Juice And Nazdogs Set To Climb The Tree
Due to a scheduling conflict, Dave Landry will be unable to perform his usual sagacious analysis of the futures markets in this forum. I will be sharing my insights with you until he
returns on Monday, June 26. — Marc Dupee.
After a six-day run that has taken the July contract up 7.5% out of its Christmas-through-summer base, orange juice
(
OJU0 |
Quote |
Chart |
News |
PowerRating) could see additional follow through. The contract is the leader on the Momentum-5 List.
For a low-risk method of entering this market, see my article under the home page’s “Latest Trading Lessons†titled Using The Momentum-5 List To Enter A Futures Trade. Juice is an interesting market because it gave
advance warning of a possible spurt out of an extended range last week, after registering repeatedly on the Multiple Days Low Volatility List.
The second-strongest market according to the Momentum-5 List is the Nasdaq 100 futures
(
NDU0 |
Quote |
Chart |
News |
PowerRating). This market rallied out of a two-week trading base to close just a hair–1 point–shy of 4000 on Monday. The contract has quietly risen above this level for the past two days, a potentially constructive sign as it regroups for the next leg up. Wednesday’s rise came largely due to a rally in Microsoft. Other heavies on the NDX such as Oracle and Intel are trading just at their two-month highs and still have plenty of room to grow–and fuel
to add to the NDU0–before they become overbought. The two-day intraday chart shows an inverted head-and-shoulders pattern that may make good if it can take out 4050. A failure of this pattern would occur below 3960 and indicates the next significant support at 3850.
One way to get a jump on contracts that are setting up to implode—