Employment Figures Tomorrow
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.
At the time this is being published, the S&P Globex Futures are trading 1.40 points higher and the Bond Market Futures are up 1 tick.
Heads up, the eagerly awaited Employment Report is scheduled for release tomorrow morning. This will likely create extreme volatility in the stock and bond market early on.
Tonight we have 4 indicators pointing higher on the Market Bias Page. This, combined with the fact that we remain extremely oversold, suggests an upside bias for the stock market tomorrow. Look for buying opportunities in the September Dow Jones [DJU9>DJU9], Nasdaq [NDU9>NDU9] and S&P [SPU9>SPU9] futures.
September Natural Gas [NGU9>NGU9], on the Possible Turtle Soup Plus One Sell List, rallied earlier today (a) but reversed to close poorly(b). Look for shorting opportunity here as the breakout players may be trapped on the wrong side of the market.
Source: Omega Research.
September Crude Oil [CLU9>CLU9], on the Pullbacks From Highs List, continues to consolidate at high levels. Look for a buying opportunity as the trend remains up.
Best of luck with your trading on Friday!
Dave Landry
PS-Reminder: Protective stops on every trade!