Lessening of Fear Bid Trade Creates NewOpportunity
by AL MARTIN (INSIDER INTELLIGENCE)
(4-20-14) We saw the June Long Bond contract back off in Thursday's session on word of a bogus agreement involving the United States and Russia to de-escalate the Ukrainian situation.
We think this agreement will fall apart in the next 3 or 4 days.
We had bought the Bonds in on our standing order at 133.22 in Thursday‚Äôs trade. We currently have a standing sell order in at 134.22.
The May Oil contract -- we continue to look to sell on moves to 104.50 or better, covering on 50 cents to $1 dips. Oil continues to be overbought at current levels.
We had warned of a back-off in the June Gold and that the Gold would come back under 1300.
We were still short from 1327, covering on our standing order at 1287 midweek.
We think the rally above 1300 late week represented a fresh shorting opportunity.
We have re-shorted the Gold at 1304 and are looking for a test of the previous week's lows.
For the rest of this commodity futures trading recommendation, check out Independent Trader Al Martin's website More