Pounds Weigh Heavy

  • August 25, 2000
  • Marc Dupee

British pounds
(
BPU0 |
Quote |
Chart |
News |
PowerRating), the leading contract on the Implosion-5 List,
are down for a ninth session in 10, and approaching a contract low. There is
speculation that a British firm’s bid to purchase a Canadian entity, Rio Algom,
is pressuring the British unit. 

Also from the
Implosion-5 List,
cocoa is dredging new contract lows, down 11 at 782.

Contracts that were on Thursday’s Momentum-5 List,
December cotton and October crude oil, are moving higher. Cotton is also making
good on a 1-2-3-4 buy setup (signaled on the  Pullback From Highs List)
and crude is up marginally. 

Stock index futures are notable for their domination of
the Momentum-5 List. A 10-day rally in the Nasdaq Composite has provided a very
positive environment for stock index futures and a slight pullback is to be
expected before the next leg up.Â