Pound Looks Poor
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 2.50 points higher and the Bond Market Futures are trading up 1 tick.
The December British Pound [BPZ9>BPZ9], on the Pullbacks Off Lows List, closed poorly today (a) and looks poised to head lower. Look for a shorting opportunity here.
December Copper [HGZ9>HGZ9], on the Turtle Soup Plus One Sell List, hit 20-day highs today but reversed to close poorly. This may have breakout players trapped on the wrong side of the market. Look for a shorting opportunity here.
Volatility Watch
Even with today’s rally, December Corn [CZ9>CZ9] remains on all three Volatility Explosions Lists. Continue to watch for a larger-than-normal move (in either direction) as volatility reverts to its mean.
Best of luck with your trading on Thursday!
Dave Landry
PS-Reminder: Protective stops on every trade!