One Rally Left In Energies?
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 1.10 points lower and the bond market is trading
up 2 ticks.
August crude oil
(
CLQ0 |
Quote |
Chart |
News |
PowerRating), mentioned Monday night, resumed its rally on
Tuesday, and still looks like it might have one more run to
life-of-contract highs left in it. Look for a buying
opportunity here.
August unleaded
gas
(
HUQ0 |
Quote |
Chart |
News |
PowerRating), like crude oil, looks like it might have
one more rally to life-of-contract highs left in it. Look
for a buying opportunity here.
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August bellies
(
PBQ0 |
Quote |
Chart |
News |
PowerRating) lapped higher on Tuesday, but reversed to close
poorly. This suggests that their downtrend remains intact.
Look for a shorting opportunity here.
Best of luck with
your trading on Wednesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!
P.P.S. Due
to a scheduling conflict, I won’t be writing a Futures
Outlook on Wednesday, Thursday, or Friday. Marc Dupee, our
Futures Editor, will be writing this piece on those days.