This is a sample of Brian’s email newsletter, The Cullen Outlook. This is the Pre-Dawn Targeting portion for Tuesday, May 19th.
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Stocks continue to make all time highs and the Bond market has seen a very impressive sell-off recently. The Crude market has struggled over the past week and a half above 60.00 while the USDollar is tryng to carve out a bottom as it finds short term support near 93.00
Let’s find some good markets to get involved in! Perhaps we look for shorter term moves rather some long sustained drives over the next few weeks. The markets have been choppy with a lot of back and forth price action. Let’s turn our attention to quicker moves with more aggressive stop movement to take what the market gives us if we get the opportunity.
Positions we have on:
SHORT the July mini-CRUDE OIL from 60.50
June BRITISH POUND:
I sent this out yesterday before the end of the day as a Market To Consider. After a nice run-up from 151.00 to 158.00, the market may be topping out short term. We have seen 2 days of curling over price action and if the US Dollar is going to try for a rally the Pound may trade lower and fill the gap down at 153.00 Risking 100 points from entry would be $625 (see attached POUND chart)
For those who prefer the Euro Currency…there is a mini contract (E7M5 ½ the size) and the chart looks very similar.
July NATURAL GAS:
I have been watching this market rally the 1st 2 weeks in May (from 2.60 to 3.05). It is pushing up against congestion from the beginning of the year and old resistance from both February and March. I like the idea of using the mini contract (1/4 the size of the regular) and trading 2 contracts to SELL at 3.10 while risking up to 3.20 or $500.00 on both. If we were to retrace, I think 2.80 is the first target with sub-2.70 well within reach. (see attached NATTY chart)
Interesting price action in the SUGAR market as of late. We have not seen any strong sustained moves one way or the other but there are some opportunities. We have been channel trading higher for the past 1 ½ months. There have been a few 100 point leg moves and we are approaching a trendline that has formed recently. I do not know if this will happen again, but if we find some support at 12.60 and it bounces, I would like to get involved. The risk would be just under the trendline and previous 2 lows, say 12.30 with an objective of 13.70 (see attached SUGAR chart)
June LIVE CATTLE:
We just missed getting involved in this market on Friday at 154.00 and I have not stopped watching it. I like the level we are at now to get short but was hoping to see a little bit of a rally early this morning when it re-opens so the stop price can be above 154.00
I continue to like the 150.00 level for a short term objective and onto 146.00 if it fails to hold. We have Cattle On Feed on Friday after the close, let’s see if there is some weak price action this week ahead of this report. (see attached CATTLE chart)
Let’s get this week started today!
Call in or email your DT broker if any of these ideas peaks your interest or if you have another idea on your mind….
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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