Monday’s Futures Setups

• April 12, 2002
• TradingMarkets Editors

The June 30-year bond
(
USM2 |
Quote |
Chart |
News |
PowerRating)
rallied again today, adding on .34 or
.34% to end at 100.96. This is just above the key 50% retracement level. This 100.00
area will be initial support and secondary support will be at 99.59. Resistance
is at 101.278. A break above the resistance level, will set up a target point of
101.913 the secondary resistance point. USM2 is on the

TradingMarkets.com Momentum 5 List.

The June 10-year note
(
TYM2 |
Quote |
Chart |
News |
PowerRating) moved up
.41 today to close at 104.67. This is just
above the key 50% retracement level. This 104.00 area will be initial support
and secondary support will be at 103.26. Resistance is at 104.463. A break above
the resistance level, will set up a target point of 104.917 the secondary
resistance point. TYM2 is on the

TradingMarkets.com Momentum 5 List.

Two currencies that are building momentum are
the June British pound
(
BPM2 |
Quote |
Chart |
News |
PowerRating) and the June Euro
(
ECM2 |
Quote |
Chart |
News |
PowerRating). Both have
been building momentum and are on the

TradingMarkets.com Momentum 5 List.

The grains were mixed today, with May wheat
(
WK2 |
Quote |
Chart |
News |
PowerRating) gaining 2 1/4 cents to
$2.73 1/2 a bushel. May wheat is a

Potential Turtle Soup candidate.

May soybeans
(
SK2 |
Quote |
Chart |
News |
PowerRating) also put in a gain closing at $4.61 1/2 a
bushel up 3 1/2 cents. May corn
(
CK2 |
Quote |
Chart |
News |
PowerRating) continued to move lower today,
giving up 1 1/4 cents to $1.97 1/2 a bushel. May corn is a

Potential Turtle Soup candidate,

Stocks closed higher Friday as bargain hunters
stepped into the market to buy shares following Thursday’s bruising selloff.

The June Nasdaq 100 futures
(
NDM2 |
Quote |
Chart |
News |
PowerRating) rose 21.50 or 1.61% to 1353.00,
recovering much of Thursday’s tumble.

The June Dow Jones Industrial Average
(
DJM2 |
Quote |
Chart |
News |
PowerRating) ended up 24.00 points at 10194, after slumping 205.65 points the
previous session.

The June S&P 500 Futures
(
SPM2 |
Quote |
Chart |
News |
PowerRating)
closed above its 1100.00 at 1112 up 8.09. Resistance is at 1140.00

Crude Oil futures bled red today. Oil
tumbled more than a dollar lower a barrel as Venezuelan President Hugo Chavez
resigned under pressure from the military, sparking fears that the nation’s next
political leader will boost oil production and exports.

The country’s oil monopoly, Petroleos de
Venezuela, said midday Friday that it is restoring export levels after days of
disrupted production.

May crude-oil futures
(
CLK2 |
Quote |
Chart |
News |
PowerRating) fell 1.52 in afternoon trading to
$23.46 a barrel on the New York Mercantile Exchange. May unleaded gasoline
(
HUK2 |
Quote |
Chart |
News |
PowerRating) was down 5.91 cents or 7.46% to 72.96 cents a gallon. May
heating oil {HOK2|HOK2] fell 4.66 cents to 60.05 cents a gallon and May
natural gas
(
NGK2 |
Quote |
Chart |
News |
PowerRating) gained 2 cents to $3.12 per million British thermal
units. CLK2, HOK2, HUK2 and NGK2 are all on the

TradingMarkets.com Pullbacks Off highs List.

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.

Have A Great Weekend!