Tuesday’s Futures Setups

The big news again today
was crude oil
, which jumped after Israel fired
missiles at Yasser Arafat’s headquarters. Crude oil
(
CLF2 |
Quote |
Chart |
News |
PowerRating)
closed at 20.09,
up .65. Crude oil has made two higher-lows since the November 19 low, and it
broke out of its seven-day consolidation. Heating oil
(
HOF2 |
Quote |
Chart |
News |
PowerRating)
and unleaded
gas
(
HUF2 |
Quote |
Chart |
News |
PowerRating)
also gapped higher out of consolidations. Iraqi oil flowed again
on Saturday, in a new six month oil-for-food phase.

After a 300-point rally last week, cotton,
(
CTH2 |
Quote |
Chart |
News |
PowerRating)
pulled back to 37.74, and closed poorly. This Momentum
5
member has rallied nicely since October 29. On the same list, copper
(
HGH2 |
Quote |
Chart |
News |
PowerRating)
had a wide range bar down, easily taking out Friday’s low.

Safe-haven buying lifted gold
(
GCG2 |
Quote |
Chart |
News |
PowerRating)
, now
trading above its 20-day moving average, and silver
(
SIH2 |
Quote |
Chart |
News |
PowerRating)
, trading above
its November 12 high. Silver is also on the 10-Day
High
list.

Soybean oil
(
BOZ1 |
Quote |
Chart |
News |
PowerRating)
closed above its 200-day
moving average, and is trading in a Turtle Soup setup.

Corn
(
CZ1 |
Quote |
Chart |
News |
PowerRating)
, after gapping up Friday, closed
well Monday, and matched the November 20 high. If corn had made a new high today,
it would have been set up in a Turtle Soup sell pattern. As it stands, look for
higher prices Tuesday.

Orange juice
(
JOF2 |
Quote |
Chart |
News |
PowerRating)
is trading in a triangle
below its November 2 high, and just above its 20-day moving average.

Japan’s third case of Mad Cow disease was
reported today. This, a day after U.S. food safety officials vowed to step up
surveillance of the disease in the United States.

Japanese yen
(
JYF2 |
Quote |
Chart |
News |
PowerRating)
looks to be following
through on a Pullback
Off Lows
, and seems to be headed for the November 23 contract lows.


Contract Setup
Direction

Trigger

Soybean
oil
(BOZ1)

Turtle
Soup

down
5-10
ticks below today’s 20-day high

Corn
(CZ1)
Gap
up continuation

up
above
209 3/4
Crude
oil

(
CLF2 |
Quote |
Chart |
News |
PowerRating)
Break
out from consolidation
up above
20.26
Japanese
yen
(JYZ1)
Pullback
from lows
down below
.8066
Gold
(GCG2)
Low
Multiple Days Readings
up above
278.30

Always use stops in
your trading.