Wednesday’s Futures Setups
The consumer confidence index fell from to
76.8 in September, much less than expected. Nigerian oil workers are considering
the possibility of going on strike. The third quarter has ended, with
the Nasdaq +10.5%, the Dow +3.3%, and the S&P 500
+2.2%. Crude oil futures were down $1 for the quarter, while gold futures
ended with a $40 gain.
Union workers in British Columbia are negotiating a new contract with the lumber
mills. Now THAT’s what you might call an engulfing bar.
Sugar is trying to break out of a three-week base.
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Bonds have traded to the 50% retracement of the large move down. If you missed
the refinancing craze, it looks like another window may be appearing here.
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More fighting in the Ivory Coast sent cocoa higher.
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.