Thursday’s Futures Setups
OPEC is expected to
announce
a production
increase of at least 1 million bbl./day when they convene Sunday in an emergency
meeting. The Department of Energy said they expect spot oil to stay above $30
for the first half of 2003.Â
Long
Candidates:
|
Contract
|
Setup
|
Direction
|
Trigger
|
| Bonds ( USH3 | Quote | Chart | News | PowerRating) |
continuation | up | above Wednesday’s high |
| Notes ( TYH3 | Quote | Chart | News | PowerRating) |
continuation |
up | above Wednesday’s high |
| Euro (ECH3) |
wide range bar |
up |
above
|
Bonds (USH3)
and Notes (TYH3)
triggered and probably have another day or so to the upside. The Euro
(
ECH3 |
Quote |
Chart |
News |
PowerRating) made a wide-range bar, and also look higher.
Short
Candidates:
| Contract |
Setup
|
Direction
|
Trigger
|
| Coffee ( KCH3 | Quote | Chart | News | PowerRating) |
weak close/trendline |
down | below Wednesday’s lows |
| E-Minis ( ESH3 | Quote | Chart | News | PowerRating) |
continuation | down | rallies to 915, then 921 |
The Minis
(
ESH3 |
Quote |
Chart |
News |
PowerRating) look like they’ll continue down
from here. Today was the start of earnings season, with Alcoa
(
AA |
Quote |
Chart |
News |
PowerRating) missing by
.09.Â
Coffee
(
KCH3 |
Quote |
Chart |
News |
PowerRating) looks like it may pull back 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.
Remember,
use stops on all your trades.