Thursday’s Futures Setups

After disappointing
numbers
last night, Intel
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INTC |
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sent after-hour trading
lower. Futures took on a bearish tone, which set US stocks up for a down day.
This ended the rally that gave the Dow Jones Industrial Average its biggest
four-day gain in almost 70 years. Motorola
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, Boeing
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BA |
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and Coca-Cola
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KO |
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cut profit estimates, and General Motors
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GM |
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fell after Standard & Poor’s cut its credit rating. The Nasdaq Composite Index
had its biggest loss in almost three months.

The Nasdaq 100 futures for Dec,
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NDZ2 |
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fell 3.26% or 31 to 919.50. Just yesterday it broke above the 950
level. Support is at 900 on the daily chart. The Dec. S & P 500 futures
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SPZ2 |
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lost 19.69 or 2.23% to 862.29.

The Treasuries recouped some of yesterday’s
losses. The Dec. 10-year note
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TYZ2 |
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rose 1.95 or 1.76% to
113.12 while the Dec. 30 year
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USZ2 |
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added 1.75 to end at 109.78.

 



Possible
short candidates:



Contract


Setup


Direction


Trigger

Corn
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CZ2 |
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PowerRating)

Momentum
continuation


down

Trade below 246 1/2
Soybeans
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SX2 |
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Counter trend rally
down Trade below 528

Soymeal
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SMZ2 |
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Counter trend rally

down

Trade below 166.30
Canadian Dollar
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CDZ2 |
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Counter trend rally
down Trade below .6276
Dec. Lean Hogs
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LHZ2 |
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Possible Turtle Soup Sell down break below 40.00


Possible
long candidates:







Contract

Setup

Direction

Trigger

Pork Bellies
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PBG3 |
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Continuation out of pullback to 20-day MA

up

Trade above 75.05

Sugar
(
SBH3 |
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Pullback from high

up

Trade above 6.85
Dec. wheat
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WZ2 |
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PowerRating)
Turtle soup plus one buy
up
break above 3.84

Dec. wheat broke above the 3.84 level today. It could have a further move
to the upside with resistance at 4.00.

Please note that while there are strong trends, 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.