Spoos Stalling?
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.
face=”Arial, Helvetica”>Join me, fellow TradingMarkets.com
content providers, and other traders and money managers at
the Trading Markets 2000 conference at the Venetian Hotel
Resort and Casino in Las Vegas on October 13-15, 2000.
face=”Arial, Helvetica”>For a back-to-basics look at
retracement levels, see my latest trading lesson,
Introduction To Retracements.
At
the time this is being published, the S&P Globex futures
are trading 1 point higher and the bond market is trading up
1 tick.
Heads up: The PPI
is scheduled for release Friday morning. This will likely
add volatility to both the stock and the bond markets.
There are only two
markets that look interesting to me tonight (Thursday).
The September
S&P futures
(
SPU0 |
Quote |
Chart |
News |
PowerRating) appear to be stalling out right
at the 1,510 resistance level (a). This, combined with low
VIX readings, suggests that there may be a shorting
opportunity here. Just heed my above warning regarding the
PPI.
width=”470″ height=”320″>
August heating oil
(
HOQ0 |
Quote |
Chart |
News |
PowerRating) was up nicely on Thursday. This suggests that it
might have one more run to life-of-contract highs left in
it. Look for a buying opportunity here.
Best of luck with
your trading on Friday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!