MARKET UPDATE
JUDY CRAWFORD
(TRADES FOR FRIDAY, MARCH 12, 2010)
888-301-8120
jcrawford@zaner.com
The Market Update is designed to not only help you learn how to trade but also improve your trading approach. By reviewing technically all the major markets as well as give trade suggestions that include the reasons for the trades, you are able to follow and/or compare my work with yours. Or, if you do not have the time, as many don't, simply use my guidelines for placing your own trades.
EMOTION is your enemy more than any market will ever be. My Market Update employs a trading plan that a trader can understand and trades that have reasons so that a learning process evolves - helping you combat emotion and establish discipline.
YOU'RE MISSING SOMETHING! The Market Update is published on Tuesday and Thursday. On alternate days I also publish a Trade Alert that gives suggested trades as well. To sign up for both and have the convenience of receiving all my information via email. visit my website: http://www.tradingfuturesmarkets.com/, register and submit. And you may want to request some of my free trading booklets too!
ESTABLISHING A TRADING ACCOUNT: I offer brokerage services and personal assistance for every level of trader. Open your account with me and deal directly with me - learn while you trade. Feel free to call or email me at any time without obligation. I welcome hearing from you!
TRADE ALERTS:
Important information regarding placement of trade alert orders:
1. They are placed for the day session only.
2. They are placed on a buy stop or sell stop basis. That means the market must rally up to the stop price to go long and/or sell off down to the stop price to short.
3. All orders are good for that day only.
Buy April mini crude. Buy 82.450 stop. Protective stop 81.290. Potential projection 85.000.
Reasons for the Trade:
1. On the monthly chart, crude is over the 80.000 support.
2. The weekly chart has a previous buy signal that is still intact.
3. On the weekly chart, crude rallied over the 20 day ma several weeks ago. That is constructive.
4. The weekly chart is in an uptrend and the current wave up has projections to 85.000.
5. The daily chart has two buy signals.
6. On the daily chart, crude is over the 82.000 resistance.
7. Today is an inside day that can trigger a signal and market direction.
Sell June mini yen. Sell 110.140 stop. Protective stop 110.97. Potential projection 108.000.
Reasons for the Trade:
1. The monthly chart is forming a preliminary key reversal top this month - suggesting a trend change from up to down.
2. The weekly chart formed a key reversal top last week.
3. On the weekly chart, the yen is trading under the 20 day ma. That is negative.
4. On the weekly chart, the yen violated and closed under the uptrend formed since the Oct. 08 low last week. It has continued to trade under it this week.
5. On the daily chart, it violated the 20 day ma last week. An attempt to rally over it failed.
6. The daily chart formed a key reversal top last week.
7. The daily chart has a previous sell signal that is still intact.
8. Today was an inside day that can trigger a signal and market direction.
METALS COMMENTS:
MAY COPPER: An outside day triggered a sell today without follow through. There is not any change in the bearish stance of the daily chart. Just watching. Closed 337.70, up .90.
APRIL MINI GOLD: I attempted to short it today. It did trigger a sell but did not reach my price. It is the weakest of the metals. It is trying to hold 1100.00. I will try again tomorrow. Closed 1108.20, up .10.
MAY MINI SILVER: Stops were reached yesterday. I rarely complain about being stopped out because normally when that happens, it is the best thing. Yesterday I felt I had been had. For a market to rally up to a stop level and then immediately collapse and end the day near where I had originally shorted - that is not normal. Call it what you may but that is not the future's business I've known. Closed 17.160, up .142.
Position: Short 16.930 (3.9). Exit 17.550 (3.10). Loss $620.
ENERGY, CURRENCIES & BONDS:
APRIL MINI CRUDE OIL: A trade could be developing. See Trade Alert for details. Closed 82.11, up 2.
JUN MINI JAPANESE YEN: A trade could be developing. See Trade Alert for details. Closed 110.44, down 9.
JUN SWISS FRANC: It rallied yesterday and is back over the 20 day ma. We have seen this before. It rallied again today and is near the high end of the range it has been stuck in. It really needs to close over 94.00 to set up for a strong rally and breakout. No change here. It keeps making noise. Closed 93.60, up 14.
MAR DOLLAR INDEX: I had lowered the stop and it was reached. It is still stuck in a range but the daily chart still appears weak. It is back under the 20 day ma. Closed 80.315, down .150.
Position: Short 80.37 (3.8). Exit 80.655 (3.9). Loss $285.
JUN MINI EUROCURRENCY: Like the swiss, it is back over the 20 day ma and appears headed for the high end of the range it has been stuck in. It needs to close over 138.000 to set up for a breakout and rally. The rest is just noise. Closed 136.710, up .220.
JUN CANADIAN DOLLAR: I finally shorted it today. The fill was not good at 96.79. It has rallied since. Keep stops at 97.89. Closed 97.54, up .12.
Position: Short 96.79 (3.11).
Projection: 95.00.
JUN 10 YR. NOTES: They are struggling to hold above the 20 day ma. The market keeps drifting lower. Today's low 116.180. If this sell-off can follow through, it should reach the 115.200 area. Closed 116.250, down .030.
JUN BONDS: They triggered a sell yesterday and have done nothing. Today they rallied but not a lot. Keep stops at 116.29. Closed 116.19, up 9.
Position: Short 116.01 (3.10).
Projection: 114.00.
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.
