Tuesday’s Futures Setups

• June 24, 2002
• TradingMarkets Editors

‘Tis the season! Now
it’s summertime in the grain
markets, and this is when markets could begin to move in either direction based
on just a comment from a market guru or a weather report. Today the talk of a
Midwest drought sent the grain and soybean futures on a rally. December corn
(
CZ2 |
Quote |
Chart |
News |
PowerRating) rose very strongly at the outset of the trading
session, rallying more than 4% as very hot weather in the Midwest threatens the
late-planted crop. Dec. corn rose 8 3/4 cents to $2.35 a bushel. September
wheat
(
WU2 |
Quote |
Chart |
News |
PowerRating) rose more than 1.61%, up 4.75 cents to $3.00 a
bushel. Corn was helped by wheat’s rally.

July soybeans
(
SN2 |
Quote |
Chart |
News |
PowerRating)
rallied strongly to $5.05 1/2 a bushel up 10.50 cents or 2.12%. Some traders
find soybeans less vulnerable to drought at this point. July soybeans have
resistance at around 5.11.

The Treasuries continued to move higher
today. Both the September 10-year Treasury note
(
TYU2 |
Quote |
Chart |
News |
PowerRating) and the
30-year bond
(
USU2 |
Quote |
Chart |
News |
PowerRating) hit new highs. Both treasuries are on the

TradingMarkets.com Momentum 5 List.

Possible Turtle Soup Plus One Sell Setup

Possible Turtle Soup Plus One
Buy Setup

Contract	Setup	Direction	Trigger
Sept dollar ( DXU2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	UP	break above 110
July lean hogs ( LHN | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	UP	break above 50
Sept Nasdaq 100 ( NDU2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	UP	break above 1100
Sept S&P 500 ( SPU2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	UP	break above 1020
Sept Dow Jones Indus ( DJU2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	UP	break above 9400

In the July lean hogs we had a false
breakout above the 50 trigger point, but on Tuesday, June 18, lean hogs broke
out to begin a new rally. On Friday, June 21, lean hogs closed at 51.475. Lean
hogs ended positive today Monday 06-24-2002

Pullback From The High

Contract	Setup	Direction	Trigger
Sept wheat ( WU2 | Quote | Chart | News | PowerRating)	Pullback from the high	UP	break above 3.00
July silver ( SIN2 | Quote | Chart | News | PowerRating)	Pullback from the high	UP	break above 5.04
August gold ( GCQ2 | Quote | Chart | News | PowerRating)	Pullback from the high	UP	break above 325.00
July frozen orange juice ( JON2 | Quote | Chart | News | PowerRating)	Pullback from the high	UP	break above 91
July bean oil ( BON2 | Quote | Chart | News | PowerRating)	Pullback from the high	UP	break above 18.30

Please note that
while there are strong trends in some commodities, 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.

Use stops on all your
trades.