MARKET UPDATE
JUDY CRAWFORD
(TRADES FOR MONDAY, SEPT. 21, 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: The Market Update did not go out yesterday as I was working from home and my computer crashed. The closes I refer to in this Update are yesterday's closes.
I will not be in the office next week. There will not be any Market Updates 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: There will not be further recommendations until I return.
METALS COMMENTS:
DEC COPPER: Last time I pointed out the problems it had trying to get over the 20 day moving average. It managed to do so on Wed. and Thurs. but is under it now as I write this. The daily chart still looks like a top formation. Closed 289.60, down 4.05.
DEC MINI GOLD: It formed a key reversal top yesterday with attempted follow through today. Gold "worked around" the 1000.00 level for some time before rallying to 1025.80 yesterday (before forming the reversal top). If it gets under 1000.00 again, there should be further sell-off - probably to 980. Gold has been trading higher, obviously, but it has yet to take out the historic high on the monthly chart (1033.90). Possibly a sell-off to that 980 level would give it the momentum to do so. Just watching. Closed 1013.50, down 6.70.
DEC MINI SILVER: It formed a key reversal top yesterday with follow through so far today. It is holding at the 17.000 support. Considering the rally it has had, it is overdue for a good correction. Just watching. Closed 17.265, down .165.
ENERGIES, CURRENCIES & BONDS:
OCT MINI CRUDE OIL: It has rallied since my last report and is back over the 20 day moving average but right back in resistance around 72.000. This market still looks toppy on the daily chart. Before the 74.000 level was a problem. Now it is 72.000. Just watching. Closed 72.470, down 4.
DEC MINI JAPANESE YEN: The sell signal mentioned last time was negated. It has had a huge rally since the Aug. 7 low and appears to be forming a near term top. It has been trading between 111.00 and 109.00 roughly. A 50% retracement would be to approximately 106.75. Waiting for a sell-off to buy. Closed 109.76, down 30.
DEC SWISS FRANC: In my last Update I mentioned that there should be more to this rally. It has continued to rally but at a slow pace. It is now over 97.00. Waiting for a sell-off to go long. Closed 97.33, up 29.
DEC DOLLAR INDEX: It made a new contract low yesterday at 76.230. It is rallying today. Just watching. Closed 76.430, down down .045.
DEC MINI EUROCURRENCY: I moved the stop up close yesterday and was stopped out with a profit.
Position: Long 146.65 (9.15). Exit 147.11 (9.17). Profit $287.50.
DEC CANADIAN DOLLAR: It made a new high yesterday at 94.44. It has been selling off today. Bottom line is that this is the only currency that is still stuck in its huge range going back to July. Since all the other currencies broke out of their ranges to the upside, this suggests that the CD is weak. Closed 93.94, up 15.
DEC BONDS: Last time I said a sell-off should be an opportunity to buy. On Wed. they triggered a sell from an outside day. It did not follow through much. They have rallied and the sell signal will be negated if they go over 120.23. They had also sold off under the 20 day moving average but are now back over it. Bond's main problem is staying over 120.10. So far they just can't do it. I still sense that there could be more to this sell-off. Closed 120.03, up 1.06.
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.
