Soybeans Formed Outside Day
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.
November Soybeans [SX9>SX9], on the Pullbacks Off Highs List, gapped lower on the open today but reversed to close well and form an outside day (a).
December Cocoa [CCZ9>CCZ9], on the Pullbacks Off Lows List, seems to be stalling out after rallying off of major lows. Look for a shorting opportunity here as the longer term downtrend appears to be intact.
For you breakout players, October Live Cattle [LCV9>LCV9] is just shy of life-of-contract highs and Feeder Cattle [FCV9>FCV9] made new life-of-contract highs and closed well today. Look for buying opportunities here.
Best of luck with your trading on Monday!
Dave Landry
PS-Reminder: Protective stops on every trade!