In the broader futures universe I track there have been a slew of signals recently, especially within commodities, as more and more markets become correlated to the upside. Within the smaller universe tracked here it was possible there would be three signals tonight, but in the end it’s only the Euro that triggered a long entry following a clean breakout. Others are knocking on the door and may still trigger, with only the Yen seemingly determined to stay rangebound.
What was interesting in today’s action was how bonds have continued to tail off and are now nearing our trailing stop on our 30yr and 10yr longs while equities overall continue to outperform, but even within equities there were some subtle changes with our long S&P becoming more profitable than our NASDAQ long, as specific sectors start to show signs of exhaustion after a stellar run. It was also good to see our Corn long get off to a great start.
Here’s tonight’s signal:-
Long Euro ($6E_F) 3/7 +$0.00 per contract
The Euro produced a clean breakout today, one that looks much stronger than the previous attempts to penetrate this level, giving us a textbook long signal on achieving new highs. Our initial stop is a clean break of 1.3591.
Our existing positions are as follows:-
Long S&P ($ES_F) 2/26 +$1,500.00 per contract
Long NASDAQ ($NQ_F) 2/14 +$1,470.00 per contract
Long 30yr ($ZB_F) 2/3 -$531.25 per contract
Long 10yr ($ZN_F) 2/3 -$250.00 per contract
Long Pound ($6B_F) 2/14 +$537.50 per contract
Long Corn ($ZC_F) 3/5 +$400.00 per contract