Wednesday’s Futures Setups

• April 30, 2002
• TradingMarkets Editors

The June Dow Jones Industrial Average
(
DJM2 |
Quote |
Chart |
News |
PowerRating)
moved cautiously at the beginning of today’s session. The Dow 30 opened
right around yesterday’s close of 9819.

It then channeled sideways until about
10:00 AM ET when some economic reports were released. The Consumer Confidence
index slipped to 108.8 in April from 110.2 in March; this was actually a bit
better than the 107.5 consensus and consistent with the slight drop in the
Michigan consumer index.

The Chicago PMI fell to 54.7% in April, just a bit
below the 55.0% consensus. This did not deter traders. If anything, it was good news. The market took off and didn’t look
back. By 1:00 PM ET, the Dow was up over 170.00 points trading around 9992.82. The
market internals were positive. The June Dow futures rose 114.00, or 1.16%.
The June Dow Jones Industrial Average futures are a

Possible Turtle Soup Plus One Buy setup.

The June Nasdaq 100 rose 29.00 or 2.32%. Helping the Nasdaq move higher today
is the AMEX Biotech Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating), The Morgan Stanley Heath
Care Index
(
$HMO.X |
Quote |
Chart |
News |
PowerRating) and the Phlx Semiconductor Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating).
The NDM2 is a

Possible Turtle Soup Plus One Buy setup.

The June S&Ps
(
SPM2 |
Quote |
Chart |
News |
PowerRating) finally closed
positive. The S&Ps rallied 11.09 or 1.04% to close at 1076.00.

Take a look at the

TradingMarkets.com Market Bias Indicators for CVR buy setups.

After pulling back yesterday, soybeans and
grains received a boost from three separate news stories. The first was the U.S. Government announcement that it would increase farm
subsidies. The second batch of news related to the winter-wheat
crop.

The government’s report shows that the crop’s condition has not improved,
which would point to a lower-than-expected harvest. Wheat has been
dropping like a falling knife of late and put in a 20-day low yesterday. This
set up a

Possible Turtle Soup Plus One Buy Setup. Today July wheat
(
WN2 |
Quote |
Chart |
News |
PowerRating)
rallied up 3.75 cents or 1.42% to end at $2.68 3/4 a bushel.

The third news
item impacted July corn
(
CN2 |
Quote |
Chart |
News |
PowerRating). Corn rose 1/4 of a cent to close at
$2.00 1/2 a bushel. The move came on the heels of South Korea’s large corn
purchase. July soybeans rallied up 1.25 cent to $4.66 3/4 to end positive.

Contract	Setup	Direction	Trigger
June live cattle ( LCM2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	            UP	break above 63.80
June Dow Jones Industrial Avg ( DJM2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	            UP	break above 10000
May pork bellies ( PBK2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	            UP	break above 70.00
British pound ( BPM2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Sell Setup	          Down	break below 1.44000
June natural gas ( NGM2 | Quote | Chart | News | PowerRating)	Pull Back Off High	            UP	break above 3.500
July sugar ( SBN2 | Quote | Chart | News | PowerRating)	Pull Back Off High	            UP	bounce off of 5.0 support level
July soybeans ( SN2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	            UP	break above 464
July wheat ( WN2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Buy Setup	            UP	break above 2.72
June Canadian dollar ( CDM2 | Quote | Chart | News | PowerRating)	Possible Turtle Soup Plus One Sell Setup	          Down	break below .63500

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.