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
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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