Line in the Sand 7/13/9
Support remains the 100 day moving average…the line in the sand. Prices traded below the ma on crude today intra-day but it appears we’ll close back above that level; $58.98 in August. Natural gas was down by 3% today, if you’re a day trader this trade is not for you but we maintain that buying October $1 call spreads is worthy of your attention. We continue to build this position on behalf of clients. The Loonie is a buy if we get a close over the 20 day moving average; see commentary from this morning. Buy December $4 corn calls with both hands. CBOT wheat was higher by almost 5% today, most likely on short covering. This move should carry prices an additional 40 cents. Silver tested and held the 200 day moving average today… the line in the sand. Buy December $3 call spreads or get long futures with stops below the 200 day moving average. See our commentary for trade rec’s in gold. False rally in equities could carry for a few days, stay alert. Short Euro-dollar futures or options. We were buyers of March 10′ 99.00 puts and September 10′ 98.25 puts today for clients. We advised clients to fade this rally in live cattle today, stops above today’s high. Orange juice continues its march higher, are you long yet? December coffee 15 cent call spreads are a buy. Sugar is on our radar but we have yet to commit client funds.
Tags: coffee, crude oil, euro-dollar, futures, gold, MB Wealth, natural gas, option, options, orange juice, silver, sugar, support
