Wednesday’s trading range of all major markets
Dear Members,
Volatility will continue on Wednesday as well, trade in and out. Thursday will be right day to take positioning trading for short period as mentioned in weekly newsletter.
Down side in Indexes are very limited, grains looks toping here for the short period. Metals will trade in the range for few more weeks before they start one side directions.
Oil moving higher so no short in oil, we may see $92.50 during this week.
Currencies will trade mix, so only day trading recommended.
Next week options contract will expires in gold, so trade may try to push prices on both sides.
METALS
Trade in and out on Wednesday in metals but one can buy at lower range.
Here is Wednesday’s range:
GOLD: $1593.70 to $1575.10
SILVER: $27.55 TO $26.89
COPPER: $350.30 TO $343.10
PALLADIUM: $590.00 TO $577.00
PLATINUM: $1434 TO $1416
SOFT COMMODITIES
Stay long in cotton. avoid sugar, cocoa and orange juice.
Wednesday’s trading range:
COFFEE: $184.70 TO $178.90
COTTON: $71.15 TO $69.91
COCOA: $2229 TO $2160
SUGAR: $22.50 TO $22.98
ORNAGE JUICE: $118.9 TO $115.80
INDEXES
Today all major markets will trade in very narrow rage, may be most boring day so better finish other work rather than watching markets. Keep buying stocks and indexes on the lower side. S&P may reach 1373 during this week.
Wednesday’s trading range (September 2012 contract):
AUSTRALIAN (Cash) – 4198 to 4168
NIKKEI – 8870 TO 8787
NIFTY S&P (Spot) – 5221 TO 5169 (buy nifty)
SINGAP0RE (cash) – 3038.7 TO 3012.00 Keep moving toward new high
HONG KONG (cash) – 19421 to 19325
CAC – 3209 TO 3169
DAX – 6637 TO 6566
FTSE – 5650 TO 5600
S&P – 1365.75 TO 1349.75 (Keep adding on lower side)
NASDAQ – 2609.5 TO 2565
RUSSELL – 805.50 TO 792.25
DOW – 12800 TO 12690
GRAINS
Stay away from grains at this stage (no short), and we will buy them on weakness again.
Tuesday’s trading range (September contracts):
CORN: $793.75 TO $762.00
WHEAT: $901.25 TO $868.5
RICE: $15.65 TO $15.38
SOY: $1623.25 TO $1593.75
SOY MEAL: $488.25 TO $475.80
SOY OIL: 55.15 TO $54.01
ENERGY
Buy oil today on weakness, sell natural gas, this will give great hedging trade. Avoid trading bond, or sell on higher side.
Wednesday’s trading range:
OIL: $88.42 to 90.73 September contract
NATURAL GAS: $2.90 to $2.70 August contract
TREASURY BOND – 151-11 TO 150-10 (Sep contracts)
CURRENCIES
All major currencies will trade mixed, so trade in and out on a daily basis.
Wednesday’s trading range (September contract).
DOLLAR INDEX – 83.50 to 82.86
AUSTRALIAN DOLLAR – 1.0308 to 1.0217
CANADIAN DOLLAR – 0.9898 to 0.9842
BRITISH POUND – 1.5709 to 1.5598
EURO – 1.2365 to 1.2250
JAPANESE YEN – 1.2701 to 1.2608
SWISS FRANC – 1.0265 to 1.0182
RUPPEE – 55.12 TO 54.63
RAND – 8.18 to 8.11
Thanks & God Bless,
Mahendra Sharma
Wednesday 8.30 AM, Mumbai, India