Follow These Turtles
For the fifth day in a row, June Nasdaq 100
futures
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NDM2 |
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PowerRating) closed negative. This is now a 20 day low for the
Nasdaq 100 futures. The close is right around its support line at
1330.00. A break below this level could mean that June Nasdaq 100
futures will possibly retest the 1300 level. One strategy when playing a 20-day new low
is the
“Turtle Soup Plus one Buy Setup” The Nasdaq was very choppy today and
not much good news has surfaced to put the market on a strong reversal uptrend.
The June Nasdaq 100 lost 23.50 or 1.74% to end at 1330.
Like the Nasdaq 100 futures, the June
S&P 500 futures
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SPM |
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PowerRating) has put in a similar pattern and is a possible
Turtle Soup Plus one buy setup. The June S&Ps have support at 1100. If there is
a break below this level, SPM2 could retrace back to its 1080 support level. If
there is a bounce in the SPM2, look for overhead resistance at 1129.45 and
secondary resistance at 1147.70. Take a look at
Lewis Borsellino’s comments on the S&Ps. the June S&Ps closed out the
session at 1103.29 down 5 or .45%.
Sadam Hussein once again pleaded for oil-producing countries
not to sell oil to the United States and Israel. Most of
the Arab nations that produce oil cannot afford not to sell their oil. Later
today, supply data will be released and some traders feel that the distribution
in Venezuelan exports will show a tight crude inventory. A tighter inventory
means higher prices. Crude oil for June
(
CLM2 |
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PowerRating) rose .22 or .83% to
26.62. June heating oil
(
HOM2 |
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PowerRating) rose .66 to 66.93; June unleaded
gasoline
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HUM2 |
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PowerRating) picked up .84 to end at 80.29 and June natural gas
(
NGM2 |
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PowerRating) lost .013 to finish at 3.602.
In the grains, July wheat
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WN2 |
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PowerRating) dropped
to a 20-day low to set up a possible Turtle Soup Plus-one Buy Setup. Wheat
closed at $2.72 1/4 a bushel down 1/2. July soybeans
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SN2 |
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PowerRating) rallied 4
1/4 to $4.77 a bushel. July corn
(
CN2 |
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PowerRating) edged up 1/4 to $2.04 a bushel.
In the precious metals, June gold
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GCM2 |
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PowerRating)
regained its luster today by rallying up $1.00 or .33% to $304.60 an ounce. May
Silver
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SIK2 |
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PowerRating) followed gold’s lead and rose 2.70 to 4.57 and May copper
(
HGK2 |
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PowerRating) fell 1.19 to 73.15 a pound.