Friday’s Futures Setups

  • June 12, 2003
  • Brice Wightman

The Dow
gained 13 to 9196, the Nasdaq rose 8 to 1653, and the S&P 500 added
1 to 998. Jobless claims were down 17,000 last week to 430,000, higher than
expected. U.S. retail sales were up .1% in May. Cool and wet weather is sending
the grains up. Dry conditions are west of the Missouri river mainly.



Long Candidates:




None tonight.


Still holding Coffee
(
KCN3 |
Quote |
Chart |
News |
PowerRating) from 59.80.

Cotton
(
CTZ3 |
Quote |
Chart |
News |
PowerRating) may pull back, based on today’s bar.



Short Candidates:




Contract



Setup



Direction



Trigger
Unleaded
(
HUN3 |
Quote |
Chart |
News |
PowerRating)		 wide range bar down rallies to .907
Crude
(
CLN3 |
Quote |
Chart |
News |
PowerRating)		 wide range bar down rallies to 31.90
Sugar
(
SBV3 |
Quote |
Chart |
News |
PowerRating)		 break below consolidation down rallies to 6.37

Sugar
(
SBV3 |
Quote |
Chart |
News |
PowerRating) is breaking below a consolidation and could go lower.

Momentum is decreasing in
Bonds
(
USM3 |
Quote |
Chart |
News |
PowerRating). We triggered and got stopped out. Possible tweezers
top here, but again, very tough – and potentially stupid to try and pick a top.

Still short Gold
(
GCQ3 |
Quote |
Chart |
News |
PowerRating) from 357.65.


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.

Be advised that some futures contracts are prone to gaps.



Remember, use stops on all your trades.

Brice