Monday’s Futures Setups
The
Dow skidded
144 to 8257, the Nasdaq
gained 3 to 1395, and the S&P 500 lost 11 to 880.
New Jobless
claims rose 30,000 last week to 442,000, the second highest in a year. The
June 10 year T-notes were down 7/64ths at 114.07/32nds.
France, Germany, and Russia
are threatening to use the U.N. as a roadblock to
prevent oil sales needed to rebuild the country. May crude rose 1.37 to $30.55.
Both
Fitch and Standard & Poor’s indicated that Germany
may be in danger of losing its AAA credit rating.  Â
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Bean Oil ( BOK3 | Quote | Chart | News | PowerRating) |
pullback from highs | up | above Thursday’s high |
| Canadian dollar ( CDM3 | Quote | Chart | News | PowerRating) |
consolidation near highs | up | above Thursday’s high |
| Corn ( CK3 | Quote | Chart | News | PowerRating) |
pullback from highs | up | above Thursday’s high |
The Canadian dollar
(
CDM3 |
Quote |
Chart |
News |
PowerRating) is consoldiating near its highs in a
solid uptrend. A break above this area is bullish.
The down trendline on Bonds
(
USM3 |
Quote |
Chart |
News |
PowerRating) and 10-year
notes
(
TYM3 |
Quote |
Chart |
News |
PowerRating) now becomes support. In the case of 10-year notes, this
level is very close.
Soybeans
(
SK3 |
Quote |
Chart |
News |
PowerRating) blasted out of a consolidation. Bean Oil
(
BOK3 |
Quote |
Chart |
News |
PowerRating) triggered again, but closed poorly, although still above the 20MA.
Coffee
(
KCK3 |
Quote |
Chart |
News |
PowerRating) made a nice move, taking out recent resistance. Cocoa
(
CCK3 |
Quote |
Chart |
News |
PowerRating)
still looks lower after this bear flag resolves to the downside.
Corn
(
CK3 |
Quote |
Chart |
News |
PowerRating) could break above this consolidation; Wheat
(
WK3 |
Quote |
Chart |
News |
PowerRating) has traded virtually flat all month.
Short
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Natural Gas ( NGK3 | Quote | Chart | News | PowerRating) |
doji at .382 Fib level | down | below Thursday’s low |
Natural gas
(
NGK3 |
Quote |
Chart |
News |
PowerRating) may pull back here
at a .382 Fib level and overbought stochs.
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.