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Jim Wyckoff's Top Trading Opportunities--Feb. 9, 2007 |
| Sell the June Swiss franc futures on weakness. On a close below .8044, the following trading session sell the June Swiss franc futures "at the market" (Market Order). Place a protective buy stop at .8115. Downside objective is .7900, or below. Use a trailing protective buy stop if profits begin to accrue. The "Swissy" has been in a downtrend, both on a shorter-term and longer-term basis. The recent sideways trading range of the past two weeks, at lower price levels, is just a pause in a bear market, and technical odds do suggest more downside price pressure in the near term. |
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| Sell June U.S. Treasury bond futures on weakness. On a close below 110 even, the following trading session sell June U.S. Treasury bond futures "at the market" (Market Order). Place a protective buy stop at 110 26/32. Downside objective is 109 16/32, or below. Use a trailing protective buy stop if profits begin to accrue. T-Bonds are still trending lower on the weekly continuation chart for nearby futures. A close below solid near-term technical support at 110 even would deflate the bulls and would also suggest a renewed near-term downtrend on the daily chart. |
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| Buy April gold futures on a corrective pullback. On a corrective price pullback to around the $660 area, buy April gold futures "at the market" (Market Order). Place a protective sell stop around $8.00 to $10.00 below the market entry point, with the better protective sell stop being placed just below a technical support level on the daily chart. Upside objective is $700.00, or above. Use a trailing protective sell stop if profits begin to accrue. I am bullish gold at present, but do not want to chase the market higher, and would rather wait for a corrective pullback in prices to climb on board the long side. Gold has had a good run higher this past week, and a corrective pullback soon is likely. |
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Disclaimer: There is a high 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 this information.