
April lean hogs
(
LHJ1 |
Quote |
Chart |
News |
PowerRating) have
pulled back into the area of their recent breakout and stabilized. This suggests
they still have the potential to resume their longer-term uptrend.
Looking Ahead
May cocoa
(
CCK1 |
Quote |
Chart |
News |
PowerRating), mentioned recently, continues to break down from a big picture top. Wait for the first bounce/setup before attempting a short
entry here.
Best of luck with
your trading on Thursday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!