Few Setups
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.
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At the time this
is being published, the Globex S&P futures are trading
up 1.50 points and the bond market is trading down 3 ticks.
There’s not much
to look at tonight (Wednesday). Bonds failed to follow
through to the upside, and gold failed to follow through to
the downside. Cocoa was down but only marginally. Beans
appear to be confirming a double bottom, but it’s "too
obvious" — I’d wait for some momentum off the lows,
followed by a pullback.
September crude
(
CLU0 |
Quote |
Chart |
News |
PowerRating) sold off slightly but reversed to close well and
just shy of an all-time closing high. This is not the
type of action one would expect after Tuesday’s reversal
from life-of-contract highs. For the nimble only, look for a
buying opportunity here.
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Volatility
Watch
The September
British pound
(
BPU0 |
Quote |
Chart |
News |
PowerRating) is now a low-volatility situation.
Watch for a larger-than-normal move (in either direction) as
volatility reverts to its mean.
Best of luck with
your trading on Thursday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!