MARKET UPDATE
JUDY CRAWFORD
(TRADES FOR WED., OCT. 28, 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: http://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.
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.
METALS COMMENTS:
DEC COPPER: An outside day and key reversal top yesterday triggered a sell today. The problem with copper is that it has a lot of support under it that could hold it. Again, this breakout to the upside could be a false breakout as discussed before. If that be the case. It will go through that support easily. You don't know yet. Just watching. Closed 299.90, down 1.20.
DEC MINI GOLD: It triggered a sell yesterday and is now trying to hold 1040.00 support. It closed under the 20 day MA today. It has done that before and recovered. If it does continue to sell off, it will run into support at 1020.00. Just watching. Closed 1035.40, down 7.40.
DEC MINI SILVER: It triggered a sell today and sold off to 16.650. Keep stops at 17.820. Closed 16.540, down 55.50.
Position: Short 16.950 (10.26).
Projection: 15.300.
ENERGIES, CURRENCIES & BONDS:
DEC MINI CRUDE OIL: An outside day on Friday triggered a sell on Monday. It sold off to the 78.000 support and is trying to hold there. The really good support is down at 76.000. Just watching. Closed 79.550, up 87.
DEC MINI JAPANESE YEN: It has continued to sell off since my last report. It did form a key reversal bottom today. A rally could be an opportunity to short it again. Watching closely. Closed 108.98, up 54.
DEC SWISS FRANC: It has sold off for three days with a low today at 97.58. On Friday it had triggered a buy from an inside day. That was negated on Monday with continued follow through. It is attempting to hold at the 20 day MA. The stronger support is down at 97.00. Just watching. Closed 97.93, down 23.
DEC DOLLAR INDEX: It is finally doing something of interest - rallying! Today it closed over the 20 day moving average. That is the first time since Oct. 2. Of course, it did not sustain it then and it remains to be seen if it sustains it now. It has rallied from 75.105 up to 76.490 today. Before I pointed out that it had long term support at 75.000. The sell-off stopped at 75.085 this month on the monthly chart. The fact that it is responding to that support is encouraging. On the weekly chart it is back over the 76.000 support. Watching closely. Closed 78.280, up .085.
DEC MINI EUROCURRENCY: It triggered a buy on Friday and negated it on Monday with good follow through. Today's low 147.670. It has also violated the 20 day MA. Just watching. Closed 148.060, down .510.
DEC CANADIAN DOLLAR: It sold off into the huge consolidation that it had broke out of on Oct. 6. This could be a test of that breakout - which is normal. It violated the 20 day MA yesterday and could go deeper into that consolidation. Just watching. Closed 94.04, up 37.
DEC 10 YR. NOTES: I took profit on Monday. They sat on minor support and did not sell off. Normally when a market does that, it is going to rally. Of course, right after I took profit, they sold off! Today they are rallying and reached 117.310. Watching closely to short again. Closed 117.295, up .270.
Position: Short 117.260 (10.21). Exit 117.17 (10.26). Profit $281.25.
DEC BONDS: After a four day sell-off, they rallied today back over the 118.24 support area. Today's high 119.09. Watching closely. Closed 119.04, up 1.02.
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.
