Lock And Load On Indices
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.
September wheat
(
WU1 |
Quote |
Chart |
News |
PowerRating) looks like it might have one more stab to
life-of-contract lows left in it. Look for a shorting opportunity here, but wait
for follow through to the downside as it was up on Thursday.
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Follow Up/Looking Ahead
There were some earnings warnings announced after
the close. This will likely cause the index futures to gap lower on Friday’s
open. If you have profits here, you might want to lock in a piece.
August feeder cattle*
(
FCQ1 |
Quote |
Chart |
News |
PowerRating) appear to be
breaking down out of a topping formation and may set up as a short on the first
bounce.
Best of luck with
your trading on Friday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!
*To those new to futures trading, feeder cattle are the tiny
little cattle they feed the big cattle to make them bigger. They’re really cute
and taste like chicken.