Nothing Much
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.
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face=”Arial, Helvetica”>For those of you planning to attend
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There’s not much
to look at tonight. The dollar formed a bullish outside day
at life-of-contract highs, but the euro and Swiss franc are
already oversold. Bonds, mentioned
night, were up sharply on Thursday, but may hit
resistance near life-of-contract highs. Also, they will
likely be bumpy with the pre-holiday/employment-report
combination.
For you bottom
fishers, December corn
(
CZ0 |
Quote |
Chart |
News |
PowerRating) looks poised to rally out
of its first consolidation after coming off of what looks
like a major bottom. Look for a buying opportunity here.
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December cotton
(
CTZ0 |
Quote |
Chart |
News |
PowerRating) had a sharp move down on Thursday. This action
has likely shaken out nervous longs and attracted eager
shorts. Look for a buying opportunity here, but wait for a
resumption of the longer-term uptrend (which would trap the
shorts and which could force the longs back in).
Best of luck with
your trading on Friday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!