Only Two Markets Interesting
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 .60 points lower and the Bond Market Futures are trading up 1 tick.
There are only two markets that look interesting to me tonight.
The December Nasdaq 100 [NDZ9>NDZ9] appears to be rallying out of a deep pullback (a). Look for a buying opportunity here or better yet, wait for confirmation on the Market Bias Page.
For you breakout players, December Gold [GCZ9>GCZ9], on the Momentum 5 List, appears to be rallying out of its first pullback since breaking out. Look for a buying opportunity here but use caution as this has become a very volatile market.
Random Thoughts
Last weekend, as I caught up on my mail, I noticed that the title of this month’s Futures magazine reads “Opec’s New Solidarity, Could The Peace Mean Higher Prices?â€. One has to wonder if oil prices may have topped out for now as all of the (long) speculators may already be in the market. Not a prediction, just an observation.
Best of luck with your trading on Tuesday!
Dave Landry
PS-Reminder: Protective stops on every trade!