Pork Bellies, Look For Buy
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 3.60 points higher and the Bond Market Futures are trading down 4 ticks.
March Pork Bellies [PBH0>PBH0], on the Pullbacks Off Highs List, gapped lower on the open today (a) but recovered to close well (b). This suggests that its uptrend is still intact. Look for a buying opportunity here.
December Coffee [KCZ9>KCZ9], on the Pullbacks Off Lows List, hit 3-week highs today but seems to have stalled out. This suggests that its downtrend may still be intact. Look for a shorting opportunity here.
March Sugar [SBH0>SBH0], on the Turtle Soup Plus One Buy List, hit new 20 day lows but reversed to close well. This may have shorts trapped on the wrong side of the market. Look for a buying opportunity here.
Best of luck with your trading on Thursday!
Dave Landry
PS-Reminder: Protective stops on every trade!