Sugar Looks Sweet
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.
At the time this is being published, the S&P Globex Futures are trading 1.90 points lower and the Bond Market Futures are trading up 5 ticks.
October Sugar [SBV9>SBV9], mentioned last night and on the Pullbacks Off Highs List, formed a bullish outside day today (a) and appears to be headed higher. Continue to look for a buying opportunity here.
The December British Pound [BPZ9>BPZ9], on the Pullbacks Off Highs List, hit new 10 day lows today but reversed to close well. This suggests its uptrend is still intact. Look for a buying opportunity here.
December Copper [HGZ9>HGZ9], mentioned recently, appears to be rallying out of a pullback. Look for a buying opportunity here.
For you breakout players, the October energies: Crude Oil [CLV9>CLV9], Heating Oil [HOV9>HOV9] and Unleaded Gasoline [HUV9>HUV9] are all at or flirting with life-of-contract highs. Until proven otherwise, it appears the trend remains up here. Look for buying opportunities.
Volatility Watch
December Gold [GCZ9>GCZ9] is now on the Volatility Explosions — Multiple Days List. Watch for a larger-than-normal move (in either direction) as volatility reverts to its mean.
Best of luck with your trading on Thursday!
Dave Landry
PS-Reminder: Protective stops on every trade!