July Copper Closed Poorly
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 .60 points higher and the Bond Market Futures are trading up 1 tick.
July Copper [HGN9>HGN9], on the Implosion 5 List, sold off and closed poorly today (b) reversing yesterday’s rally (a). Look for a shorting opportunity as the trend remains down.
Source: Omega Research.
The June British Pound [BPM9>BMP9], on the Pullback From Lows List, sold off and closed poorly today reversing yesterday’s rally (a move similar to July Copper). Look for a shorting opportunity here.
Volatitiy Watch
July Wheat [WN9>WN9] is on the Volatility Explosion- Low 6/100 Day Readings List and is also on the Turtle Soup Plus One Buy List. This suggests that the move may be upward as volatility reverts to its mean.
Best of luck with your trading on Thursday!
Dave Landry
PS-Reminder: Protective stops on every trade!