Wait For Setups

January 17, 2002
Dave Landry

Each
evening we focus on the most interesting aspects for the upcoming
trading day. The comments are based on observations of the nightly
updates of the Futures and Market Bias pages. They are provided for
educational purposes only and are not intended to be direct trading
advice. Also, keep in mind that these remarks are made up to 12 hours
in advance of the markets opening. Therefore, overnight events may
alter the outcome of these observations.

There’s not much to look at tonight. March coffee (KCH2)
may be putting in a longer-term bottom, but lately has has been
drifting lower. The March Yen (JYH2),
mentioned recently, appears to be resuming its downtrend but is
oversold again and approaching its recent lows. In other words,
probably too late to enter. Just about everything else seems to be
trendless, choppy, or failing to follow through.

Looking Ahead

The March Ten Year Notes (TYH2)
have formed a cup formation and are beginning to “handle.”
They could set up soon.