Friday’s Futures Setups
Stocks rose Thursday,
with the Dow +39 to 9310, the Nasdaq +14
to 1700, and the SPX +6 to 990. U.S. producer prices were up .1% in July,
while jobless claims were up 2,000 to 398,000.
A major power outage in the East has left thousands
without out power in New York, Ohio, Detroit and Ontario, Canada. First reports
indicate a power grid was overloaded.
Long Candidates:
|
|
|
|
|
| Bonds ( USU3 | Quote | Chart | News | PowerRating) |
double bottom | up | above Thursday’s close |
| 10-year notes ( TYU3 | Quote | Chart | News | PowerRating) |
double bottom | up | above Thursday’s close |
Bonds
(
USU3 |
Quote |
Chart |
News |
PowerRating) and 10-year notes
(
TYU3 |
Quote |
Chart |
News |
PowerRating)
have made a double bottom and closed well. What more can I say?
Cocoa
(
CCU3 |
Quote |
Chart |
News |
PowerRating) could bounce any day. Coffee
(
KCU3 |
Quote |
Chart |
News |
PowerRating) appears to be basing.
Both Corn
(
CU3 |
Quote |
Chart |
News |
PowerRating) and Soybeans
(
SU3 |
Quote |
Chart |
News |
PowerRating) are
trading in a flag after a gap up. These could go higher.
Short Candidates:
None tonight.
Gold
(
GCZ3 |
Quote |
Chart |
News |
PowerRating) hit the top of a gigantic triangle; this is also the
fourth time at the line, so if we break out, it could be a nice move. Keep in
mind, though, that we’re overbought here as well.
We did an interview recently — part of it dealing with commodities — with
Jim Rogers. If you missed it,
click here.
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.