Wait For Your 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 tonight
(Friday). Most markets are either extremely overbought or extremely oversold.
Therefore, I’d recommend that you sit back and wait for the markets to set up.
About I all I could find that was
slightly interesting was April crude
(
CLJ1 |
Quote |
Chart |
News |
PowerRating). It tailed higher but reversed
to close poorly. This suggests its downtrend remains intact. Look for a shorting
opportunity but use caution as OPEC is trying to stop the carnage here.
Follow Up
May bellies
(
PBK1 |
Quote |
Chart |
News |
PowerRating), mentioned recently, continue to blow off. At the
risk of preaching, if you still have a position here you might want to continue
to scale out as parabolic moves seldom last.
Best of luck with
your trading on Monday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!