Friday’s Futures Setups
With signs of better conditions in the Middle
East, oil prices pulled back once again in today’s trade. In fact, downside
momentum appears to be building in the energies. At NYMEX, where the energies
are traded, the decline in June crude oil (CLM2) prices spilled into the
energies as a whole. June crude fell .51 or 1.9% to $26.24 a barrel. June
heating oil
(
HOM2 |
Quote |
Chart |
News |
PowerRating) gave back 1.35 or 2.00% to close at 66.07.
Unleaded gasoline for June delivery
(
HUM2 |
Quote |
Chart |
News |
PowerRating) lost 1.99 to finish at 78.49
and June natural gas
(
NGM2 |
Quote |
Chart |
News |
PowerRating) gave up .05 to 3.68.
Today in the currency market, with the exception of the British pound,
several of the foreign currencies lost against the dollar. As stated
yesterday, the reason for the foreign currencies’ recent run to newer highs is
that investors in foreign markets must have their dollars exchanged to that
country’s currency. Some investors feel that some countries will rebound from
their economic slowdown faster than the US.
Today, the June British pound
(
BPM2 |
Quote |
Chart |
News |
PowerRating) attempted to break out of the
52-week high range of 146.00 before settling down to 145.93, an increase of .02.
The June Swiss franc
(
SFM2 |
Quote |
Chart |
News |
PowerRating) dropped to 62.16 a .28 loss. The June
Canadian dollar
(
CDM2 |
Quote |
Chart |
News |
PowerRating) has been rallying from a pull back from the high
on a daily chart. Today the Canadian dollar tried to take out its Dec. 16 2001
high at .64040, but was not successful closing at .63.98 down .05.
The Japanese yen for June
(
JYM2 |
Quote |
Chart |
News |
PowerRating) lost .32 or .41% to end at 78.32.
Yesterday’s big story of the day was the June euro
(
ECM2 |
Quote |
Chart |
News |
PowerRating) closing
above .90 and taking out the highs set earlier this year. Today the euro stayed
neutral and closed unchanged at .90. The dollar
(
DXM2 |
Quote |
Chart |
News |
PowerRating) gained .02 on
the day to close at 145.93.
SFM2, BPM2 and ECM2 are
all on the
TradingMarkets.com Momentum 5 List.
Contract |
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Possible Turtle Soup Plus |
UP |
break above 2.72 |
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Possible Turtle Soup Plus |
Down |
break below .63500 |
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.Â
Please use stops on all your trades.