Monday’s Futures Setups
The dollar fell against the euro and yen
in its biggest loss in a month as it was announced that the U.S. economy shrank
at a 1.1 percent annual rate. Dollar index futures (DXZ1)
are on the Implosion
5 list.
The indexes (SPZ1)
and (NDZ1)
are on the Pullbacks
Off Highs list. A CVR
I buy signal is still in effect.
The British pound (BPZ1)
is set up as a Pullback
Off Lows. The contract recently bounced off the .382 level of the Nov. 1
high to the Nov. 23 low.
After hitting contract lows on Thursday, a large
purchase by the Chinese sent corn (CZ1)
into rally mode Friday. Short covering by funds added to the strength. Corn
closed above its 50-day moving average for the first time in over two months.
Copper (HGZ1)
continues to be a story, with producer cutbacks sparking short covering. Copper
hit new three-month highs, though the 200-day moving average lies just above.
Gold is a Volatility
Explosion play, and having a tough time closing above its 200-day moving
average. Also, gold was discovered in eastern Sardinia, and geologists
believe it could be the biggest find in Europe in 20 years.
Sugar (SBH2),on
the Momentum
5 list, bounced off its 200-day moving average before pulling back.
| Contract | Setup |
Direction |
Trigger |
Soy
|
Trading near crucial support |
down |
below 156.20 |
| Corn ( CZ1 | Quote | Chart | News | PowerRating) |
Gap up |
up |
above 209 1/2 |
| Unleaded gas (HUZ1) |
Pullback from lows |
down | below .5343 |
| Japanese yen (JYZ1) |
Pullback From lows |
down | below .8088 |
| Gold ( GCG2 | Quote | Chart | News | PowerRating) |
Volatility Explosion, pullback from lows |
down | below 274.9 |
British
|
Pullback From lows |
down |
below 1.4208 |
Always use stops in
your trading.