Friday’s Futures Setups
The
Dow gained 21
to 8286, the Nasdaq
rose 6 to 1403, and the S&PÂ 500 rose 2Â to 876. The disarmament of
Iraq has begun. U.S. Energy Secretary Spencer Abraham announced that world oil
supplies are not in danger. A few oil fires were lit, but the number appears to
be small. April crude fell 1.27.
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Notes ( TYM3 | Quote | Chart | News | PowerRating) |
Fib level |
up | below Thursday’s low |
| Bonds ( USM3 | Quote | Chart | News | PowerRating) |
Fib level |
up | below Thursday’s low |
| Pork Bellies ( PBK3 | Quote | Chart | News | PowerRating) |
consolidation near highs |
up | above Thursday’s high |
Bonds
(
USM3 |
Quote |
Chart |
News |
PowerRating) and Notes
(
TYM3 |
Quote |
Chart |
News |
PowerRating) may bounce at .618
retracements after being quite oversold. We may see a final dip before the
up-move; look for a setup near Thursday’s low.
Cotton
(
CTK3 |
Quote |
Chart |
News |
PowerRating) is still pulling back. Cocoa
(
CCH3 |
Quote |
Chart |
News |
PowerRating) has bee quite frustrating in this consolidation.
Short
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Gold ( GCJ3 | Quote | Chart | News | PowerRating) |
bear flag |
down | below Thursday’s low |
If Gold
(
GCJ3 |
Quote |
Chart |
News |
PowerRating) falls out of its flag, it could go much lower.Â
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.