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Jim Wyckoff's Top Market Ideas--Sept. 17, 2010 |
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Note: I occasionally get questions on the "shelf
life" of my Top Market Ideas reports, or for how long are these trading
ideas still good. My general answer is that these trading ideas have a shelf
life of at least two or three weeks.--Jim December live cattle futures a buying opportunity on more price strength. December live cattle on Friday gapped higher on the daily bar chart, hit a fresh contract high and closed at a bullish weekly high close. Prices also produced a bullish upside "breakout" from a choppy and sideways trading range on the daily chart. The bulls have gained solid upside near-term technical momentum recently. A close above solid technical resistance at Friday's contract high of $102.60 would provide the bulls with more power and would also become a fresh buying opportunity. The upside price objective would be $106.00, or above. Solid technical support, for which to place a protective sell stop just below, is located at $101.00. |
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| December Euro currency futures a buying opportunity on more price strength. The December Euro currency futures, traded at the Chicago Mercantile Exchange, on Friday hit a fresh four-week high as the bulls have gained fresh upside near-term technical momentum recently. A close above solid technical resistance at Friday's high of 1.3155 would provide the bulls with more upside technical power and would also then become a buying opportunity. The upside objective would be 1.3500, or above. Solid technical support, for which to place a protective sell stop just below, is located at 1.2925. |
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| December E-Mini Dow stock index futures a buying opportunity on more price strength. The December e-mini Dow stock index futures on Friday hit a fresh four-week high as the bulls have gained fresh upside near-term technical momentum recently. Prices are in a three-week-old uptrend on the daily bar chart. The stock index bulls are very impressively "climbing a wall of worry" when many thought the stock indexes would sell off this time of year. Indeed, when too many traders and investors think a market will trend one way, it usually trends the other. A close above solid technical resistance at Friday's high of 10,580 would provide the bulls with better upside near-term technical momentum and would also become a buying opportunity. The upside price objective would be 11,000, or above. Solid technical support, for which to place a protective sell stop just below, is located at 10,400. |
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Disclaimer: There is a risk of financial loss in futures and options trading. Futures trading is neither easy nor an easy way to make money. It takes hard work to have success. Please use sound money management when trading futures. Past performance is not necessarily indicative of future results. Nothing in this newsletter is intended to be a trading recommendation for you to buy or sell futures or options. All information has been obtained from sources believed to be reliable, but accuracy is not guaranteed. Readers are solely responsible for how they use the information in this newsletter.