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Home / Futures Blog / 8/29 Pre-Dawn Update

8/29 Pre-Dawn Update

August 29, 2014 by Brian Cullen

This is a sample entry from Brian Cullen’s email newsletter, The Cullen Outlook.

Good Morning-

Reminder:  The markets are closed on Monday for Labor Day and will re-open on Monday night on a regular Sunday schedule!

With the 3 day weekend ahead of us, light volume expected today and the escalating issues in Russia/Ukraine, I will not be entering into any new positions in the Stocks and Financial sectors.  I will let the weekend come and go and readdress these markets on Monday night.

In the currencies:

In Tuesday’s Pre-Dawn Update I mentioned keeping an eye on the Canadian Dollar and seeing if the 91.00 level would hold.  It did and we are currently at 92.14  Great job on those that got involved!

CHART WATCH! The British Pound looks like it is trying to curl back higher after a pretty sharp sell-off since mid-July.  I like the idea of buying in at the 166.00 level and looking for an initial move to 167.20 (old support from early June).  I think risking just under the recent low to 165.00 would be plenty.

In the Energies:

We have our long October mini-Crude Oil on from 94.50  We will monitor this trade and manage accordingly.  Look for a stop move at some point today before the close.  Currently at 95.11, let’s see if we get a bit higher before trailing that stop.

We exited our long September Natural Gas position earlier this week and I would like to look at putting the long position back on, this time in October.  We broke above the Aug 11-13th peak yesterday and I think we may see some more upside.  I would like to see a slight retracement to perhaps the 4.00 level and risk under the Aug 27th low of 3.90 with 2 mini positions.  More aggressive traders can enter at anytime!

In the Grains:

We have a long December Soymeal position on from 342.0 and it is currently trading at 350.5  We will continue to monitor this trade and manage accordingly.   I will be looking to possibly add another contract here and/or move the stop ahead of the weekend depending on today’s price action.

I mentioned in a Market To Watch on Tuesday the Kansas City Wheat and the 640.0 level.  Great job to those who got involved!  Currently at 6.48, Keep this market on your watchlists because I think we may have an opportunity to catch a nice move if we get above the recent resistance of 650.0  (possibly up to 6.70?)  Fundamentals in all Wheat contracts will definitely be paying attention to the situation in Russia/Ukraine.

In the Softs:

    Cotton may be exhausted after attempting a rally from an oversold 63.00 level but running out of steam at the 67.00 level.  This will be a market that will be on my watchlist for next week.  We all know the cotton market can make some big inter day moves so put this chart on your board and get involved if you see some opportunity.

I will also be watching to see if Cocoa can get above the 32.50 level next week.  If it starts to turn back lower, I want to be involved in a possible move lower.   The risk would be just above the recent highs with an short term objective of recent support at 32.00  If we break that, we could be off to the races to the downside!

Have a great Friday, finish the week strong!  Call me at the desk or your DT broker if you want to get involved in any of these ideas or talk about a market that you have been watching!

Have a great 3 day Labor Day weekend!

LET’S DO THIS!

BC

Brian Cullen

Learn Futures Technical Analysis from a Pro with The Cullen Outlook

The Cullen Outlook is a futures trading newsletter for those wishing to follow the moves of Brian Cullen, an experienced technical trader. He’ll identify charts setups, provide direct trade recommendations and plans, and share other useful insights to help you become a better technical trader.

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

Filed Under: The Cullen Outlook

About Brian Cullen

Brian’s career began working with equities and equity options at Charles Schwab. Since then he has held various positions within the financial industry, from head clerk on a high volume trading desk on the floor of the CBOE, to being a “market maker” for a proprietary trading firm in the SPX and OEX pits. Brian then branched off to expand his horizons and transitioned into the futures market as a retail broker. He was a Market Strategist for Lind-Waldock’s Private Client Group division, dealing exclusively in the commodity markets.

Brian joined Daniels Trading in early 2009 to expand his added value services as a broker, and to build his client base in new areas. With Daniels Trading’s diversified execution categories, the opportunities for Brian’s clients are endless.

Brian’s goal is to work with his clients to focus on one main principle: Staying true to the principles of successful trading.

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

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