Friday’s Futures Setups

• April 18, 2002
• TradingMarkets Editors

Today on the Comex, June gold futures
(
GCM2 |
Quote |
Chart |
News |
PowerRating) continued to benefit from the weakening U.S. dollar against foreign
currencies. Within the past two days
June gold has been resurrected from the $298 region to 11-day highs above the
$305 an ounce resistance line. June gold has been forming a cup and handle
pattern and today settled up $2.40 per ounce at $305.20. Gold has resistance at
around $308 an ounce.

At about 1:30 PM EST, some of the gold
mining stocks began to sell off. Anglogold
(
AU |
Quote |
Chart |
News |
PowerRating), Barrick Bold
(
ABX |
Quote |
Chart |
News |
PowerRating)],
Newmont Mining
(
NEM |
Quote |
Chart |
News |
PowerRating) and Placer Dome Mining
(
PDG |
Quote |
Chart |
News |
PowerRating) all closed lower.
The PHLX Gold & Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) also sold off at the end of
the day. Keep your eyes on gold in the morning, this could be a sign of gold
moving lower at the opening.

Stocks trimmed losses in the second half of
trading as it became clearer that a plane crash in Italy was an accident and not
the work of terrorists, though major indexes remained depressed as lackluster
earnings reports continued to roll in.

The June Dow Jones Industrial Average futures
(
DJM2 |
Quote |
Chart |
News |
PowerRating) pulled back by
53.00 to 10175.000.

The June Nasdaq 100
(
NDM2 |
Quote |
Chart |
News |
PowerRating) lost 24.50
to end at 1387.50.

The June Standard & Poor’s 500
(
SPM2 |
Quote |
Chart |
News |
PowerRating) inched down 4.90 to 1123.000.

The benchmark June 10-year Treasury
(
TYM2 |
Quote |
Chart |
News |
PowerRating)
inched higher,
to 104.406. This
is just above the key 50% retracement level. This 104.00 area will be initial
support and secondary support will be at 103.26. Resistance is at 104.917. TYM2
is on the

TradingMarkets.comMomentum 5 List. 

The June 30-year Treasury
(
USM2 |
Quote |
Chart |
News |
PowerRating)
moved higher by .220 to 100.281.
The key 50% retracement level at around the 100.00 area will be secondary
support. Resistance is at 101.913. USM2 is on the

TradingMarkets.com Momentum 5 List. 

July cocoa
(
CCK2 |
Quote |
Chart |
News |
PowerRating) rallied higher
today and closed above its resistance level of 1550. July cocoa is on the

TradingMarkets.com Momentum 5 List. 

The June dollar
(
DXM2 |
Quote |
Chart |
News |
PowerRating) has hit a
20-day low. This is a

Potential Turtle Soup Candidate Plus One Buy Candidate.

Contract	Setup	Direction	Trigger
June live cattle ( LCM2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	            UP	break above 63.80
June gold ( GCM2 | Quote | Chart | News | PowerRating)	Cup and Handle	            UP	break above 305.00
May pork bellies ( PBK2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	            UP	break above 70.00
British pound ( BPM2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Sell Setup	          Down	break below 1.4360
May natural gas ( NGK2 | Quote | Chart | News | PowerRating)	Pull Back Off High	            UP	break above 3.133
July cotton ( CTN2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	            UP	break above 39.00
July soybeans ( SN2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	            UP	break above 464
June Euro ( ECM2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Sell Setup	          Down	break below .88000
June Canadian dollar ( CDM2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Sell Setup	          Down	break below .63200

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.