Friday’s Futures Setups

  • July 10, 2003
  • Brice Wightman

Stocks were lower Thursday,
with the Dow -120 to 9036, the Nasdaq -32 to 1715,
and the SPX -13 to 989. Jobless claims were the highest since February 1983.
Natural gas supplies were up last week, but still 25% under a year ago. Talk is
that corn will see a record crop this year, and the estimate for beans may be
going up as well.



Long Candidates:


Wheat
(
WU3 |
Quote |
Chart |
News |
PowerRating) triggered long, as did Bonds
(
USU3 |
Quote |
Chart |
News |
PowerRating).

 



Short Candidates:






Contract



Setup



Direction



Trigger
Unleaded
(
HUQ3 |
Quote |
Chart |
News |
PowerRating)		 confluence of Fib levels down rallies to .9425, and below Thursday’s low

Unleaded gas
(
HUQ3 |
Quote |
Chart |
News |
PowerRating) looks lower here on a
confluence of a Fib retracement and an extension.


Please note that while there are strong trends, 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.


Be advised that some futures contracts are prone to gaps.



Remember, use stops on all your trades.

Brice