Soybeans have offered CFRN Traders the most generous opportunities this week as the S&P 500 has remained inside a 10 Point Range thus far marked both on the top and bottom by our Weekly Trading Zones. With Triple Witching on deck perhaps the broader markets will show us increased volatility.
As we wrote on Monday, Soybeans have offered some very dynamic opportunities of late. Our first Soybean Alert of the week went out Sunday night on the Globex session. The call which was to be short below 17.03 triggered Monday the 17th. By early Tuesday morning prices dropped 72 cents to 16.30.
November Soybeans (ZSX2)
Today the Soybean market handed us another extraordinary opportunity. The alert went out to be short below 16.45
The trade triggered within the hour and proceeded to drop 25 cents in the next hour and a total of 29 cents over the following 3 hours.
November Soybeans (ZSX2)
CFRN Partners have been alerted to take some or all profits even though we believe there is potential for further decline down to 16.00. For those who still have a partial position on, be vigilant with your stops. Combined, the two Soybean trades this week created a profit opportunity of $1.01 which is equivalent to a 101 point move in the S&P 500 Emini Futures.
Tomorrow is Triple Witching Day which might sound a bit scary but I assure you it's not. It could possibly create some much needed volatility so by all means if a black cat crosses your path don't step on its tail. For more detail on exactly what Triple Witching is all about, read this article from our archives written back in December of 2010.
S&P 500 Emini Futures
This has been a historically bleak week in both the Dow and the S&P Futures. On August 19th we wrote an article about the tightest range in 60 years. It looks as though we could set a new record this week of a slightly different sort.
Each Monday before the markets open CFRN Partners are issued their Weekly Trading Zones. There are multiple zones each week and you can view over 700 of our charts by clicking the CFRN Charts button on the toolbar at the bottom of this page. So far this week, price has played a game of ping pong inside just one Weekly Zone. Price has strayed above and below for a few ticks but as you can see on the chart below, not by much.
If Triple Witching fails to bring volatility and we close the week between the upper and lower zones on this chart, it will be the first time that has happened since we began publishing them. While the quiet movement has given us some time to think, we much prefer an active market. With that said, we are reminded of the elegant nature of the Weekly Zones. Like silent sentinels they have simply stood their post this week doing a fine job of what Weekly Trading Zones are supposed to do.
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