Yen For Yen?
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.
At the time this is being published, the S&P Globex Futures are trading 1.10 points higher and the Bond Market Futures are trading up 1 tick.
The December Japanese Yen [JYZ9>JYZ9], on the Turtle Soup Plus One Buy List, hit new 20-day lows today (a) but reversed to close well (b). This suggests that its bigger picture uptrend may still be intact. Look for buying opportunity here.
Volatility Watch
December Gold [GCZ9>GCZ9] is now on the Volatility Explosions — Low 6/100 List. Because it is in such a strong trend, the breakout may be to the upside as volatility reverts to its mean. Look for a buying opportunity here.
The December British Pound [BPZ9>BPZ9] remains on the Volatility Explosions-Multiple Days List. This combined with the fact that it is also on the Momentum 5 List suggests that the move will be higher as volatility reverts to its mean. Look for a buying opportunity here.
Best of luck with your trading on Thursday!
Dave Landry
PS-Reminder: Protective stops on every trade!