Heating Oil Looks Good
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.
The December Dow Jones [DJZ9>DJZ9], on the Pullbacks Off Highs List, looks poised to rally out of a loosely formed inverted head and shoulders formation. Look for a buying opportunity here.
For you breakout players, December Heating Oil [HOZ9>HOZ9], on the Momentum 5 List, broke out to life-of-contract highs today. Look for a buying opportunity here or possibly in Crude Oil [CLZ9>CLZ9] or Unleaded Gasoline [HUZ9>HUZ9] which are somewhat less extended.
December Silver [SIZ9>SIZ9], mentioned last night on the Pullbacks Off Lows List, still looks interesting to me. Continue to look for a shorting opportunity here.
Best of luck with your trading on Monday!
Dave Landry
PS-Reminder: Protective stops on every trade!