I have looked at a few trades today, but have not entered any.
- Short Sterling: Waiting for a better entry level.
- Oil (WTI): Initially considered selling the breakout below $70/bbl, but actually the oil price seems well underpinned at $70 and I am more inclined to trade the range from the long side. This range has been fuzzy, so I am going to watch how things develop before entering. Perhaps I should have traded, but intra-day $70 has become a resistance so I may have time.
- Cocoa: Price is near its all-time high (set by two recent peaks). I am inclined to short it — supply fears relating to Ivory Coast have been in the news for a while and the market is having trouble going any higher.
- Sugar: Fundamentals are supportive and it broke out today from its recent range. Waiting for a more convincing breakout before going long.