Energies Still Look Interesting
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 .10 points lower and the Bond Market Futures are trading down 1 tick.
Once again, the energies, May Crude Oil [CLK9>CLK9], May Heating Oil [HOK9>HOK9] and May Unleaded Gas [HUK9>HUK9] are on the Pullbacks Off Highs List. They still look interesting as the long term trend remains up. Of the three, May Unleaded Gasoline [HUK9>HUK9] looks like it has the most potential as it has recently lagged Heating Oil and Crude.
On the Pullback From Lows List, the June Swiss Franc [SFM9>SFM9], the June Dmark [DMM9>DMM9] and the June British Pound [BPM9>BPM9] all gapped higher this morning but sold off and closed poorly. Look for a shorting opportunities here as the long term trend for these currencies remains down.
June Gold Comex [GCM9>GCM9], also on the Pullbacks Off Lows List, gapped higher but failed to clear overhead resistance around the 286 level. Look for a shorting opportunity here.
Best of luck with your trading on Tuesday!
Dave Landry
Director of Research
PS-Reminder: Protective stops on every trade!