Friday’s Futures Setups

• June 20, 2002
• TradingMarkets Editors

The big
story today in the commodity futures is the continued blood bath in the U.S.
dollar market. What added to the declines in the dollar today was an
economic report released this morning that showed an expanding U.S. trade
deficit. The weekly chart for the September dollar (DXM2)
shows that prices are in a steep downtrend. Solid support is at the 108.00 area.
Historically, downtrends tend to last longer in major currencies. This means
that there is a possibility that we could see further decline in the dollar in
the coming weeks. The September dollar closed at 109.48, down .71. The
Japanese yen for September (JYU2)
rose .23 to 81.34, and the September euro (ECU2)
was unchanged at .96.

The Treasuries continued to move higher
today. Both the September 10-year Treasury note
(
TYU2 |
Quote |
Chart |
News |
PowerRating) and the
30-year bond
(
USU2 |
Quote |
Chart |
News |
PowerRating) hit new highs. Both treasuries are on the

TradingMarkets.com Momentum 5 List.

Possible Turtle Soup Plus One Sell Setup

Possible Turtle Soup Plus One
Buy Setup

Contract	Setup	Direction	Trigger
Sept dollar ( DXU2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	UP	break above 113.60
July lean hogs ( LHN | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	UP	break above 50
Sept Nasdaq 100 ( NDU2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	UP	break above 1200
Sept S&P 500 ( SPU2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	UP	break above 1040
Sept Dow Jones Indus ( DJU2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	UP	break above 9810

Pullback From The High

Contract	Setup	Direction	Trigger
July wheat ( WN2 | Quote | Chart | News | PowerRating)	Pullback from the high	UP	2.82
July silver ( SIN2 | Quote | Chart | News | PowerRating)	Pullback from the high	UP	5.04
August gold ( GCQ2 | Quote | Chart | News | PowerRating)	Pullback from the high	UP	325.00
July frozen orange juice ( JON2 | Quote | Chart | News | PowerRating)	Pullback from the high	UP	break above 91
July bean oil ( BON2 | Quote | Chart | News | PowerRating)	Pullback from the high	UP	break above 18.30

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.