We need one more down day and we have a sweet buying opportunity. The Chinese PMI numbers came in weaker than expected, thus the sharp down move in the overnight market. I am looking to buy the ES around 1810, looking for a move to 1880 within 3 weeks. In any case, you can buy around these levels and make gains in March. We may have weakness into early next week due to options expiration, and also the closing of the Verizon/Vodafone deal, which will supply about $60B in new equity into the marketplace.
So looking for a little more weakness, and I will snap up equity futures for the grind higher. Don't fight the upmove yet, we still have a ways to go.
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4 comments:
Hi is it time to short natural gas? Which contract is preferred? Front or back month? I am new to natural gas.
Thx.
Buying this dip will be a mistake. Everyone is buying this dip from what I can see. The market has conditioned people well.
Approaching the highs again MO. You think that dip has passed?
No, I think we should consolidate for another few days, post options expiration next week could provide the optimal long entry. We will blast higher from beginning of March into nonfarm payrolls.
And I will wait till next week to short natural gas, after the front month March contract expires. I have no interest in shorting the March NG futures. Will look to short April NG sometime when it is the front month.
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