Friday’s Futures Setups
The Dow gained 68 to 9079, the Nasdaq
rose 31 to 1634, and the S&P 500
added 10
to 976. GDP rose an annualized 1.4% in the first quarter, down from the 1.9%
estimate. Corporate profits rose 2.6% in the first quarter. Jobless claims fell
22,000 last week, to 404,000, the lowest in three months. Iraq is producing
900,000 barrels of oil per day, with a target of two million barrels daily
by the end of the year.
Long Candidates:
None tonight.
We triggered in Cotton
(
CTZ3 |
Quote |
Chart |
News |
PowerRating), but it
closed poorly.
Soybeans
(
SQ3 |
Quote |
Chart |
News |
PowerRating) and Soy Meal
(
SMQ3 |
Quote |
Chart |
News |
PowerRating) got whacked, no question about it.
Corn
(
CU3 |
Quote |
Chart |
News |
PowerRating) plummeted to a trendline on the weekly chart.
Sugar
(
SBV3 |
Quote |
Chart |
News |
PowerRating) may have found support at the weekly uptrend line.
Orange Juice
(
OJN3 |
Quote |
Chart |
News |
PowerRating) may be attempting a
triple bottom.
Â
Short Candidates:
|
|
|
|
|
| Yen ( JYU3 | Quote | Chart | News | PowerRating) |
break from triangle | down | below Thursday’s low |
The Yen
(
JYU3 |
Quote |
Chart |
News |
PowerRating) fell out of the triangle
I’ve spoken about.
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.