This is a sample of Brian’s email newsletter, The Cullen Outlook.
This is the Pre-Dawn Targeting portion from earlier this morning for Tuesday, March 3rd.
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The countdown to St. Patrick’s day has officially begun…Happy March!
In the last Pre-Dawn email we were looking at the Bond and Live Cattle markets. Things were a bit busy on that Friday so I didnt have a chance to get a Trade Idea Snapshot out but I looked on and watched the moves. It was great to see and to hear from alot of you! Well, I dont want to sound like a broken record but we are right back to those prices or better after a quick retracement in both of those markets. PLUS, there are 2 other markets that have gotten my attention over the past few days.
Positions we have on:
SHORT the British Pound from 154.10
What a day in the Bond market yesterday! Down almost 2 full points by the time it was all said and done. And here we are at the 159’10 level (down another 20 ticks this morning) that was on our radar last month. The mid to low 159’00s provided resistance as we finished up 2014 and provided a good level of support last month (144’00 in the March contract). I look for a similar bounce here. I like the idea of BUYING the Bond market here and risking ½ point ($500.00) or so. The 1st objective would be 163’00 and if we get back through there, there is a lot of room to run. (sign up to see BONDS chart)
Is this market getting a little top heavy? I think so. I like the idea of SELLING here anywhere above 30.00 The 30.20 level was old support back in Sept and Oct. (it tried to get there again before the end of the year but couldnt and had a major correction, touching sub-27.00) I think risking over last weeks high is plenty. I will be looking for a call option to buy for short term protection and possible participation if the market continues to rally after we get short. May 31.00 calls have a delta of roughly 33 and are going for roughly $350.00 For an objective, look to the 28.75 level to get started and for a possible run to sub-28.00 if momentum builds. (sign up to see COCOA chart)
April LIVE CATTLE:
In the last Pre-Dawn email we looked at selling the Cattle market at 152.00 and it did break out of the pennant that was noted. Great job to those of you who took the early morning idea and traded it! It was fast and furious down to 146.00 And just that fast, in 3 days, we are back up above those levels today! I like the idea of SELLING if we can get a re-test of the 154.00 level. The risk will be about 1 1/2 points or $600.00 with an objective 150.00 to start and 148.00 if we are able to catch a move and hang on that long. I included the 20 day moving average on the chart for you to see. (sign up to see CATTLE chart)
Yesterday we saw the Soymeal market (Soybeans really) sell-off on fundamental reasons and a short term/steep trendline was penetrated. Now that it has broken lower from the recent congestion (345.0 – 337.0), I would like to get SHORT this market and look for some further downside price action. I like the 335.00 level to sell while risking $500.00 to the 340.0 area (depending on where you get short). For the objective I like the last levels of support in 2015 around 320.0 and if that fails to hold again, look down to possibly the 300.0 level. If this MACD is starting to roll over, I want to get involved! Interesting to note, we are sitting rigt on the 20 day moving average this morning in RED and I included the Fibonacci bracket on this chart showing good trading levels in my opinion. (sign up to see SOYMEAL chart)
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Feel free to trade these ideas on your own when you want or call/email your DT broker if you want to talk about an idea of yours that you want to get involved in!
LET’S DO THIS!
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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