Go check out the latest installment of “Profiling to Profit” video here.

NEWS: Last week’s big news was the Non-Farm Payroll and it was a dud. The number came in flat to slightly lower and the market didn’t react. For the upcoming week we are light on news but one release is the FOMC Minutes on Wed which could have an impact on the markets. Also, Janet Yellen in speaking at an economic conference Friday. All ears will be listening.

Here’s what we’re looking for in the coming week:

  • In the financials: Nasdaq (NQ) — We’ve technically had another inside week. This doesn’t happen to often so a move from balance is possible but it may take an “Event” to help it. If you are still long from the zone then tightening stops would be good. In the S&P (ES) — Same as NQ…we are still holding above the zone and double inside. The ES is barely holding above the zone so be careful if long. The Russell (TF) — Is weaker and in its zone and looking weaker than the other indices.
  • In metals: Gold (GC) — Triggered short this week and was a huge winner. We covered some around the lower support area and pulled stops lower. We want to hold on to this trade to see if we can make new lows.
  • In currencies: The Euro (6E) — Nothing to do
  • In energy: Crude (CL) — Crude did what it setup to do. It broke to levels and hit are target of $50 this week. Our new buy zone is $48.25 down to $47.50 area. If you use a trigger then wait for your trigger long.
  • Interest rates: Bonds (ZN) — Faked us out and ran down to make new lows. A break of the previous weeks lows could have gotten you short. If you got short great trade. Trim and trail. We are not short. The path of least resistance is to the down side. Bonds (ZB) — ZB ticked our zone and did the same as note. We are not short ZB either. Again if you are short please trim and trail.
  • Grains: Soybeans (ZS) — Is in the middle of the range and waiting on the CROP report. Corn (ZC) — Corn had a run above the line in the sand and got slammed once it poked it’s head above the area. We want to see a weekly close above this are to setup a zone. We are now back in the range. We have the CROP report out on Wed, October 12th. We will get movement off that report. We are staying flat until after the report.

In just the past 16 weeks our trade plan offered $24K+ in profits by trading 1 futures contract.

Define your risk and trade well!

the MPTA team

Go check out the latest installment of “Profiling to Profit” video here.

Watch previous installments here.