Tuesday’s Futures Setups
Stocks were up Monday.
The Dow gained +91 to 9412, the Nasdaq
+37
to 1739, and the SPX +9 at 999.74. Hot temps
in the Midwest sent the grains higher, and aphids are being reported in soybeans
in several state. The Nikkei closed at 10,033, its highest in a year.
Long Candidates:
|
|
|
|
|
| Natural Gas ( NGU3 | Quote | Chart | News | PowerRating) |
first pullback | up | above Monday’s high |
Bonds
(
USU3 |
Quote |
Chart |
News |
PowerRating) and 10-year notes
(
TYU3 |
Quote |
Chart |
News |
PowerRating)
gained again; keep your stops in.
Cocoa
(
CCU3 |
Quote |
Chart |
News |
PowerRating) could bounce any day, and Coffee
(
KCU3 |
Quote |
Chart |
News |
PowerRating) is hitting a trendline again, oversold.
Both Corn
(
CU3 |
Quote |
Chart |
News |
PowerRating) and Soybeans
(
SU3 |
Quote |
Chart |
News |
PowerRating) popped out of their
flag. Take partial profits, at least.
                                         Â
Momentum called this move in Corn.
Â
The Dollar
(
DXU3 |
Quote |
Chart |
News |
PowerRating) is forming a base, and the 50-day
MA is finally pointing up. Remember, though, this is the currency Jim Rogers
hates (see interview – link below).
Â
Short Candidates:
Â
|
|
|
|
|
| Gold ( GCZ3 | Quote | Chart | News | PowerRating) |
overbought at trendline | down | below Monday’s close |
Gold
(
GCZ3 |
Quote |
Chart |
News |
PowerRating) looks as though it will be turned back from the top of
this gigantic triangle.
Â
Â
We did an interview recently — part of it dealing with commodities — with
Jim Rogers. If you missed it,
click 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.
Be advised that some futures contracts are prone to gaps.
Remember, use stops on all your trades.