Thursday’s Futures Setups
Stocks were lower Wednesday,
with the Dow -34 to 9094, the Nasdaq -5 to 1747,
and the SPX -6 to 994. Greenspan said the Fed would consider buying Treasuries
to combat deflation. Shipping lanes in Houston are now open after hurricane
Claudette, and oil and gas production is back to normal. U.S. consumer prices
were up .2% in June; bonds rallied. Treasury Secretary Snow reiterated his
support of a strong dollar, which closed at 97.00.
Long Candidates:
|
|
|
|
|
| Bonds ( USU3 | Quote | Chart | News | PowerRating) |
1,2,3 on 30-min chart | up | above Wednesday’s high |
| Hogs ( LHQ3 | Quote | Chart | News | PowerRating) |
positive momentum divergence at 127% Fib extension | up | above Wednesday’s close |
Hogs
(
LHQ3 |
Quote |
Chart |
News |
PowerRating) may bounce more at the 127% Fib extension; they closed
well today. Feeders
(
FCQ3 |
Quote |
Chart |
News |
PowerRating) triggered long out of a pullback.
Bonds
(
USU3 |
Quote |
Chart |
News |
PowerRating) may bounce after a good close. Take a look at the 1,2,3
pattern on the 30-minute chart.
Short Candidates:
None tonight.
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.