For The Breakout Players, NGN9
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 3 ticks.
For you breakout players, July Natural Gas [NGN9>NGN9], gapped lower on today’s open (a) but reversed to close at a life of contract closing high (a). Look for a buying opportunity here.
Source: Omega Research.
July Pork Bellies [PBN9>PBN9] hit major new lows today but reversed to close well. This may have the last of the breakout players trapped on the wrong side of the market. Look for a buying opportunity here.
Volatity Watch
September Bonds [USU9>USU9] are now on the Volatility Explosions-Low 6/100 Readings List. Watch for a larger-than-normal move (in either direction) as volatility reverts back to its mean.
Best of luck with your trading on Thursday!
Dave Landry
PS-Reminder: Protective stops on every trade!