Monday’s Futures Setups

  • June 20, 2003
  • Brice Wightman

The Dow
gained 21 to 9200, the Nasdaq lost 3 to 1645, and the S&P 500 rose 1
to 996. The Philadelphia Fed said the U.S. economy will grow at an annual rate
of 3.5% in the second half of 2003, which reduces the chances for a 50 basis
point rate cut next week. Bonds were down a fifth straight day.



Long Candidates:




Contract



Setup



Direction



Trigger
Bonds
(
USU3 |
Quote |
Chart |
News |
PowerRating)		 hammer up 1,2,3 on a 10-minute chart,


above Friday’s low

10-year notes
(
TYU3 |
Quote |
Chart |
News |
PowerRating)		 hammer up
1,2,3 on a 10-minute chart, above Friday’s low

Bonds
(
USU3 |
Quote |
Chart |
News |
PowerRating) didn’t trigger, and have now been down five straight
days. Looking for a bounce here.

Orange juice
(
OJN3 |
Quote |
Chart |
News |
PowerRating) still looks as if it may be basing off a double
bottom. I’m more inclined to take the next pullback, but a breakout above
Thursday’s high could prove profitable.



Short Candidates:

None tonight.


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