Monday’s Futures Setups
In spite of the continued violence in the
Middle East
and the anticipated driving increase this summer for vacations, August crude
oil futures
(
CLQ2 |
Quote |
Chart |
News |
PowerRating) lost ground
on light volume today.
The reason for the drop was a report that Venezuela plans to exceed its oil
production quota by 400,000 barrels a day for the rest of 2002.Venezuela is
already producing about 200,000 barrels a day more than the 2.49 million barrels
a day it had agreed to with the Organization of Petroleum Exporting Countries.
Over the past month, there have been signs that the government, which is in
desperate need of cash to narrow a budget deficit, would push crude output even
higher, this according to the Wall Street Journal.
The Treasuries continued to move higher
today. Both the September 10-year Treasury note
(
TYU2 |
Quote |
Chart |
News |
PowerRating) and the
30-year bond
(
USU2 |
Quote |
Chart |
News |
PowerRating) hit new highs. Both treasuries are on the
TradingMarkets.com Momentum 5 List.
Possible Turtle Soup Plus One Sell Setup
Contract |
Setup |
Direction |
Trigger |
| Dec cotton ( CTZ2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 46 |
| Sept 10-y note ( TYU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down | break below 106 |
| Sept British pound ( BPU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 1.47 |
Possible Turtle Soup Plus One
Buy Setup
Contract |
Setup |
Direction |
Trigger |
| Sept dollar ( DXU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP | break above 110 |
| July lean hogs ( LHN | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP | break above 50 |
| Sept Nasdaq 100 ( NDU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 1100 |
| Sept S&P 500 ( SPU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 1020 |
| Sept Dow Jones Indus ( DJU2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP |
break above 9400 |
In the July lean hogs we had a false
breakout above the 50 trigger point, but on Tuesday, June 18, lean hogs broke
out to begin a new rally. On Friday, June 21, lean hogs closed at 51.475. Lean hogs
ended the week positive.
Pullback From The High
Contract |
Setup |
Direction |
Trigger |
| July wheat ( WN2 | Quote | Chart | News | PowerRating) |
Pullback from the high | UP | break above 2.82 |
| July silver ( SIN2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
break above 5.04 |
August gold ( GCQ2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
break above 325.00 |
July frozen orange juice ( JON2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP | break above 91 |
July bean oil ( BON2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP | break above 18.30 |
Please note that
while there are strong trends in some commodities, 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.
Use stops on all your
trades.