Monday’s Futures Trading Outlook

The Sept. Triple Witch has come and gone
and has left behind a day filled with choppiness and big volume, and
surprisingly, a positive end of the day. The Dec. S&P 500 was positive at
the outset, but came under pressure throughout the session. SPZ2 made a high at
884.00 before pulling back to close at 841.79, up .10

This morning Texas Instruments
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was downgraded by Solomon Smith Barney, and it looked like this would wear hard
on other tech issues and hurt the Nasdaq 100 futures for Dec.
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PowerRating). The Nasdaq 100 was able to stay up throughout the day and end
positive at 875.50, up 3.00.

The Treasuries rose along with the choppy equity
trade. the Dec. 10-year note
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PowerRating) rose .10 to end at 114.68. The
Dec. 30-year bond
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PowerRating) closed at 113.06, up 1.81, or 1.63%.

In the chart above, you can see that Dec. corn
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PowerRating) has become
short-term over sold on a technical analysis basis. Today corn broke below the
50-day moving average and the 38% retracement line drawn from this years low to
high. Also the stochastic is falling below the 20% oversold region. Corn could
test the 50% retracement level before moving higher. If it breaks below the 50%
retracement level, we could see corn fall to secondary support at 2.45. Today
Dec. corn closed at $2.60 3/4 a bushel.

Possible long candidates: