CURRENCIES
September Canadian Dollar CDU9
Watch List – We got the move lower without the resistance. I’m still watching but I don’t expect anything to develop here.
September EuroFX ECU9
The support zone on the lows continues to hold the EC up. I think it’s temporary however as momentum continues to decline. I’m looking to short below the support zone low.
If September EuroFX opens at or below 142.00
BUY 2 September EuroFX at 142.37 (stop)(day)
If filled: Exit Stop: 140.89 (stop)(GTC)
Approximate Risk: $1850 per contract
Profit Target: 143.49 (limit)(GTC)
Approximate Profit: $1400 per contract
Degree of Risk: Moderate to HIGH
FINANCIALS/INDICES
FLAT
GRAINS
November Canola RSX9
Momentum trumped trend. I’m pulling the trade and staying FLAT for Wednesday.
September Soybean Meal SMU9
Wow. Soy Meal’s being really tough on the recent support and resistance. We’ve got quite a few hits here now so the breakout, when it comes, could be a biggie!
If September Soy Meal opens at or below 3485
BUY 2 September Soy Meal at 3490 (stop)(day)
If filled: Exit Stop: 3355 (stop)(GTC)
Approximate Risk: $1350 per contract
Profit Target: 3555 (limit)(GTC)
Approximate Profit: $650 per contract
Degree of Risk: Moderate to HIGH
MEATS
October Feeder Cattle FCV9
Gapped by a crummy nickel! Can you believe it? Oh well. All we can do now is wait for the next opportunity to get in.
METALS
FLAT
SOFTS
September Cocoa CCU9
The contract highs bounced the market with a vengeance! Our exit stops are being threatened on the second contract. We need the bulls to come back in a big way for Wednesday… but I don’t think it’s going to happen.
CONTINUATION 1 Long December Cocoa at 2903 (August 10)
Exit Stop: 2823 (stop)(GTC)
Approximate Risk: $800 per contract
Degree of Risk: Moderate to HIGH
Profit Target 1 contract: 2949 (August 10)
Approximate Profit: $460 per contract
