Tuesday’s Futures Setups
Stocks were up on Monday,
with the Dow +146 to 9216, the Nasdaq up
57 to 1721, and the Nasdaq up 50 to 1282. Investors are looking positively
toward the second quarter earnings season, coming next week. Bonds fell as
investors look forward to a second-half recovery. Ten year notes closed at 116
105, down 120.
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Long Candidates:
Â
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| Corn ( CU3 | Quote | Chart | News | PowerRating) |
bounce! | up | 1,2,3 above Monday’s low |
If you’re in Cotton
(
CTZ3 |
Quote |
Chart |
News |
PowerRating) from 7/1, we may be hitting some
resistance at the 4/21 highs, and it’s probably time to take some off the table.
I still think
Corn
(
CU3 |
Quote |
Chart |
News |
PowerRating) looks interesting for a bounce. It was trading in a Slim Jim
most of the day today on the 5-minute chart; look for a 1,2,3 tomorrow for long
entry.
Short Candidates:
None tonight.
Crude Oil
(
CLQ3 |
Quote |
Chart |
News |
PowerRating) triggered short; monitor your
stops.
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.
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