Upside Bias For Stocks
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.
Tonight we have 5 indicators pointing higher on the Market Bias Page. This suggests an upside bias for the stock indicies. Look for buying opportunities in the December Dow Jones [DJZ9>DJZ9], S&P [SPZ9>SPZ9] and Nasdaq 100 [NDZ9>NDZ9] futures. Just wait for some follow though to the upside before attempting an entry as the indices remain vulnerable.
The December Japanese Yen [JYZ9>JYZ9], on the Pullbacks Off Highs List, is consolidating at high levels (a) and looks poised to continue its uptrend. Look for a buying opportunity here.
November Orange Juice [OJX9>OJX9], on the Pullbacks Off Lows List, rallied earlier today but reversed to close poorly. This suggests that it may try to test its recent lows. Look for a shorting opportunity here.
March Sugar [SBH0>SBH0], mentioned last night on the Pullbacks Off Highs List, still looks like it has the potential to continue its uptrend. Look for a buying opportunity here.
Volatility Watch
December Coffee [KCZ9>KCZ9] remains on all three Volatility Explosions Lists. Continue to watch for a larger-than-normal move (in either direction) as volatility reverts to its mean.
Best of luck with your trading on Monday!
Dave Landry
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