Friday’s Futures Setups

• July 11, 2002
• TradingMarkets Editors

The September S&P 500
futures ended a waterfall of red, as the S&Ps for September (SPU2)
closed positive for the first time in four sessions. The SPU2 closed at 927.29,
up 8.30.

Traders were looking for more losses today as
another accounting scandal reared its ugly head. This time it was drug maker
giant Bristol Myers Squibb (BMY).
The Sept. S&P slid down on negative internals, but by the mid session, the S&P
has shaken off the news and reversed from a 1,2,3 higher bottom. The rally went
all the way to the close, giving the S&Ps their first positive closing in four
sessions.

The Sept. Nasdaq 100 futures (NDU2)
had a turnaround story as well. Right around the time the S&Ps turned, the
Nasdaq followed suit and had a nice afternoon rally. The Nasdaq 100 futures rose
37 or 3.84% to 1000.

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Three
currencies that rallied from pull backs from highs, are the September euro

(
ECU2 |
Quote |
Chart |
News |
PowerRating), September Japanese yen
(
JYH2 |
Quote |
Chart |
News |
PowerRating) and the September
British pound
(
BPU2 |
Quote |
Chart |
News |
PowerRating). All three of these currencies are on the

TradingMarkets.com Momentum List

September cocoa
(
CCU2 |
Quote |
Chart |
News |
PowerRating) continues its
impressive moves, but be warned, things that rise fast could fall fast
as well. Cocoa could fall victim to profit taking. A break below the 1750 resistance level
could send cocoa to the 1671 retracement level.Cocoa is on the


TradingMarkets.com Momentum List.

Possible Turtle Soup Plus One Sell Setup.

Possible Turtle Soup Plus One
Buy Setup

Pullback From The High

Please note that
while there are strong trends in some commodities, 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.