This is a sample entry from Drew Rathgeber’s newsletter, The Rath Overlay, published on Friday, August 05, 2016.
No real earth shattering events this week and well represented in a somewhat low volatility week in the indices. Crude oil had a nice spin, with 1.413M build which should have been bearish, however the news was they are cutting production which shot it up almost 2.00 per barrel. Now we wait for the jobs report coming out at 8:30AM EST.
In The Markets
Emini S&P – ESM6 (Sep ’16)
Still stuck in a very narrow trading range, any break above or below we should have a better idea which direction we should be trading this market.
Gold – GGCM6 (Dec ‘16)
Gold right now is looking a bit toppy, and looks like to be establishing a lower high, however pending today’s job report this could change.
Soybeans – ZSN6 (Nov ‘16)
Received a small bounce for a possible short entry.
Crude Oil WTI – GCLN6 (Sep ’16)
Crude oil was the big mover this week, and honestly I was looking for a possible short-covering and we got it with over a $2.00 jump in Crude prices, I’d expect it to peak shortly then continue back on its downward path pending any fundamental news.
T-Bonds – ZBM6 (Sep ’16)
Currently in a descending wedge formation which is technically bullish, look for 174-00 for a possible breakout.
U.S. Dollar – DX-MM6 (Sep ’16)
This market has been a bit tricky, but right now looks to be sitting on support, also take a look at the weekly charts.
The Week Ahead
- 8/10 – JOLTS 10:00AM ET
- 8/10 – EIA Petro Report 10:30AM ET
- 8/12 – Retail Sales 8:30AM ET
- 8/12 – Consumer Sentiment 10:00AM ET
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The Rath Overlay - Authored by senior broker, Drew Rathgeber, The Rath Overlay uses timeless methods to clearly identify market opportunities and guides the confident execution of your focused trading plan.
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