MARKET UPDATE
JUDY CRAWFORD
(TRADES FOR WED., SEPT. 16, 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!
PLEASE NOTE: I will not be in the office next week. There will not be a Market Update or Trade Alerts during that time.
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.
ESTABLISHING A TRADING ACCOUNT: I offer brokerage services and personal assistance for every level of trader. You will work with me directly. Feel free to call or email me at any time without obligation. I welcome hearing from you!
TRADE ALERTS: None for Wednesday.
METALS COMMENTS:
DEC COPPER: Since my last report, it has been selling off and is now back under the 20 day moving average. That average stopped the rally today. Yesterday's low was 276.25. The daily still looks like a top formation. But each sell-off has been less than the last. But, not to make it easy, since the high on Aug. 28, each rally has been less. In short, we could have a pennant setting up. Going to the long term charts for some clue, the weekly triggered a preliminary sell this week. All the monthly is showing is that for the second month in a row, it is backing off from 300.00. Closed 284.50, up 4.05.
DEC MINI GOLD: Stops were reached on Friday when gold made a new high at 1013.70. It then sold off the next day with a low today at 993.00. In short, gold continues to trade around the 1000 level without real direction. Technically it is not giving any indication for either a long or short position. That does not negate the fact that longer term it is in resistance and has not taken out the historic high yet. Just watching. Closed 1006.30, up 5.20.
Position: Short 986 (9.10). Exit 1006.10 (9.11). Loss $667.32.
DEC MINI SILVER: Stops were reached on Friday when silver made a new high at 17.015. It sold off on Monday with a low at 16.320. It has rallied since and took out Friday's high. Long term it is pushing into resistance. On the monthly chart, the current wave up has met projections. What is interesting is that long term, silver is way behind gold. To give you some perspective, to be at the level that gold is, silver should be trading around 20.000. Just watching. Closed 17.000, up .377.
Position: Short 15.196 (9.10). Exit 16.798 (9.11). Loss on 2 lot = $1204.
ENERGIES, CURRENCIES & BONDS:
OCT MINI CRUDE OIL: That inside day mentioned last time was followed by a huge outside day. It rallied to 72.90 and then sold off to 68.82! In short, it sold off as fast as it had rallied earlier that week. The whole rally could have been a set up for another wave down. That has started, but has stopped at 68.00 yesterday. This same area has produced rallies before and crude seems to want to hold here. It is now trying to rally - today's high 71.19. This current wave down (if for real) should go to 66.00. So far that is not happening. Closed 70.93, up 2.07.
DEC MINI JAPANESE YEN: It triggered a sell today from yesterday's inside day. Possibly it will start a correction to the recent wave up that has been going on since early August. If that be the case, it should set up a buying opportunity. It has had a much more extensive rally than the other currencies. Closed 109.83, down 20.
DEC SWISS FRANC: It held 96.00 support both yesterday and today. Longer term that is good support. It broke out of its consolidation to the upside at the 95.00 level. Both long term charts have buy signals and considering the consolidation it is coming out of, there should be more to this. Closed 96.68, unchanged.
DEC DOLLAR INDEX: It continues to sell off with a low today at 76.660. It has gone through the 77.000 support mentioned last time. The next projection should be the 75.000 area. Closed 76.785, down .175.
DEC MINI EUROCURRENCY: It triggered a buy today from yesterday's outside day. Today's high 146.85. Keep stops at 145.100. Closed 146.580, up .45.
DEC CANADIAN DOLLAR: It triggered a sell on Monday and rallied today. Stops at 92.92 were reached. It is now back to the high end of its range. Today's high 93.38. Closed 93.17, up 93.
Position: Short 91.65 (9.14). Exit 92.92 (9.15). Loss $1270.
Projection: 90.00.
DEC BONDS: They have continued to sell off with a low at 118.27 today. They have support at 118.24 but are now under the 20 day moving average. This sell-off should set up for another buying opportunity. Watching closely. Closed 119.06, down 21.
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.
