MARKET UPDATE
JUDY CRAWFORD
(TRADES FOR WED., SEPT. 2, 2009)
888-301-8120
jcrawford@zaner.com
Unique and timely technical review of all the major markets including trade suggestions plus the technical reasons for the trades. Published on Tuesday and Thursday, learn while you trade! Additional trade suggestions for alternate days (titled Trade Alerts) are published but not available here. To receive free the complete Market Update including the additional Trade Alerts, sign up on my website: www.tradingfuturesmarkets.com. If you have any questions or want to discuss a particular market or trading in general, give me a call or email. I look forward to hearing from you!
ABOUT TRADING: Trading is not easy. Emotion is more your enemy than any market will ever be. That is why a trading plan is so important. It forces discipline and a removal from emotion. In my Market Update I show you the trading components all trading plans need: Entry, Exit, Projection. If those are not determined prior to a trade, you are asking for trouble. I also share with you the pecularities of the markets that you don't find in a textbook but only through years of trading experience.
The Market Update is published on Tuesday and Thursday. Additional Trade Alerts are published on alternate days. To sign up for both register on my website: http://www.tradingfuturesmarkets.com/ and submit. You may also want to request some of my free trading booklets.
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TRADE ALERTS:
Sell September mini eurocurrency. Sell 141.750 stop. Protective stop 143.830. Potential projection 139.000.
Reasons for the Trade:
1. On the monthly chart, the fx is back under the 20 day moving average. It closed above it last month but is not following through. This has been an issue for four months and is negative.
2. Both long term charts are in resistance.
3. The daily chart has a previous sell signal.
4. On the daily chart, the fx is selling off from the 144.000 resistance again.
5. On the daily chart, the fx sold off under the 20 day moving average today. That is the first time in two weeks.
6. Today was an outside day that can trigger a signal and market direction.
Buy September dollar index. Buy 79.250 stop. Protective stop 78.150. Potential projection 81.000.
Reasons for the Trade:
1. Both long term charts and the daily chart continue to hold the 78.000 support.
2. The weekly chart is triggering a preliminary buy signal this week.
3. The weekly has a key reversal bottom suggesting a trend change from down to up.
4. The daily chart triggered a buy signal yesterday.
5. On the daily chart, the dollar rallied back over the 20 day moving average.
6. A buy signal would push the dollar over the 79.000 support area.
Sell September canadian. Sell 89.82 stop. Protective stop 90.85. Potential projection 86.00.
Reasons for the Trade:
1. The monthly chart formed a key reversal top last month.
2. On the monthly chart, the cd tried to rally over its major downtrend last month but failed.
3. On the monthly chart, a sell signal would push the cd under the 20 day moving average.
4. The weekly chart has a key reversal top.
5. The daily chart appears to be forming a 1,2,3 top formation.
6. The daily chart has a previous sell signal.
7. On the daily chart, the cd sold off under the 20 day moving average yesterday. It attempted to rally over it again today and failed.
8. A sell signal would push the cd under the 90.00 support and further confirm the 1,2,3 top.
METALS COMMENTS:
DEC COPPER: Before I pointed out that it was trying to form a 1,2,3 top formation. Well it forgot all about that and rallied on Friday to negate that formation. It almost reached 300.00 - which is big resistance long term. It couldn't back off of that fast enough. On Friday it tested Thursday's high (298.95) and then sold off to 279.80. It is trying to hold that low but is now under the 20 day moving average on the daily chart and forming an inside day. I see more sell-off. Closed 281.85, down 8.00.
DEC MINI GOLD: I attempted to sell gold last Friday. The price was not reached. Last time, I mentioned that it was trading into a pennant. It is still within that pennant and all three charts are up against a major resistance area. Just watching. Closed 956.50, up 3.00.
DEC MINI SILVER: I attempted to sell it Friday. The price was not reached. It rallied and is now back up to resistance at the 15.000 level. Just watching. Closed 15.060, up .137.
ENERGIES, CURRENCIES & BONDS:
OCT MINI CRUDE OIL: It triggered a buy on Friday and negated it yesterday. It is also under the 20 day moving average again. In my last Update I thought it would try for 75.00 again. It could not do it. Not a good sign. It could be headed for 65.00. Closed 68.05, down 191.
SEPT MINI JAPANESE YEN: It reached my projection during the night session. During the day I put in an order to exit at 107.90. It never got back up there. I took profit later in the day. It rallied over the 107.00 resistance yesterday and held it today. Closed 107.61, up 5.
Position: Long 106.83 (8.27). Exit 107.58 (8.31). Profit $468.75.
SEPT SWISS FRANC: True to form, it was at the high end of its range (around 95.00) and has sold off to 93.40 today. The 95.00 level long term is serious resistance and it continues to have problems there even though the long term charts are positive. Closed 93.80, down 59.
SEPT DOLLAR INDEX: A trade could be developing. See Trade Alert for details. Closed 78.805, up .585.
SEPT MINI EUROCURRENCY: A trade could be developing. See Trade Alert for details. Closed 142.14, down 116.
SEPT CANADIAN DOLLAR: A trade could be developing. See Trade Alert for details. Closed 90.51, down 84.
DEC BONDS: Switching to December. I have attempted to buy them. They finally reached my price today. They rallied to 120.130. Keep stops at 118.200. Closed 121.070, up .090.
Position: Long 120.050 (9.1).
Projection: 121.28.
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.
