Friday’s Futures Setups

• April 4, 2002
• TradingMarkets Editors

May Coffee
(
KCK2 |
Quote |
Chart |
News |
PowerRating)
prices moved significantly lower today after eight straight sessions of positive
closings. Prices broke below the double-bottom at 57.50 basis May. This market
had rallied almost 700 points since 03-25-2002. For the most part, this sell-off
was technical in nature due to the extremely overbought conditions. May options
will be expiring next Friday. Support for May comes in at 56.00. Resistance is
at 57.50.

May cocoa
(
CCK2 |
Quote |
Chart |
News |
PowerRating) gapped higher at
the open today on support from the London market. In today’s trading, the May
cocoa contract was pushed above the 15.00 basis level. May options will be
expiring tomorrow and the 15.00 strike price could be targeted. There is a
downside gap at 14.88-14.95. Support for May is at 15.00. Resistance is at
15.25.

The Broader market index futures ended lower on
the session, despite the late session rally. The June Dow futures
(
DJM2 |
Quote |
Chart |
News |
PowerRating)
closed at 10220.000 down 13.00. The June Nasdaq 100 futures
(
NDM2 |
Quote |
Chart |
News |
PowerRating) lost 10.00 to end at
1403.500. And the June S&P 500
(
SPM2 |
Quote |
Chart |
News |
PowerRating) futures dropped 4.600 to end
at 1125.700.

Oil prices stabilized Thursday as the market
brushed aside Iraqis threats of an oil embargo against countries that support
Israel.
But fears that Israel’s offensive against the Palestinians could further
destabilize the Middle East are still keeping crude prices well above levels
justified by demand for oil, analysts said.

At midday, crude-oil futures were nearly flat, gaining only 1 cent to $27.58 a
barrel on the New York Mercantile Exchange. The May crude oil contract
(
CLK2 |
Quote |
Chart |
News |
PowerRating) ended lower by .98 to 26.58. Meanwhile, May unleaded gasoline
(
HUK2 |
Quote |
Chart |
News |
PowerRating) dropped 2.51 cents to 82.33 cents a gallon and May heating
oil
(
HOK2 |
Quote |
Chart |
News |
PowerRating) lost 2.17 cents to 68.66 cents a gallon..
May crude oil, May heating oil and May unleaded gasoline
are all on the
TradingMarkets.com
Momentum 5 List.

June gold
(
GCM2 |
Quote |
Chart |
News |
PowerRating) tested its
$300.00 an ounce support level today. June gold pulled back 1.50 to end at
$302.00 an ounce.

Contract	Setup	Direction	Trigger
June Swiss franc ( SFM2 | Quote | Chart | News | PowerRating)	Pullback Off High	            UP	     break above .6050
May wheat ( WK2 | Quote | Chart | News | PowerRating)	Pullback Off High	            UP	     break above 285
May pork bellies ( PBK2 | Quote | Chart | News | PowerRating)	Pullback Off Low	          DOWN	     break below 77.00
May copper ( HGK2 | Quote | Chart | News | PowerRating)	Head and Shoulders	          DOWN	     break below 74.00
May orange juice ( JOK2 | Quote | Chart | News | PowerRating)	Pull Back Off High	            UP	     break above  92.70
May cotton ( CTK2 | Quote | Chart | News | PowerRating)	Pull Back Off High	            UP	     break above 38.50
May soybeans ( SK2 | Quote | Chart | News | PowerRating)	Pull Back Off High	            UP	     break above 462.000

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.