Nasdaq Stalls Again
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.
In spite of an oversold market
condition and market timing signals, the June Nasdaq 100 futures
(
NDM1 |
Quote |
Chart |
News |
PowerRating)
can’t seem to rally off of their lows. This suggests that their downtrend
remains intact. Look for a shorting opportunity here but wait for follow through
to the downside as they are currently trading higher in after-hours trading.
May cocoa
(
CCK1 |
Quote |
Chart |
News |
PowerRating), mentioned recently, appears to be breaking down from a
major topping formation. Continue to look for a shorting opportunity here.
Follow Up
May bellies
(
PBK1 |
Quote |
Chart |
News |
PowerRating), mentioned recently, continue to be in blow-off mode.
If you have a position here, continue to scale out while the getting out is
good.
Best of luck with
your trading on Friday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!