Spoos/Naz Headed Lower?
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.
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face=”Arial, Helvetica”>At the time this is being published,
the Globex S&P futures are trading 0.30 points lower and
the bond market is unchanged.
face=”Arial, Helvetica”>The September S&P
(
SPU0 |
Quote |
Chart |
News |
PowerRating)
and the Nasdaq 100 futures
(
NDU0 |
Quote |
Chart |
News |
PowerRating), mentioned Wednesday
night, still look vulnerable. Continue to look for shorting
opportunities here.
face=”Arial, Helvetica”>
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Volatility
Watch
Once again,
September bonds
(
USU0 |
Quote |
Chart |
News |
PowerRating) remain a low-volatility
situation. The fact that they rallied to and closed at
life-of-contract highs on Thursday suggests that the move
will continue to be higher as volatility reverts to its
mean.
Looking Ahead
Corn is testing
its old lows but still looks like it may be putting in a
bottom. Beans began a slight rally on Thursday off of
what appears to be a double bottom. It’s too early to jump
in these markets, but they might be worth watching going
forward.
Best of luck with
your trading on Friday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!