Taste Like Chicken
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.
April feeder cattle*
(
FCJ2 |
Quote |
Chart |
News |
PowerRating) sold off to close poorly after rallying for
only one day off of its lows. This action suggests that it remains vulnerable
and will likely retest those lows.
Follow Up/Looking Ahead
Once again, bellies and hogs appear to be continuing their longer-term downtrend. We could
see setups here soon on a pullback.
Once again, at the risk of boring you death, May unleaded gas
(
HUK2 |
Quote |
Chart |
News |
PowerRating), mentioned recently, continues to
rally. If you were fortunate enough to take trades here, make sure you
lock in a piece/trail a stop.
Ditto for May natural gas
(
NGK2 |
Quote |
Chart |
News |
PowerRating), also mentioned recently.
June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating) and April silver
(
SIJ2 |
Quote |
Chart |
News |
PowerRating) are just shy of
taking out their old highs. They could set up soon on a pullback.
Best of luck with
your trading on Wednesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!
*To those new to futures trading, feeder cattle are the little
tiny cattle they feed to the big cattle to make the big cattle even bigger. They
are really cute and taste like chicken.