Tuesday’s Futures Setups
The Dow fell 128 to 9072, the Nasdaq lost 34 to 1610, and the S&P 500 slid 14
to 981. A quarter point cut is expected on Wednesday. Bonds may be rallying from
a pullback. According to Iraqi oil officials, two explosions in their oil
pipelines since Saturday were acts of sabotage. September crude oil was down .20
at $28.78.
Long Candidates:
|
|
|
|
|
| Bonds ( USU3 | Quote | Chart | News | PowerRating) |
rally from pullback |
up |
above Monday’s high |
Our trigger got us long Bonds
(
USU3 |
Quote |
Chart |
News |
PowerRating) at 118 23, based on the 1,2,3
setup I mentioned Friday — 1 being the 13:35 bar on Friday; 2 being today’s
8:25 bar, and 3 being today’s 10:10 bar. If you didn’t get in, Tuesday may
provide a second entry.
Orange juice
(
OJN3 |
Quote |
Chart |
News |
PowerRating) is acting well. I didn’t give an “official”
setup here on Friday, but if you got long, congrats.
The Yen
(
JYU3 |
Quote |
Chart |
News |
PowerRating) is trading in a triangle — and has a very low ADX.
This tells me it’s about to make a move. The only remaining question is: which
way?
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.