Supply/Demand Driven Commodities Continue to Fall; All Others a Trade
(7-6-14) Our standing contingent orders in the Sep. Long Bond contract, wherein we were buying the Bonds at 134.20, selling them at 135.02 was done in Thursday's session, thanks to the stronger than expected unemployment report which initially exerted pressure in the Long Bond contract.
Also our standing short positions in the Oil that we had put on in Wednesday's session at 104.25, covering at 103.75, also filled.
We are currently short the Gold from 1330. We covered half of our position at 1320 in Thursday's late session trade. Still looking for a retest of the 1313 recent pullback lows in the Gold in the coming week's trade.
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* AL MARTIN is a market trader as well as an independent political/ economic analyst with 25 years of experience as a trader on NYMEX, CME, CBOT and CFTC.