Natural Gas OK?
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.
Just a reminder, I’ll be
speaking on the afternoon of Saturday October 14th at the TradingMarkets2000 First Annual Traders
Conference. I’ll also be available for one-hour private workshop held later
that day.
I’m pleased to announce that we recently launched
the Trader’s Galleria.
Check it out, there you’ll find books, software, trading courses, computers and
just about everything else a trader needs to be successful. You can even
pre-order my upcoming book on swing
trading at a 20% discount.
November natural gas
(
NGX0 |
Quote |
Chart |
News |
PowerRating) will likely be the only energy
that survives the impact of releasing of the strategic reserves. Look for a
buying opportunity here, but as usual, wait for follow through to the upside.
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The
December S&P futures
(
SPZ0 |
Quote |
Chart |
News |
PowerRating) remain oversold. This combined with a CVR I
and CVR III buy signal on the
Market
Bias Page suggests the potential for a rally. Look for a buying opportunity
here.
Looking Ahead
December
corn
(
CZ0 |
Quote |
Chart |
News |
PowerRating) continued its rally from a major bottom. If this rally can follow
through, it may setup as a pullback play later next week.
Best of luck with
your trading on Monday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!