Look For More Buying
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.
Today, we had nice follow through from last night’s 5 upward Market Bias signals. Tonight we have 4 indicators pointing higher. Although this is still bullish, it’s likely not as strong of an indicator after today’s rally. Nevertheless, look for some follow through buying in the December index futures on Monday.
November Heating Oil [HOX9>HOX9], on the Pullbacks off Highs List, is a shallow pullback that looks poised to challenge life-of-contract highs. Look for a buying opportunity here.
October Feeder Cattle [FCV9>FCV9], on the Pullbacks Off Highs List, closed well today reversing yesterday’s sell off. This suggests that its uptrend is still intact. Look for a buying opportunity here.
For you breakout players, March Sugar [SBH09>SBH0], mentioned last night, hit yearly highs today. Look for a buying opportunity here or better yet, wait for the next pullback.
Volatility Watch
Once again, December Gold [GCZ9>GCZ9] 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 Monday!
Dave Landry
PS-Reminder: Protective stops on every trade!