Wait Patiently For Setups
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.
face=”Arial, Helvetica”>Join me, fellow TradingMarkets.com
content providers, and other traders and money managers at
the Trading Markets 2000 conference at the Venetian Hotel
Resort and Casino in Las Vegas on October 13-15, 2000.
face=”Arial, Helvetica”>At the time this is being published,
the Globex S&P futures are trading 0.60 points higher
and the bond market is trading down 1 tick.
face=”Arial, Helvetica”>There’s not much to look at tonight
(Thursday). The indices are in bounce mode and are probably
worth playing only from a daytrade perspective. The grains
slide appears to be ending (see corn below), but it’s too
early to call a bottom. Sugar, mentioned recently, is at
life-of-contract highs, but is now overbought and due for a
correction. The energies failed to follow through to the
downside. Coffee’s just too crazy to trade. And juice is
extended to the downside.
face=”Arial, Helvetica”>Looking ahead, December corn
(
CZ0 |
Quote |
Chart |
News |
PowerRating) may be trying to carve out a bottom.
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Volatility
Watch
Once again,
September bonds
(
USU0 |
Quote |
Chart |
News |
PowerRating) remain a low-volatility
situation. The longer the volatility remains low, the larger
the price move (in either direction) as volatility reverts
to its mean.
Best of luck with
your trading on Friday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!