Where’s The Beef?
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.
July corn
(
CN1 |
Quote |
Chart |
News |
PowerRating), mentioned Monday night, still looks vulnerable. Continue
to look for a shorting opportunity here.
August live cattle
(
LCQ1 |
Quote |
Chart |
News |
PowerRating) and feeder cattle
(
FCQ1 |
Quote |
Chart |
News |
PowerRating) are in their first pullback since their recent melt up. Look for a
buying opportunity here.
August gold
(
GCQ1 |
Quote |
Chart |
News |
PowerRating) continues to form a narrow range
consolidation at low levels. Watch for a shorting opportunity on continuation of
its melt down.
July natural gas
(
NGN1 |
Quote |
Chart |
News |
PowerRating) formed a bearish
outside day down in a pullback on Tuesday. This action suggests that its strong
downtrend remains intact. Look for a shorting opportunity here.
Looking Ahead
Once again, the VIX hit new lows. This suggests
that the market is due to correct from its overbought condition. For the nimble, begin watching for shorting opportunities in the June index futures.
Don’t fight the tape though; wait for signs of reversal.
Best of luck with
your trading on Wednesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!