Friday’s Futures Setups

The Dow
fell 114 to 9179, the Nasdaq lost 28 to 1648, and the S&P 500 slid 15
to 995. U.S. jobless claims fell 13,000 last week to 421,000, but are still over
400,000 — for the 18th straight week. The U.S. index of leading indicators rose
1.0% in May. Drought conditions are lessening, according to the USDA. Natural
gas supplies are down 32% from a year ago.

Long Candidates:

Bonds
(
USU3 |
Quote |
Chart |
News |
PowerRating) closed in a hammer and we could see a rally to the 50%
retracement level of the recent four-bar pullback. 10 year notes, same
idea.

Orange juice
(
OJN3 |
Quote |
Chart |
News |
PowerRating) looks as if it may be basing off a double
bottom. I’m more inclined to take the next pullback, but a breakout above
Thursday’s high could prove profitable.

Short Candidates:

None tonight.

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.

Brice