Will Pigs Continue To Fly?
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.
The VIX and VXN reversed on Wednesday after nearing one-month highs. This
action sets up several buy signals. See tonight’s Stock Outlook for more
information here. This, combined with the indices stabilizing, suggests that we
will get a bounce in the index futures. Use caution on the open, however, as
there is late breaking news from Microsoft which will likely cause the indices
to pop up.
September Wheat
(
WU1 |
Quote |
Chart |
News |
PowerRating) reversed after hitting one-month plus highs. This
action may have trapped eager bottom fishers. For the nimble, look for a
shorting opportunity here.
Lean hogs
(
LHQ1 |
Quote |
Chart |
News |
PowerRating) appear to be stabilizing around its recently lows and
after Tuesday’s hard down day. This action suggests that its uptrend remains
intact. Look for a buying opportunity here.
Best of luck with
your trading on Thursday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!
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