Comments for Friday, November 5, 2010
Looking Ahead to Today by Reflecting Back at Thursday’s Price Action
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors.
Sharply higher closes yesterday for cash and dow futures along with the S&P’s and nasdaq ahead of the all important unemployment report. All of the indices continue to look higher with the dow, S&P’s and nasdaq all making new CONTRACT HIGHS AND CLOSES. CONTINUE TO WATCH THE FINANCIALS CLOSELY BECAUSE, IF THEY TURN LOWER, THAT COULD BE TAKEN TO MEAN THE PUBLIC IS FEELING BETTER ABOUT WHAT’S HAPPENING WITH THE ECONOMY AND THEN THE DOLLAR MIGHT START TURNING HIGHER. THIS COULD THEN SIGNAL A NEAR TERM TOP IN THE STOCK MARKET. Of course this is my interpretation of what might happen!
Special Note for Cotton Traders: The daily price limit for Friday, November 5, will be remaining at 5 cents.
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.