 | | 5 Hot Picks by McLean Giles of G-Force Trading |
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 Mr. Giles is the president of G-Force Trading, LLC. He was previously part of the Global Wealth Management Group at Morgan Stanley and received his degree in finance from the University of Colorado at Boulder. G-Force Trading, LLC provides a wide range of services and trading tools while maintaining the specialization of a smaller firm, offering full-service accounts, managed futures accounts, and even discounted trading to self-directed traders. The firm publishes the G-Force Market Report three times a week, covering over 18 commodities and financial futures
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The S&P is at a pivotal point near its current 918.00 level. With news that GM will file for bankruptcy protection, the market is reacting positively this morning. However, the market will need to close above 930.00 to sustain this bullish trend. We are buyers above this level, but will be very cautious to not overstay our welcome if the market begins to close under 928.00.
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Gold has been getting a boost from our falling U.S. Dollar. Our initial Dollar target is down near 78.00 which should push Gold up near the $1,000.00 level. The market will likely test $1,000-$1,005 before pulling back. Look to exit any longs at this level with an attempt to regain the long position on a pullback.
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We continue to remain bullish for Crude Oil. The market has advanced nicely over the last 4 weeks hitting our initial upside target last week. From here, the market needs a pullback, which would provide another entry point for the long side. Look to be a buyer on a pullback near $67.50. Do not risk a close below $67.00.
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The Notes have experienced a dramatic sell-off over the last two weeks. The big question: is the bottom in? I don't believe so as our downside target remains under the 116-00.0 level. Look to be a seller on a break below 117-18.0. Do not risk a close above 118-00.0.
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Corn is starting to advance above its severe resistance level of $4.30-$4.35. Look for this market to continue up to $4.50 from here. A close above $4.50 will further the move up towards $4.62. Only a close below $4.35 will void this bullish trend.
Futures and options trading involves risk of loss and is not suitable for everyone.
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Phil is Vice President, Energy and General Market Analyst with Alaron Futures and Options and is one of the world's leading energy market analysts. His market commentary, fundamental and technical analysis, and long-term forecasts are sought by industry executives, investors and media worldwide.