July Coffee, A Possible Buy
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 1.40 points lower and the Bond Market Futures are trading up 1 tick.
July Coffee [KCN9>KCN9], on the Momentum 5 List and Pullbacks From Highs List, is in its first pullback(a) since breaking out. Look for a buying opportunity here.
Source: Omega Research.
Volatilty Watch
The recent upward drift in the September Bonds [USU9>USU9] has caused volatility to drop off. Look for a shorting opportunity here as the bigger picture trend remains down.
The June D-mark [DMM9>DMM9] remains on the Volatility Explosions — Multiple Days List. Continue to watch for a larger-than-normal move (in either direction) as volatility reverts to its mean.
Best of luck with your trading on Tuesday!
Dave Landry
PS-Reminder: Protective stops on every trade!