Comments for Thursday, July 22, 2010
Looking Ahead to Today by Reflecting Back at Wednesday’s Price Action
Higher closes Wednesday for copper, platinum, silver and gold again. Copper is still in a down-trend overall but broke out of a weekly bear flag indicating a possible turnaround eliminating my sell signal and also taking out the key price of 31230 basis the September contract. Gold and silver settled higher but both have been acting heavy (toppy) trending lower lately although not quite giving me sell signals. Platinum closed higher again and could now be in a BEAR TRIANGLE or a potential bottoming formation. Either way the overall trend is still down but key prices to watch are 15410 and 14890 basis the October contract. SELL SIGNAL FOR PLATINUM. CALL FOR DETAILS!
Higher closes yesterday for the Eurodollars, notes and bonds. All of the financials are still in uptrends with the Eurodollar making its best high and close since April 14th again while the notes and bonds made new CONTRACT HIGHS AND CLOSES. BUY SIGNALS FOR THE EURODOLLARS, NOTES AND BONDS. CALL FOR DETAILS!
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Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. Email Rick at firstname.lastname@example.org.
The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.