Wait For The Next Pitch

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.

There’s not much to look at again
tonight. As you know, the Dow and S&P, mentioned last night, was creamed on
Tuesday but is now oversold.

The dollar also got creamed, which has
the inverse currencies in strong bounces from lows. Don’t be a hero here. Let it
shake out and set up again.

Considering the above, you might want
to manage existing positions and then wait for the markets to come to you versus
trying to make something happen.

Follow Up

If you were fortunate enough to catch the move in the June S&P
SPM1 |
Quote |
Chart |
News |
and Dow Jones futures
DJM1 |
Quote |
Chart |
News |
, make sure you lock in a piece if
you haven’t already done so.

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Looking Ahead

July copper
HGN1 |
Quote |
Chart |
News |
looks like it
might be trying to bounce from lows. This suggests that it could set up as a
short over the next few days.

Best of luck with
your trading on Wednesday!

face=”Arial, Helvetica”>Dave Landry

P.S. Reminder:
Protective stops on every trade!

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