Gas looks pooped
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 3.70 points higher and the bond market is trading up 3 ticks.
January Natural Gas [NGF0>NGF0], on the Pullbacks Off Lows List, closed poorly and looks poised to resume its strong downtrend. Look for a shorting opportunity here.
For you breakout players, March Copper [HGH0>HGH0], on the Momentum 5 List, looks like its trying to break out of a 4-month wide-and-loose base. Look for a buying opportunity here.
The March NASDAQ 100 [NDH0>NDH0] gapped lower on today’s open but reversed to close just shy of an all-time high. Look for a buying opportunity here.
Volatility Watch
March Silver [SIH0>SIH0] remains on two of the Volatility Explosions Lists. Continue to watch for a larger-than-normal move (in either direction) as volatility reverts to its mean.
March Cotton [CTH0>CTH0] is now on the Volatility Explosions-Low 6/100 List. Watch for a larger-than-normal move (in either direction) as volatility reverts to its mean.
Best of luck with your trading on Thursday!
PS-Reminder: Protective stops on every trade!