MARKET UPDATE
JUDY CRAWFORD
(TRADES FOR FRIDAY, SEPT. 11, 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 (888-301-8120) 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 peculiarities of the markets that you don't find in a textbook but only through years of trading experience.
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TRADE ALERTS:
Sell December Canadian. Sell 91.65 stop. Protective stop 92.92. Potential projection 90.00.
Reasons for the Trade:
1. The monthly chart formed a key reversal top last month.
2. Both the monthly and weekly charts are in resistance.
3. The daily chart formed a key reversal top Tues.
4. The daily chart triggered a sell signal today.
5. A sell signal at 91.65 would push the CD under the 20 day moving average and the 92.00 support.
METALS COMMENTS:
DEC COPPER: The 300.00 level (pointed out in my last Update) continues to be an obstacle. There are several positives in this market but if copper can't get through 300.00 pretty soon, it will, no doubt, sell-off and try later. It violated the 20 day moving average today but did manage to close above it. The low end of its current range is 270.00 and it may be headed there since it triggered a sell today from yesterday's inside day. Closed 287.65, down 4.75.
DEC MINI GOLD: It triggered a sell this morning and then rallied to 1000.50. Keep stops at 1006.00. Closed 996.80, down .30.
Position: Short 986 (9.10).
Projection: 960.00.
DEC MINI SILVER: It triggered a sell this morning and then rallied to 16.730. Keep stops at 16.760. Closed 16.670, up .200.
Position: Short 16.196 (9.10).
Projection: 15.500.
ENERGIES, CURRENCIES & BONDS:
OCT MINI CRUDE OIL: In my last Update I pointed out the rally that pushed crude back over 70.00. It has been holding there since and is now working on getting over 72.00. Today was an inside day. Crude has been in a range between 67.00 approximately up to 74.00. Longer term, the next major resistance is around 80.00 but it hasn't shown any direction in terms of a breakout yet. Just watching. Closed 71.94, up 63.
DEC MINI JAPANESE YEN: I am waiting for a setback to go long. So far, it has been pushing up against previous resistance at 109.00 for the last two days. Longer term it appears to be headed for 110.00 initially. Watching closely to buy. Closed 109.09, up 53.
DEC SWISS FRANC: Another new high today at 96.62. Long term it is in resistance. The last huge sell-off in Dec. of 2008 occurred from this level. There is one difference, the swiss did not have the consolidation under it that it has now. To give you some perspective, the swiss has been consolidation since May and only broke out to the upside this week. That consolidation was between 92.00 and 94.00. Technically you should a lot more to this rally. The tricky part, of course, is how it goes about it. Normally markets go back and test a breakout. If it does so, that should be an opportunity to buy. Waiting to buy. Closed 96.36, up 32.
DEC DOLLAR INDEX: It continues to drift lower. It does have support at 77.000 but the major support remains at 75.000. Closed 77.060, down .285.
DEC MINI EUROCURRENCY: Longer term it is over 145.000 resistance. The next real resistance is 150.000. As pointed out before, it has broken out to the upside from its consolidation. It should test that breakout. They normally do. Watching closely. Closed 145.83, up 40.
DEC CANADIAN DOLLAR: It still has not taken out the current resistance on the daily chart. It is at the high end of its range and has triggered a sell. A trade could be developing. See Trade Alert for details. Closed 92.71, up 20.
DEC BONDS: I tried to buy them but they triggered a sell yesterday. Today they rallied and are back over the 20 day moving average, negated the sell signal and then some. Waiting for a setback to go long. Closed 120.12, up 2.01.
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.
