Monday’s Futures Setups
Stocks were mixed Friday,
on extremely slow volume because of the power
outage. The Dow gained +11 to 9321, the Nasdaq
+1
to 1702, and the SPX flat at 990. The power
outage in the Northeast made for extremely light trading today in all markets,
and some – such as bonds – closed early. U.S. consumer prices were up .2% in
July and up 2.1% from a year ago, while industrial production was up .5% in
July.
Long Candidates:
None tonight.
Bonds
(
USU3 |
Quote |
Chart |
News |
PowerRating) and 10-year notes
(
TYU3 |
Quote |
Chart |
News |
PowerRating)
triggered long.
Cocoa
(
CCU3 |
Quote |
Chart |
News |
PowerRating) could bounce any day, and Coffee
(
KCU3 |
Quote |
Chart |
News |
PowerRating) may be basing.
Both Corn
(
CU3 |
Quote |
Chart |
News |
PowerRating) and Soybeans
(
SU3 |
Quote |
Chart |
News |
PowerRating) are
still trading in a flag after a gap up. These could go higher.
Short Candidates:
None tonight.
Gold
(
GCZ3 |
Quote |
Chart |
News |
PowerRating) hit the top of a gigantic triangle; this is also the
fourth time at the line, so if we break out, it could be a nice move. Keep in
mind, though, that we’re overbought here as well.
Don’t see much tonight, sorry for short article.
We did an interview recently — part of it dealing with commodities — with
Jim Rogers. If you missed it,
click here.
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.