Possible Buy In July Copper
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 .70 points lower and the Bond Market Futures are trading down 2 ticks.
July Copper [HGN9>HGN9], on the Pullbacks Off Highs List, closed well and appears poised to resume its bigger picture uptrend. Look for a buying opportunity here.
Source: Omega Research.
Last night, I mentioned June Heating Oil [HOM9>HOM9] and July Crude Oil [CLN9>CLN9] as potential candidates on the long side. Both were up nicely today. Continue to look for a buying opportunity here as they appear to have pivoted back into the direction of their underlying uptrends.
June Lean Hogs [LHM9>LHM9], on the Momentum 5 and Pullbacks From Highs List, closed well and appears poised to resume its uptrend. Look for a buying opportunity here.
July Wheat [WN9>WN9], on the Turtle Soup Plus One Sell Setup List, hit new 20 day highs but reversed and closed poorly. This may have breakout players trapped on the wrong side of the market. Look for a shorting opportunity here.
Volatility Watch
The June Japanese Yen [JYM9>JYM9] remains on all three Volatility Explosions Lists. Continue to watch for a larger than normal move (in either direction) as volatility reverts back to its mean.
Best of luck with your trading on Friday!
Dave Landry
PS-Reminder: Protective stops on every trade!