Profiling for Profit
Theme this week….when there is not an opportunity in one market, there may be an opportunity in another.
FOMC minutes release this week (this is not a regular FOMC meeting, this is the rehash of the rehash.) Otherwise, we have EIA on Wednesday and Baker Hughes Rig Count (both impacting Oil). Could be looking at lighter volume again as summer trading continues.
Here’s what we’re looking for in the coming week:
- In the financials: We remain in the upward channel in the Nasdaq. There is nothing that says it can’t go higher, but we’re watching for a bit of a break. There was an attempt this week, but it was bought. Shorts be warned, on light volumes the indexes are strong. In all of the indexes, we don’t see any opportunity unless we break lower on volume.
- In currencies: We see a little wedge opportunity in the Euro. For right now, we expect some sort of move. The zones we’ve mentioned in previous weeks remain in play.
- In metals: Gold looks interesting. We have a bullish wedge and we like the upside to the 1385 area. See the video for further detail.
- In energy: 45.50 to 46.80 is a zone above that looks like an area to look for a short on a trigger.
- Interest rates: Notes continue to trade sideways. This is indicative of balance, and means a break is coming soon. Below 131'210 and we see a potential move to 130'255 and even lower. We’re looking for a short here. Similar story in the Bonds.
- Grains: A number of weeks of balance came to a head with last weeks WASDE report. Corn broke lower on the report and immediately bought back to the balance zone. We’ll be watching next week to see further acceptance in the prior balance zone. Acceptance would set the stage for a test higher. We see an opportunity to the upside.
If you have markets that you would like for us to take a look at, even other than futures markets, let us know.
We didn’t do anything last week and that’s ok. In just the past 8 weeks our trade plan offered $11K+ in profits by trading 1 futures contract. Hopefully this is an example of how patient you need to be for bigger moves.
Define your risk and trade well!
the MPTA team
See us walk through the profile charts in the video below: