Look For Buy In June Heating Oil
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 .10 points lower and the Bond Market Futures are trading up 2 ticks.
June Heating Oil [HOM9>HOM9], on the Turtle Soup Plus One Buy List, gapped lower on the open today (a) but reversed to close well (b). Look for a buying opportunity here as the long term trend remains up.
Source: Omega Research.
June Crude[CLM9>CLM9], on the Pullbacks From Highs List, hit new 10 day lows today but reveresed to close well. Look for a buying opportunity here.
Volatility Watch
The June Japanese Yen [JYM9>JYM9] is now on all three Volatility Explosions Lists. Continue to watch for a larger than normal move (in either direction) as volatility reverts back to its mean.
Best of luck with your trading on Thursday!
Dave Landry
PS-Reminder: Protective stops on every trade!