Spoos To Slide?
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”>At the time this is being published,
the Globex S&P futures are trading 0.70 points lower and
the bond market is trading up 1 tick.
face=”Arial, Helvetica”>Low VIX readings and a CVR II sell
signal on the
Bias Page — combined with an outside day down (a) from
an overbought condition in the September S&P
(
SPU0 |
Quote |
Chart |
News |
PowerRating)
and a similar pattern in the Nasdaq 100
(
NDU0 |
Quote |
Chart |
News |
PowerRating) futures
— suggests that there may be shorting opportunities in
these index futures.
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face=”Arial, Helvetica”>October sugar
(
SBV0 |
Quote |
Chart |
News |
PowerRating), mentioned
recently, still looks like it has the potential to resume
its strong uptrend. Continue to look for a buying
opportunity here.
Volatility
Watch
Once again,
September bonds
(
USU0 |
Quote |
Chart |
News |
PowerRating) remain a low-volatility
situation. The fact that they formed a bullish outside day
near life-of-contract highs, and the fact that they closed
at life-of-contract highs on Wednesday, suggests that the
move may be higher as volatility reverts to its mean.
Looking Ahead
Corn and beans
appear to be putting in major bottoms.
Best of luck with
your trading on Thursday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!