MARKET UPDATE
JUDY CRAWFORD
(TRADES FOR WEDNESDAY, SEPT. 1, 2010)
888-301-8120
jcrawford@zaner.com
Trading commodity futures and options involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge and financial resources.
HOLIDAY SCHEDULE: On Friday globex markets close at 3:15 versus standard 4:00. Most will open regular time on Sunday but close early on Monday between 12:00 (currencies & financials) and 12:15 (metals & energies). Bear in mind, the exchanges may change this at a moment's notice. I will not be in the office on Monday.
GENERAL MARKET COMMENT: The markets remain thin due to the end of summer trading. You end up with churning markets in many instances. This is magnified by markets setting up for follow through trends as they tend to knee jerk back and forth prior to a move.
EMOTION is your enemy more than any market will ever be. My Market Update employs a trading plan that a trader can understand and trades that have reasons so that a learning process evolves - helping you combat emotion and establish discipline.
The Market Update is designed to not only help you learn how to trade but also improve your trading approach. By reviewing technically all the major markets as well as give trade suggestions that include the reasons for the trades, you are able to follow and/or compare my work with yours. Or, if you do not have the time, as many don't, simply use my guidelines for placing your own trades.
YOU'RE MISSING SOMETHING! The Market Update is published on Tuesday and Thursday. On alternate days I also publish a Trade Alert that gives suggested trades as well. To sign up for both and have the convenience of receiving all my information via email. visit my website: http://www.tradingfuturesmarkets.com/, register and submit. And you may want to request some of my free trading booklets too!
ESTABLISHING A TRADING ACCOUNT: I offer brokerage services and personal assistance for every level of trader. Open your account with me and deal directly with me - learn while you trade. Feel free to call or email me at any time without obligation. I welcome hearing from you!
TRADING COSTS: All closed out positions include a trading cost of $49.00 round turn plus a maximum potential for exchange fees of $6.00. Most exchanges do not have total costs of that amount but to consider the maximum potential, it is included. Commission costs can be less if full service is not required.
TRADE ALERTS: None for Wednesday.
Important information regarding placement of trade alert orders:
1. They are placed during the day only (and not at night). All trades are placed in the electronic markets only.
2. They are placed on a buy stop or sell stop basis. That means the market must rally up to the stop price to go long and/or sell off down to the stop price to short.
3. All orders are good for that day only.
METALS COMMENTS:
DEC COPPER: The 20 day ma I mentioned last time was finally overcome by the copper. It rallied to 346.00 yesterday. It has been selling off since. That 346.00 resistance goes back to January of this year. Today's low 335.60. Just watching. Closed 337.00, down 5.95.
DEC MINI GOLD: After pushing up against the 1240.00 resistance for almost a week, it finally got over it today. The new high is 1251.80 today. There really isn't much to stop it until 1260.00 - 1270.00. Closed 1250.30, up 11.10.
DEC MINI SILVER: It triggered a short today to only turn around and form an outside day and negate the sell. Stops were reached in the process. It formed a huge outside day. The next resistance is 19.500 to 19.800. It is the strength in gold that is motivating silver. Closed 19.432, up .358.
Position: Short 18.905 (8.31). Exit 19.303 (8.31). Loss $453 (+comm.&fees).
ENERGY, CURRENCIES & BONDS:
OCT MINI CRUDE OIL: It triggered a sell this morning with follow through. Today's low 71.53. Move stops from 75.600 down to 74.750. Closed 71.92, down 2.78.
Position: Short 73.825 (8.31).
Projection: 70.000.
SEPT MINI JAPANESE YEN: I've attempted to short it. It rallied instead. Today's high 119.310. The contract high is 119.660. Long term the 120.000 area continues to be resistance going back to 1995. Just watching. Closed 118.960, up 87.
SEPT SWISS FRANC: There is nothing new here. The 100.00 level still seems possible. Today's high 98.67. Closed 98.41, up .95.
SEPT DOLLAR INDEX: Not much change here. It appears to be consolidating around the 83.000 level. That appears to be near term support. I still see a target of 84.000 and the buy signal triggered yesterday from Friday's inside day is still intact. Closed 83.254, up .028.
SEPT MINI EUROCURRENCY: I attempted to short it. It reached my price during the night session and then rallied. Today's high 127.430. Just watching. Closed 126.620, down .40.
SEPT CANADIAN DOLLAR: It triggered a buy yesterday to only have it negated today. In my last Update I mentioned that it looked ready for a good rally. It did have one that topped yesterday at 95.46. Initially it looked like it could go to 96.00. Obviously that never happened. It made a new low today (93.66) and took out the previous one at 93.70. Closed 93.68, down .75.
SEPT AUSTRALIAN DOLLAR: It triggered a sell this morning and then rallied. It continues to be held back by the 20 day ma. Keep stops at 90.20 for now. Closed 88.68, down .56.
Position: Short 88.62 (8.31).
Projection: 86.50.
SEPT BONDS: I look at them and keep thinking, "you have got to be kidding me." They just won't quit in terms of rallying. At this rate I suspect they will challenge the high made in December 2008 at 141.28. The high in January 2009 was 139.19 before the "free fall" started. This rally does not appear over by any stretch of the imagination. Just watching. Closed 136.14, up .31.
Trading commodity futures and options involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge and financial resources. Opinions are subject to change at any time and are not a solicitation or recommendation to buy or sell futures contracts or options on futures contracts. The information contained in this message has been obtained from sources believed to be reliable but is not guaranteed as to its accuracy or completeness. All known news and events have already been factored into the price of the underlying commodities discussed.
Past performance is not indicative of future results. All suggested trades are based on technical signals/indicators and do not include slippage or cost. Not all trades suggested are taken. Results are based on what the signal indicates not necessarily an actual trade.
Actual results may vary.
