Friday’s Futures Setups
December Gold
(
GCZ1 |
Quote |
Chart |
News |
PowerRating) traced an engulfing bar (an outside day) at the
right shoulder of a head and shoulders pattern that closed below the previous
nine closes and slightly below the up-slanting neckline of the H&S top. As
the move takes gold below its 10-day moving average, it is eligible for an 10-90
Opening Entry.
T-bonds’
(
USZ1 |
Quote |
Chart |
News |
PowerRating) outside, engulfing day
also suggests this rally will back and fill (down).
Energies spurted 5% today, and we could see follow through
momentum. The 50% retracement of their most recent down swing would coincide
with closing the 10/31 gap in Dec Crude Oil
(
CLZ1 |
Quote |
Chart |
News |
PowerRating), an upside
target.
Euro FX futures
(
ECZ1 |
Quote |
Chart |
News |
PowerRating) have
attempted to rally, but have sold off for eight straight days. The euro is
susceptible to a weak economy and manufacturing base. The half-point cut in
interest rates did not help it to gain today, implying the market’s focus is on
the weak economy and a move out of the euro to find higher returns
on interest rate capital. Look for this market to trade much lower over the next
few weeks.
December Lean Hogs
(
LHZ1 |
Quote |
Chart |
News |
PowerRating) held above 50.500 from last night and
closed well, but 51.650 will be difficult to get above. Long until 51.650, then
short at that level.
|
Contract
|
Setup |
Direction |
Trigger |
( GCZ1 | Quote | Chart | News | PowerRating) |
Outside Day down |
Down |
10-90 Opening short |
| T-bonds ( USZ1 | Quote | Chart | News | PowerRating) |
Outside Day down |
Down |
Below 110 14/32 |
Crude
|
Reaction rally |
Up |
Opening range and intraday dynamics |
| Euro FX futures ( ECZ1 | Quote | Chart | News | PowerRating) |
Persistent late-session weakness |
Down |
Slim Jim Short below .8909 |
Lean hogs
|
Approaching resistance zone |
Up and then down |
Long until 51.650, then short an triggers within that resistance zone. |