Keep your eyes on Corn and Crude Oil on Wednesday for sizable intraday moves. Wednesdays, of course, are supply data reports for Crude, Heating Oil and Gasoline, and they will impact the markets, at 10:30 am. These markets all traded within a very narrow range on Tuesday, and look to be set up for a sharp move to the upside. Although these markets open about a half hour ahead of the report, I would not trade any type of opening range break out in these markets until at least 10 minutes after the report is released. Any way you look at it, it should be a big move for the day.

Corn traded within an inside day on Tuesday, with a pretty narrow range. It looks to me like the bias for Wednesday may be to the downside, due to the way it traded on Monday. So, watch out if it trades below the lows of Monday and Tuesday.

Stock index futures look like they want to test last week's lows. The Crude Oil reports and the performance of the Dollar will have an impact. If you like to day trade the stock index futures, on down days, the S&P is your best bet, while on up days, the ND100 and Russell 2000 are your best bets.

Good trading!
Scott Cole
www.kungfutrader.com