Friday’s Futures Setups

In today’s trade there was
positive bias from the open to the end
of
the session. The S&P 500 rose 19.61, or 2.2%, to 933.76, with Hewlett-Packard


(
HPQ |
Quote |
Chart |
News |
PowerRating)
and
General Electric


(
GE |
Quote |
Chart |
News |
PowerRating)

contributing 15% of the advance. The Dec. Standard & Poor’s 500 futures


(
SPZ2 |
Quote |
Chart |
News |
PowerRating)

rose 17.30 or 1.88% to 935.50.

The Dec. Nasdaq 100

(
NDZ2 |
Quote |
Chart |
News |
PowerRating)

climbed 43.00, or 4%, to 1117.50, the highest since June 19.

Two stocks rose for every one that fell on the Nasdaq Stock Market. Some 2.05
billion shares traded on the exchange, 39% more than the three-month daily
average.

U.S. jobless claims were down 25,000 last
week to 376,000, the best showing in four months. The Conference Board said that
the U.S. index of leading indicators was unchanged at 111.4 in October. Both
the
10-year note and 30-year bond were lower on today’s economic news. The
Dec. 10-year note


(
TYZ2 |
Quote |
Chart |
News |
PowerRating)

closed at 112 275 down -150 and the Dec.
30 year bond


(
USZ2 |
Quote |
Chart |
News |
PowerRating)

fell –
29
to 110 ’04.

Possible
short candidates:




Contract

Setup

Direction

Trigger


March cocoa
(
CCH3 |
Quote |
Chart |
News |
PowerRating)

Pull-back
from the lows

down

break below 1723

Dec. dollar
(
DXZ2 |
Quote |
Chart |
News |
PowerRating)

Pull-back
from the lows
down break
below 105.00
Dec. soymeal
(
SMZ2 |
Quote |
Chart |
News |
PowerRating)


Pull-back
from the lows

down

break below 165.00
Jan. crude oil
(
CLF3 |
Quote |
Chart |
News |
PowerRating)


Pull-back
from the lows

down

break below




25.73
March corn
(
CH3 |
Quote |
Chart |
News |
PowerRating)


Pull-back
from the lows

down

break below



2.44 3/4

Possible
long candidates:



Contract

Setup

Direction

Trigger

March sugar
(
SBH3 |
Quote |
Chart |
News |
PowerRating)
Pull-back
from the high
up break
above



7.50
Dec. euro
(
ECZ2 |
Quote |
Chart |
News |
PowerRating)
Pull-back
from the high
up break
above



1.00790

Dec. S&P 500 E-Mini
(
ESZ2 |
Quote |
Chart |
News |
PowerRating)
Pull-back
from the high
up break
above 915

Dec. bean oil
(
BOZ2 |
Quote |
Chart |
News |
PowerRating)
Pull-back
from the high
up break
above 22.79
Dec. British pound
(
BPZ2 |
Quote |
Chart |
News |
PowerRating)
Pull-back from the high up break up above 1.5887


Today on the S&P 500 E-Mini
(
ESZ2 |
Quote |
Chart |
News |
PowerRating)
, we broke above resistance on the
daily chart and closed right at the 84.1% line. This line was drawn from the Aug
high to the Oct low. A further move up, will have the ESZ2 challenging the 940
area then after that the 950 area.


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.

Use stops on all your trades.