Monday’s Futures Setups
Stocks were mixed Friday,
with the Dow +64 to 9191, the Nasdaq -8
to 1644, and the SPX +3 to 977. It’s official: Italy is in a recession, the
first in ten years. Workers at the world’s largest copper mine, in Chile, are
now on strike.
The Gold Bugs Index ($HUI.X)
made a six-year high.
Long Candidates:
The Canadian dollar
(
CDU3 |
Quote |
Chart |
News |
PowerRating) is still set up in a 1,2,3
pattern with positive momentum divergence.
Natural gas
(
NGU3 |
Quote |
Chart |
News |
PowerRating) consolidated after it broke a channel with a wide range
bar on Thursday. Look for a
1,2,3 entry next week.
Also watching Cocoa
(
CCU3 |
Quote |
Chart |
News |
PowerRating) here, as it looks ready
to break a trendline and there is some positive divergence happening.
Short Candidates:
|
|
|
|
|
| Bonds ( USU3 | Quote | Chart | News | PowerRating) |
counter-trend rally | down | rallies to 108 04 and below Friday’s low |
Bonds and 10-year notes closed poorly after bouncing off a down trendline on the
daily, shy of a .382 retracement.
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.