September Bonds On The Pullbacks
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.
September Bonds [USU9>USU9], on the Pullbacks Off Lows List, failed to continue their “Greenspeak†rally from yesterday and closed poorly. Look for a selling opportunity here as the long term trend still remains down.
For you breakout players, October Sugar [SBV9>SBV9], mentioned last night (see archive for pattern), broke out to new 4 month highs today (a). Continue to look for a buying opportunity here.
Source: Omega Research.
September Cocoa [CCU9>CCU9], on the Pullbacks Off Highs List, rallied nicely and closed well today suggesting that it will resume its uptrend. Look for a buying opportunity here.
Volatility Watch
September Coffee [KCU9>KCU9] remains on the Volatility Explosions-Multiple Days List. As I mentioned over the past few nights, surprises normally happen in the direction of the trend. Therefore, look for a shorting opportunity here as the trend remains down.
Best of luck with your trading on Monday!
Dave Landry
PS-Reminder: Protective stops on every trade!