HUU9 Appears Rallying
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 .90 points higher and the Bond Market Futures are trading up 1 tick.
September Unleaded Gas [HUU9>HUU9], on the Pullbacks Off Highs List, appears to be rallying out of a pullback (a). Look for a buying opportunity here.
Source: Omega Research.
For you breakout players, September Heating Oil [HOU9>HOU9] and Crude Oil [CLU9>CLU9] are both on the Momentum 5 List and both closed at life-of-contract highs. Look for buying opportunities here.
September Natural Gas [NGU9>NGU9], on the Pullbacks Off Highs List, closed well and appears poised to resume its uptrend. Look for a buying opportunity here.
Volatility Watch
Even with today’s rally, December Gold [GCZ9>GCZ9] remains on all three Volatility Explosion Lists. Continue to look for a buying opportunity here as the move may continue higher as volatility reverts to its mean.
Best of luck with your trading on Wednesday!
Dave Landry
PS-Reminder: Protective stops on every trade!