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Lucas: Buyers back after bearish call on Dax

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Steve Lucas outlines what he calls a cautious and counter trend trade on the June 15 Dax futures.  

Explaining his call Steve says: "A trend of lower weekly highs & lows since May’s top has kept signals pointing lower. However, while our call on tradingfloor.com was bearish yesterday, we highlighted the potential for buyers to return with futures trading close to 10906.0, a relatively important 50% pullback to the entire 2015 gains. This occurred, the market forming a bullish hammer. 

"Although this is short-term positive, trends of lower weekly and daily highs are dominating sentiment in the background.  Call - stay square on the open, but buy the dip at 10906.5, the last 6 hour low, with a stop loss at 10850.0, or to buy up through 11112.0, a 38% recovery to June’s losses, with a stop loss at 11050.0." 

Targets above 11112.0 are to 11189.0 and 11267.0, deeper 50 & 62% corrections.