Three Markets Look Interesting Tonight
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 2.40 points lower and the Bond Market Futures are trading down 3 ticks.
There are three markets that look interesting to me tonight.
The June British Pound [BPM9>BPM9], on the Turtle Soup + 1 Sell Setups List, hit new 20 days highs (a) but reversed to form an outside day and closed poorly (b). Look for a shorting opportunity here as the breakout players may be trapped on the wrong side of the market.
Source: Omega Research.
For you breakout players, June Crude Oil [CLM9>CLM9], mentioned last night and on the Momentum 5 List, broke out to major new highs today. Continue to look for a buying opportunity here.
Volatility Watch
Once again, the June Swiss Franc [SFM9>SFM9] remains are on the Volatility Explosion — Low Multiple Days List. Continue to watch for a large move (in either direction) as volatility reverts back to its mean.
Best of luck with your trading on Thursday!
Dave Landry
PS-Reminder: Protective stops on every trade!