Hello All,
1) Hold Sept. Emini S&P longs, using a 1094 stop. Exit 1132. The psychological 1100 resistance level of mid July is now proving to be support at the end of July. Durable goods data released today wasn't the greatest but no technical damage has been done to avert bulls. We have GDP being reported on Friday and would anticipate it to be the proper catalyst to really get this market moving in the right direction.
2) Buy Sept. Crude on a stop at 78.24, with a 77.30 protective stop. Exit above $80. We had a roaring 7million barrel build in crude stocks which definitely came as a surprise while analysts were expecting a draw of 2million, and even more surprising was how well the market held up. We had rallied about $8 this month and have seen a technical pullback this week which I feel is a bear trap. If we can get this market back above $78, then we can give the bulls a reason to come aboard. If my theory is incorrect, then we would probably test the 74.50 region before testing 80 again.
3) Hold Sept. Euro longs, with a 1.2910 stop. Exit 1.3160. The Euro is back above 1.30 and the longer she stays here, the better the chances for another spurt up. GDP on Friday will most likely be bullish for the dollar and would provide us with an exit and a good selling opportunity. Not necessarily trying to top pick, but more so interested in selling calls over the next few days.
Best,
Arman Vahdatinia
Futures & Options Strategist
1-877-338-EXPO [3976] ext. 25
www.ExpoFutures.com
*There is a substantial risk of loss trading futures. Past performance is not necessarily indicative of future results.
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