Friday’s Futures Setups

The futures gapped up the major indices today.
This helped stocks rise for the fifth day in six as International Business
Machines
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PowerRating)., Eastman Kodak
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EK |
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PowerRating) became the latest companies to report higher-than-forecast profits.
Almost two-thirds of the companies in the Standard & Poor’s 500 Index that have
published quarterly results have exceeded estimates.

The S&P 500 futures for Dec.
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PowerRating)
rose up 17.19 or 1.99% to 879.50 above its 50-day moving average and the 50%
retracement level drawn from the Aug high to the recent lows this month. The
Dec. Nasdaq 100
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PowerRating) broke up and tried to break its resistance level
at 960.00 but ended closing at 946 up 26.50 or 2.88%.

The Treasuries continued to break down from their
recent highs. The Dec. 10-year note
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PowerRating) broke below its 50-day
moving average to close down 180 to 112 180. The Dec. 30 year bond
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PowerRating) continued its slide falling 1′ 00 to 108′ 25.

After hitting a contract high and a 16-year high
just last week, December cocoa futures
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PowerRating) have seen a big sell
off this week. Cocoa broke below the 38% retracement line and is heading for the
50% and 50-day moving average. The Bulls can argue that a profit-taking,
corrective pullback was bound to happen. We will probably see more near-term
price declines from present levels, which would suggest that the top is in place
in the cocoa market. 2054 is a support zone.

Possible
long candidates: