Heating Up
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.
face=”Arial, Helvetica”>For those of you planning to attend
the TradingMarkets2000 First Annual Traders Conference at
the Venetian Resort, Hotel & Casino in Las Vegas on
October 13-15, I’ll be speaking on Saturday afternoon
following Jay Leno. I’ll also be at the cocktail party
Friday night. Sign up soon, as space is limited.
December wheat
(
WZ |
Quote |
Chart |
News |
PowerRating) is in its first pullback since
rallying off of life-of-contract lows. Look for a buying opportunity here.
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December corn
(
CZ0 |
Quote |
Chart |
News |
PowerRating) is now in the “do or
die” position. It will either rally out of its pullback or go back and
re-test life-of-contract lows. Look for a buying opportunity here but wait for
follow-through to the upside just in case it’s a “die”.
December
bonds
(
USZ0 |
Quote |
Chart |
News |
PowerRating), mentioned recently, still look constructive. Look for a
buying opportunity here but wait for follow-through to the upside as they closed
poorly again on Thursday.
For you breakout
players, October heating oil
(
HOV0 |
Quote |
Chart |
News |
PowerRating), mentioned Thursday night, broke to new
highs on an expansion of range. Continue to look for a buying opportunity here.
Best of luck with
your trading on Friday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!