MARKET UPDATE
JUDY CRAWFORD
(TRADES FOR FRIDAY, OCT. 23, 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: Emotion is more your enemy than any market will ever be. The purpose of my Market Update is to help combat emotion and establish discipline by presenting a trading plan that a trader can understand and trades that have reasons so that a learning process evolves.
The Market Update includes the basics that any trading plan should have: Entry, Exit, and Projection. If those are not determined prior to a trade, you are asking for trouble. It also includes the reasons for the trades as a learning tool and a way to possibly improve your approach to the markets.
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:
Sell December mini silver. Sell 17.295 stop. Protective stop 17.82. Potential projection 16.500.
Reasons for the Trade:
1. On both the monthly and weekly charts, silver reached resistance and has been selling off.
2. On the monthly chart, the current wave up met projections.
3. The weekly chart formed a key reversal top last week - suggesting a trend change from up to down.
4. On the daily chart, silver made another attempt to get over the 18.000 resistance this week and failed - forming a potential 1, 2, 3 top formation.
5. Today was an inside day that can trigger a signal and market direction.
CHANGE IN OPEN STOPS:
Long December corn from 368 1/2 up to 379.
Short March sugar from 24.43 down to 24.13.
METALS COMMENTS:
DEC COPPER: After probably getting every stop above the market earlier this week, it made another new high yesterday at 305.75. Today was an inside day. It is attempting to get over the 300.00 resistance. My concern: it has obviously broken out to the upside from the huge consolidation it had formed on the daily chart. I just watch for two reasons: I don't trade copper because it requires too much risk. Secondly, beware of breakouts in any market until they confirm themselves. As pointed out before, it has become more common for markets to give false breakouts. Just watching as usual. Closed 299.80, down 3.80.
DEC MINI GOLD: There isn't any change here. It is still consolidating and "hanging around" 1060.00. Just watching. Closed 1058.60, down 5.90.
DEC MINI SILVER: A trade could be developing. See Trade Alert for details. Closed 17.545, down 28.
ENERGIES, CURRENCIES & BONDS:
DEC MINI CRUDE OIL: It triggered a sell yesterday and I was stopped out the same day. It rallied to 81.99. Today was an inside day. It is clearly over 80.00 resistance. Just watching. Closed 81.19, down 18.
Position: Short 77.95 (10.20). Exit 80.45 (10.20). Loss $1250.
DEC MINI JAPANESE YEN: I took profit yesterday. All the currencies were rallying and the yen would not sell off as it was in some interim support. Today it did sell off more down to 109.06. Just watching for now. Closed 109.57, down 31.
Position: Short 110.740 (10.15)> Exit 109.78 (10.21). Profit $600.
DEC SWISS FRANC: Another new high yesterday at 99.69. It looks headed for 100.00 resistance. Just watching. Closed 99.56, down 1.
DEC DOLLAR INDEX: It has had long term support at 75.000 and it reached 75.085 yesterday. Today was an inside day but there isn't enough here to warrant a trade. Just watching. Closed 75.240, up 13.
DEC MINI EUROCURRENCY: Another new high yesterday at 150.45. Long term it has a ways to go to reach resistance. Waiting for a setback to go long. Closed 150.240, down 10.
DEC CANADIAN DOLLAR: It made a new low yesterday at 94.47 and then rallied. It is holding at the 20 day MA on the daily chart. The long term charts are not as clear as it reached big resistance last week. Its original breakout point on the daily chart was 94.00. Holding in that area may produce a buy. Just watching for now. Closed 95.39, down 87.
DEC 10 YR. NOTES: They triggered a sell today and sold off to 117.225. Keep stops at 118.245 for now. Closed 117.310, down .015.
Position: Short 117.260 (10.21).
Projection: 116.200.
DEC BONDS: They rallied up to their 20 day moving average this week and that stopped the rally. They appear to be starting another wave down. Just watching. Closed 119.20, down .05.
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.
