VIX Continues Higher;Bounce In Spoos To Follow?
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
market’s opening. Therefore, overnight events may alter the
outcome of these observations.
There’s not much to look at tonight (Thursday). Hogs, mentioned recently,
continue higher but are now overbought. Ditto for corn. The energies are too
crazy at this juncture. The Canadian Dollar, mentioned recently as a short,
stopped at its recent lows. The indices may offer a bounce play (see below)
but only for those willing to assume a high degree of risk.
The VIX continued to spike higher on Thursday (a). For the nimble only, the
December S&P index
futures
(
SPZ0 |
Quote |
Chart |
News |
PowerRating) may offer buying opportunities as a bounce play. However, as
I said Wednesday night, don’t be a hero. Wait for some signs of reversal
in either price or the VIX before attempting entries.Â
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December live cattle
(
LCZ0 |
Quote |
Chart |
News |
PowerRating) and January feeder cattle
(
FCF0 |
Quote |
Chart |
News |
PowerRating) both
closed well after testing the bottom of their recent consolidations. Look for
buying opportunities here.
Looking Ahead
December copper
(
HGZ0 |
Quote |
Chart |
News |
PowerRating) appears to be rolling over and may set up over the
next few days.
Best of luck with
your trading on Friday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!