Tuesday’s Futures Setups
Treasury’s remained slightly higher Monday
afternoon as stock prices lost ground and investors remained cautious about
corporate earnings and global conflicts.
Bond investors were weighing in several factors, but none seemed to hold much
sway ahead of a speech Wednesday by Federal Reserve Chairman Alan Greenspan. For
the most part, it was proving to be a fairly quiet market for government bonds,
analysts said.
The benchmark June 10-year Treasury
(
TYM2 |
Quote |
Chart |
News |
PowerRating) was up .20 or .19% point,
to 104.87. Its yield, which moves inversely to the price, fell to 5.127%. This
is just above the key 50% retracement level. This 104.00 area will be initial
support and secondary support will be at 103.26. Resistance is at 104.917.TYM2
is on the
TradingMarkets.comMomentum 5 List.
The June 30-year Treasury
(
USM2 |
Quote |
Chart |
News |
PowerRating)
added .34 to 101.31, yielding 5.656%. This a a break above the resistance level.
The key 50% retracement level at around the 100.00 area will be secondary
support. Resistance is at 101.913. USM2 is on the
TradingMarkets.com Momentum 5 List.
The grains were mixed today, May wheat
(
WK2 |
Quote |
Chart |
News |
PowerRating) dropped 3/4 to $2.71 3/4 a bushel. May wheat is a
Potential Turtle Soup candidate.
May soybeans
(
SK2 |
Quote |
Chart |
News |
PowerRating) fell 4 1/2 cents to
$4.56 1/2. May corn
(
CK2 |
Quote |
Chart |
News |
PowerRating) gained 13/4 to $1.96 a bushel. May corn is
a
Potential Turtle Soup candidate,
Oil prices rallied higher Monday after a
tumultuous weekend in which Venezuelan President Hugo Chavez returned to power
two days after being deposed in an attempted coup.
Mr. Chavez’s comeback has rekindled concerns about supply from the Western
Hemisphere’s largest oil exporter, and Venezuela’s return to a more hawkish oil
policy of maintaining high oil prices by restricting production.
May crude oil
(
CLK2 |
Quote |
Chart |
News |
PowerRating) surged $1.10 higher or 4.69% to $24.57 per
barrel on the New York Mercantile Exchange in afternoon trading.
May unleaded gasoline
(
HUK2 |
Quote |
Chart |
News |
PowerRating) climbed 5.67 cents or 7.77% to 78.62
cents a gallon. May heating oil
(
HOK2 |
Quote |
Chart |
News |
PowerRating) climbed 3.29 cents or 5.4% to
settle at 63.34 cents a gallon and May natural gas
(
NGK2 |
Quote |
Chart |
News |
PowerRating) rose .31
cents to $3.43 per million British thermal units.CLK2, HOK2, HUK2 and NGK2 are all on the
TradingMarkets.com Pullbacks Off highs List.
|
Contract |
|
|
|
| June live cattle ( LCM2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup |
UP | break above 63.80 |
| June gold ( GCM2 | Quote | Chart | News | PowerRating) |
Cup and Handle | UP | break above 305.00 |
| May pork bellies ( PBK2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup | UP |
break above 70.00 |
| May copper ( HGK2 | Quote | Chart | News | PowerRating) |
Head and Shoulders | DOWN | break below 74.00 |
| May natural gas ( NGK2 | Quote | Chart | News | PowerRating) |
Pull Back Off High | UP | break above 3.133 |
| May cotton ( CTK2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup | UP | break above 37.11 |
| May soybeans ( SK2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Buy Setup | UP | break above 464 |
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.