Spooz Vulnerable?
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.
There’s not much to look at tonight. The energies have begun to
implode, but unless you’re already there, there’s no trade. Bonds
rallied, but came in, as they seem to be inversely linked with the
stock market (remember when they used to always be inversely linked?).
Cotton continues to grind lower but continues to fail to find a
bottom. And, the dollar, mentioned recently, appears to be stalling
out in its rally out of a pullback.
Considering the above, about all I could find interesting is the
September S&P futures (SPU1).
They are in pullback from low mode and look poised to continue their
breakdown. Look for a shorting opportunity here, but don’t be a hero.
Wait for the tape to turn (it was very strong going into the close).
Best
of luck with your trading on Thursday!
P.S. Reminder: Protective
stops on every trade!
