Friday’s Futures Setups
Enron’s
reach is far and wide — even the yen fell on fears that a bankruptcy
would impact Japanese banks that are creditors. This Pullback
From Lows List currency made a wide-range bar down, but closed above its
lows.
Natural gas (NGF2)
followed through on its wide range bar from yesterday, making new lows. This
Soy meal (SMZ1)
bounced off October 22 support, forming a weak hammer. A break below this level
indicates lower prices. Soybeans (SF2)
have halted twice off at 70.7% Fib retracement of the 10/22 low – 11/19 high,
suggesting possible reversal. Both contracts are on the New
10-Day Lows list.
Cotton (CTH2)
continues its rally from consolidation.
Sugar (SBH2)
made another new high, but this time it is near the 200-day moving average.
Watch for resistance at this level.
Live cattle’s (LCG2)
advance may be stopped by today’s gravestone candle.
| Contract | Setup |
Direction |
Trigger |
Soy
|
Trading near crucial support |
down |
below 155.60 |
| Heating oil (HOZ1) |
from lows |
down |
below 51.80 |
| Unleaded gas (HUZ1) |
Pullback from lows |
down | below 51.30 |
| Japanese yen (JYZ1) |
Pullback From lows |
down | below .8073 |
Canadian
|
Haggerty 1-2-3 |
up |
above 63.31 |
Use protective stops on every trade.