Wheat Weak
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.
September wheat
(
WU1 |
Quote |
Chart |
News |
PowerRating), mentioned Thursday night, gapped higher on
the open but reversed to close poorly. This action suggests that its downtrend
remains intact. Continue to look for a shorting opportunity here.
Although, August unleaded
(
HUQ1 |
Quote |
Chart |
News |
PowerRating) blasted higher on Friday, the long-term
trend here remains down. Look for shorting opportunities on signs of a reversal
here.
Follow Up/Looking Ahead
Once again, the index futures will likely gap
lower. If you still have short positions here, you might want to continue to
scale out.
October sugar
(
SBV1 |
Quote |
Chart |
News |
PowerRating) appears to be breaking
down and may set up on the short side soon.
Best of luck with
your trading on Monday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!
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