Futures For Freaks

Remember my musings on copper over the weekend? Well, it finally decided to join us over on the dark side of the force. Welcome, I have a special death star corner office reserved for you – and enjoy your gratuitous light saber!

I told you guys to watch out when it was tickling its NLBL at 3.4205. Yesterday was confirmation and today we were handed the rewards. My first target area is 3.9 and I will most likely take most of my positions off before the expected shake out at 4.0.

30-year treasury futures played a fast one by pushing through the NLBL and then reversing back through it the very next day. For future reference – in my book that is a bonafide NL Fail and that is when you get out of your trade or take an inverse position with a stop right above that NLBL (do the exact opposite for a NLSL Fail). That inverse trade is valid until the NLBL expires.

Next target area is the 133 mark but I wouldn’t be surprised if we drop a lot lower in the coming weeks/months.

Alright, I got one really juicy setup for the subs:
[amprotect=nonmember] Charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero or Geronimo subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
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Soybean futures – the other vegetarian meat! Recall that I was not too excited about the downside potential (in terms of trading it – not in terms of the odds) and fortunately it did the right thing and pushed toward that NLBL. Now, a close above would want me take out a long position with expectations of a push toward 1300. Of course it’s possible that it’ll play a /ZB on us (i.e. instant reversal – see above) and you now know what to do in that scenario.
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Cheers,