Monday, October 5, 2009

5

NG just can't get over 5. It went as high as 5.008 to run very minor stops, but who would put stops within 10 ticks above 5 considering how volatile NG is. To see a solid stop run, I'd say it has to trade at least above 5.05.

There's obviously a lot of battle going around 5. I do like the inverted Head and Shoulder pattern, and the neck line coincides with 5, which is really critical in my opinion. I plan on selling 4.75 call for 0.6ish. To get there futures needs to be traded around 5.2 I think.

For lumber, as usually, nothing.

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