Wednesday’s Futures Setups

The Dow
gained 75 to 9054, the Nasdaq rose 24 to 1627, and the S&P 500 added
9 to 984. Venezuela’s oil production is almost back to pre-strike levels; OPEC
meets tomorrow. Gold made the lowest close in almost a month, down 9.80 at $354.
Bonds made another contract high. Natural gas  rose 2 cents; rumor has it
that Congress will debate easing restrictions on drilling in the Rockies and the
Gulf.

Long Candidates:

 

Cotton
(
CTN3 |
Quote |
Chart |
News |
PowerRating) worked out pretty well from 6/4. I’d be taking
some off here.

Coffee
(
KCN3 |
Quote |
Chart |
News |
PowerRating) looks like it may be trying to bottom here.

Short Candidates:

Gold
(
GCQ3 |
Quote |
Chart |
News |
PowerRating) made a large move down. Watch for a possible reaction
move higher; the best entry is short on this reaction.

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.

Brice