Friday’s Futures Setups
The
Dow slumped 75 to 8515, the Nasdaq
fell 9 to 1457, and the S&P 500 lost 7 to 911. SARS is weighing on the market,
as did a weak jobs data report. Jobless claims rose, 13,500 and the four-week average stayed above
400,000
for the second straight month.
OPEC cut production, but increased quotas; June crude at one point today made a
contract low.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| 10-year notes ( TYM3 | Quote | Chart | News | PowerRating) |
break from triangle | up | pullbacks to 114-14 and above Thursday’s high |
Ten year notes
(
TYM3 |
Quote |
Chart |
News |
PowerRating) are breaking above a triangle and could
move higher.
Bean oil
(
BOK3 |
Quote |
Chart |
News |
PowerRating) triggered and made an inside bar.
Short
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Pork Bellies ( PBK3 | Quote | Chart | News | PowerRating) |
rising wedge | down | below Thursday’s close |
Pork Bellies
(
PBK3 |
Quote |
Chart |
News |
PowerRating) closed in a doji
at their 20-day moving average, and look suspiciously like a wedge.
The energies closed in hammers, and may rally
somewhat Friday. The OPEC production/quota news seems to have confused some
people.
The Yen
(
JYM3 |
Quote |
Chart |
News |
PowerRating) is still trading in a
triangle and looks to make a move soon – play the breakout either way.
Coffee
(
KCN3 |
Quote |
Chart |
News |
PowerRating) triggered, and made for a wild ride intraday before
closing lower. Cotton
(
CTN3 |
Quote |
Chart |
News |
PowerRating)
also triggered.
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.