Spooz 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.
The June index futures failed to make much headway on Friday. This, combined
with overbought indictors and CVR sell signals on the Market
Bias Page suggests we could still see a pull back in here (see Friday’s
Stock Outlook for more details). For the nimble only (e.g. a day trade), look for a shorting opportunity on signs of a reversal.
August bellies
(
PBN1 |
Quote |
Chart |
News |
PowerRating) are forming a shallow
pullback from lows and look poised to resume their downtrend. Look for a
shorting opportunity here.
Looking Ahead/Follow Up
Yet again, July cotton
(
CTN1 |
Quote |
Chart |
News |
PowerRating) stabbed down to life-of-contract lows. For you
bottom fishers, it may set up early next week.
If you took a trade in June gold
(
GCM1 |
Quote |
Chart |
News |
PowerRating), mentioned recently, you might
want to lock in a piece if not all of your profits as it made its largest move
in years on Friday.
Best of luck with
your trading on Monday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!