Dollar Resumes Slide
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.
Once again, the
VIX remains at relatively low levels. Therefore, continue to
look for a shorting opportunity in the September S&P
futures
(
SPU0 |
Quote |
Chart |
News |
PowerRating).
The dollar resumed
its breakdown from what looks like a big-picture
inverted-cup formation. Look for buying opportunities in the
September euro
(
ECU0 |
Quote |
Chart |
News |
PowerRating), but watch for resistance around
.9800.
December corn
(
CZ0 |
Quote |
Chart |
News |
PowerRating) gapped higher (a) on the open, but reversed to
close poorly (b). This suggests that its downtrend remains
intact. Look for a shorting opportunity here.
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July (and
November) beans —
(
SN0 |
Quote |
Chart |
News |
PowerRating) and
(
SX0 |
Quote |
Chart |
News |
PowerRating) — still look
vulnerable. Continue to look for a shorting opportunity
here.
July natural gas
(
NGN0 |
Quote |
Chart |
News |
PowerRating) hit life-of-contract highs, but it then stalled
out. For the nimble and risk-adverse, look for a potential
shorting opportunity here.
Best of luck with
your trading on Monday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!