Giants’ Footsteps Still Showing Path
Last week’s earnings warnings from chip Intel
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and Cisco’s
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as much as 17% over the next few months, is shaking stock index futures, sending
the S&Ps and Naz 100 futures to new contract lows as the markets follow these tech giants lower. Â
Both contracts–
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List. The June S&Ps are making good on an Off The Blocks
(short) entry and are trading just above their second limit-down trading
curb level. Carolyn Boroden, in TradingSubscritption’s
S&Ps and Nasdaq Price Action Levels service identifies the 1197 to 1202
area as a possible area from which the S&Ps can bounce.Â
Meanwhile, Momentum-5
List market
T-bonds
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index futures probed new lows and are up 12/32 on the session at 105 25/32.
As pointed out in this morning’s Agriculture Pre-Opening
Futures Outlook, the Commitment Of Traders report showed this market to be
under pressure from commodity fund short positions. May sugar
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down for a fourth consecutive day, out of Friday’s Pullback From Lows
setup and down .17 to 8.83 on the session.Â
The Japanese yen
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trading down as the Japanese economy continues to worsen. The yen has been on
the Implosion-5 List
for over a week. The New York Times is running a front page story about how the
Japanese economy is spiraling into deflation that could continue to hurt the yen
and the world economy.
May wheat
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out of a Pullback From Highs
setup and tagged the top of its recent range to leave the market in a Turtle
Soup and at a decision point. Today’s expansion bar in wheat argues for the
upside.