Hello All,
We had strength across the board except for the dollar and treasuries. June currencies expire tomorrow and we should be trading Sept contracts for all quarterly futures. Todays action should continue into the beginning of next week, and we'll try and get aboard on some retracements.
1) Buy Sept.Emini S&P futures at 1072.50, with a 1060 stop. Exit targets of 1087, then 1101. The market didn't give us a chance to reverse overnight and we got stopped out with a small profit locked in. The market is currently testing resistance from a downward trending channel from teh 4/26 high. If the market doesn't retrace downwards and continues the trend up, you'll want to Buy on a stop at 1088.50, with a 1076 protective stop.
2) Sell Sept. T-bond futures at the market (122-250), with a 123-18 stop. Exit 120-060. Bonds signaled a major sell signal and we should continue to push down for at least a week. With economic data looking good going into the FOMC announcement in another 12 days, the verbage of rate hikes is just around the corner.
3) We will stay away from the Euro with the June contract expiring. Don't want to get caught in something for all the wrong reasons.
4) Buy July Crude oil futures at 74.35, with a 73.40 stop. Exit 78.56. Crude has definitely come back to life, I can only hope to get in with the proper risk/reward given the possible volatility. With Chinese, Japanese, and Australian economic data showing that the global recovery is strengthening it has pushed crude to the highest level in four weeks. The simple fact that Chinese exports increased the most in the last 6 years is enough to light the fire under any raw material.
Best,
Arman Vahdatinia
Futures & Options Strategist
1-877-338-EXPO [3976] ext. 25
www.ExpoFutures.com
*There is a risk of loss trading futures. Past performance is not indicative of future results.
Comments