Monday’s Futures Setups
Ten-year US Treasuries
advanced for a third week
as some investors anticipated economic growth will slow, keeping inflation tame
and preserving the value of the fixed-rate securities. The Dec.
10-year note
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gained .26 to 115.04. The Dec. 30 year bond
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also was stronger gaining over 1 point, closing at
112.96 up 1.03. The Treasury markets will be closed on Monday Nov. 11, Veterans
Day.
The Dec. S&P 500
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slipped 11.40 or 1.26% to 891.39. The Dec. Nasdaq 100
futures
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shed 20 or 1.94% percent, to
1009. Nvidia fueled the decline, tumbling 22% after saying it expects
little sales growth. The futures were hurt by the UN resolution demanding
unrestricted arms inspections in Iraq. The decision makes a US-led attack more
likely if Saddam Hussein refuses to comply.
The dollar fell for
a third week against the euro and yen after the Federal Reserve’s half-
percentage point interest-rate cut drove some investors to higher- yielding
investments outside the U.S. The Dec dollar
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104.68 down .46. In the Dec. Japanese
yen
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50% retracement line drawn from the July highs to the Oct. lows. If the yen
bulls can push and close prices above the flat-line and trend-line resistance
area around .8400, then they we could see a good
upside momentum and set the resistance sights on the summertime highs. The
Japanese yen for Dec. closed at 83.64 up 1.06 or 1.28%.
Possible
short candidates:
| Contract |
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Possible Turtle Soup Sell |
down |
break below
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Dec. lean hogs
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Mar. sugar triggered and fell below 7.50 today. Look for support
at around 7.25 the 20-day SMA. A break below that level will have secondary
support at 7.00.
Possible
long candidates:
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Jan. frozen orange juice |
Ascending Triangle |
up |
break above 102 |
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Dec coffee |
|
up |
Trade above 67.00 |
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Dec. gold |
Break above 20-day high |
up |
Trade above 321.00 |
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.
Use stops on all your trades.