NazDogs Disobey

  • March 6, 2001
  • Marc Dupee


Semiconductor stocks are failing to heed earnings or analysts warnings for a
third straight session, fueling the third day of a rally in the Nasdaq 100 futures
(
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off a two-year low.

The Nasdaq is pulling back from its highs of the session, but key intraday (short-term), support has been identified by Carolyn Boroden
in TradingSubscriptions in the 1998 through 2004 area. Here, 2000
through 2002 is especially key. On the upside, if the 2000 area holds in this
market, the 2027 through 2069 area is replete with resistance, which Carolyn
mentions could set up sell triggers. You can have key price action levels e-mailed to
you throughout the day on a trial basis by clicking on the above link.

 

Three up signals from the
Market
Bias Indicators Page, a critical mass and strong collective signal,
suggested stock index futures could rally this morning. S&P futures
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and Dow futures
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respectively.

As this morning’s Pre-Opening
Agriculture Futures Outlook intimated, cocoa looked heavy. Here’s the
morning Outlook commentary: “With London failing to hold gains on
fundamental tightness threats, it’s clear prices have reached a plateau and may
need to consolidate before moving higher. PRICE OUTLOOK: We think the market is
working toward a topping pattern with lost momentum clearly present.” Cocoa
gapped lower and is falling sharply, but looks though it may have found support
in the 1057 area. Cocoa is down 74 at 1059.

May wheat
(
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after triggering a Turtle Soup Plus One
Sell setup.

In the softs, coffee is showing range compression, rising
lows, and a new probe to a one-month high. Although this contract continues to
get sold at the top in the breakout area in a Turtle Soup sell setup, the
contract, at seven-year lows, is showing early signs of a more concerted push to
the upside and a mini head-and-shoulders bottom.