Thursday’s Futures Setups
Stocks fell Wednesday.
The Dow lost 31 to 9397, the Nasdaq flat at 1760, and the SPX
-2 at 1000. Richmond Fed Governor Paul
Broaddus said that interest rates can remain low until more improvement is seen
in employment numbers.
Long Candidates:
|
|
|
|
|
| Gold ( GCZ3 | Quote | Chart | News | PowerRating) |
triangle | up | above Wednesday’s high |
| British pound ( BPU3 | Quote | Chart | News | PowerRating) |
1,2,3 |
up | above Wednesday’s high |
| Cotton ( CTZ3 | Quote | Chart | News | PowerRating) |
gap | up | above Wednesday’s close |
Cotton
(
CTZ3 |
Quote |
Chart |
News |
PowerRating) gapped up, and could continue.
The British pound
(
BPU3 |
Quote |
Chart |
News |
PowerRating) is trading in a 1,2,3 (not
shown on this weekly chart) and could rally here. The reason for the weekly is
to show the long-term trendline.
Gold
(
GCZ3 |
Quote |
Chart |
News |
PowerRating) is hitting the top of this triangle — again. This is the
fourth time at this trendline.
Bonds are barely breaking a trendline:
Short Candidates:
None tonight.
We did an interview recently — part of it dealing with commodities — with
Jim Rogers. If you missed it,
click here.
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.
Be advised that some futures contracts are prone to gaps.
Remember, use stops on all your trades.