Thursday’s Futures Setups
After disappointing
numbers last night, Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) sent after-hour trading
lower. Futures took on a bearish tone, which set US stocks up for a down day.
This ended the rally that gave the Dow Jones Industrial Average its biggest
four-day gain in almost 70 years. Motorola
(
MOT |
Quote |
Chart |
News |
PowerRating), Boeing
(
BA |
Quote |
Chart |
News |
PowerRating)
and Coca-Cola
(
KO |
Quote |
Chart |
News |
PowerRating) cut profit estimates, and General Motors
(
GM |
Quote |
Chart |
News |
PowerRating)
fell after Standard & Poor’s cut its credit rating. The Nasdaq Composite Index
had its biggest loss in almost three months.
The Nasdaq 100 futures for Dec,
(
NDZ2 |
Quote |
Chart |
News |
PowerRating) fell 3.26% or 31 to 919.50. Just yesterday it broke above the 950
level. Support is at 900 on the daily chart. The Dec. S & P 500 futures
(
SPZ2 |
Quote |
Chart |
News |
PowerRating) lost 19.69 or 2.23% to 862.29.
The Treasuries recouped some of yesterday’s
losses. The Dec. 10-year note
(
TYZ2 |
Quote |
Chart |
News |
PowerRating) rose 1.95 or 1.76% to
113.12 while the Dec. 30 year
(
USZ2 |
Quote |
Chart |
News |
PowerRating) added 1.75 to end at 109.78.
Â
Possible
short candidates:
| Contract |
Setup |
Direction |
Trigger |
| Corn ( CZ2 | Quote | Chart | News | PowerRating) |
Momentum |
down |
Trade below 246 1/2 |
| Soybeans ( SX2 | Quote | Chart | News | PowerRating) |
Counter trend rally |
down | Trade below 528 |
| Soymeal ( SMZ2 | Quote | Chart | News | PowerRating) |
Counter trend rally |
down |
Trade below 166.30 |
| Canadian Dollar ( CDZ2 | Quote | Chart | News | PowerRating) |
Counter trend rally |
down | Trade below .6276 |
| Dec. Lean Hogs ( LHZ2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Sell | down | break below 40.00 |
Possible
long candidates:
| Contract |
Setup |
Direction |
Trigger |
| Pork Bellies ( PBG3 | Quote | Chart | News | PowerRating) |
Continuation out of pullback to 20-day MA |
up |
Trade above 75.05 |
| Sugar ( SBH3 | Quote | Chart | News | PowerRating) |
Pullback from high |
up |
Trade above 6.85 |
| Dec. wheat ( WZ2 | Quote | Chart | News | PowerRating) |
Turtle soup plus one buy | up |
break above 3.84 |
Dec. wheat broke above the 3.84 level today. It could have a further move
to the upside with resistance at 4.00.
Please note that while there are strong trends, one bar or a series of bars
forming a setup can sometimes indicate a contra move for the next day. This
contra move may not be long-lasting — maybe only for a day or two. Trading with
the main trend is always the highest probability trade.
Use stops on all your trades.