Energies Running Out Of Steam?
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.
For the nimble, June heating oil
(
HOM2 |
Quote |
Chart |
News |
PowerRating) is in its first pullback since its recent
thrust down. This looks like a good place for it to begin another leg lower
(i.e., anticipating a Bow Tie). Just make sure you wait for entries in light of
tonight’s (Tuesday) bullish API estimates. June crude
(
CLM2 |
Quote |
Chart |
News |
PowerRating) and unleaded
gas
(
HUM2 |
Quote |
Chart |
News |
PowerRating) also look vulnerable.
May bellies
(
PBK2 |
Quote |
Chart |
News |
PowerRating), mentioned Monday night, still look like they have
the potential to resume their strong downtrend out of a pullback from lows. June
hogs
(
LHM2 |
Quote |
Chart |
News |
PowerRating) have formed a similar pattern.
Best of luck with
your trading on Wednesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!