May Short Orange Juice
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 3 ticks.
November Orange Juice [OJX9>OJX9], on the Turtle Soup Plus One Sell List, hit new 7-month highs today (a) but reversed to close poorly (b). This may have the breakout players trapped on the wrong side of the market. Look for a shorting opportunity here.
December Copper [HGZ9>HGZ9] is in day two of a shallow pullback from one-year highs. Look for a buying opportunity here as commodities in fast moves often only consolidate for a few days.
October Sugar [SBV9>SBV9], on the Pullbacks Off Highs List, closed well today and looks poised to resume its uptrend. Look for a buying opportunity here.
Best of luck with your trading on Tuesday!
Dave Landry
PS-Reminder: Protective stops on every trade!