Energies, Possible Longs
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.
Last night, I mentioned the energies, September Crude [CLU9>CLU9], Heating Oil [HOU9>HOU9] and Unleaded Gas [HUU9>HUU9], as possible candidates on the long side. Today, they were all up sharply. If you’re a breakout player, you still might want to consider a buying opportunity here as they are just shy of life-of-contract highs.
August Gold Comex [GCQ9>GCQ9], on the Implosion 5 and Pullbacks From Lows List, is a three bar pullback that closed poorly (a). This suggests that its longer term downtrend is still intact. Look for a shorting opportunity here.
Source: Omega Research.
September Coffee [KCU9>KCU9], on the Pullbacks From Lows List, sold off today reversing yesterday’s rally. This suggests that it still may have some additional downside potential. Look for a shorting opportunity here.
Best of luck with your trading on Monday!
Dave Landry
PS-Reminder: Protective stops on every trade!