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
|
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.