Wednesday’s Futures Setups
Stocks were lower Tuesday,
with the Dow -48 to 9128, the Nasdaq -1 to 1753,
and the SPX -3 to 1003. Greenspan said there is still room to cut interest
rates, and that inflation was not a problem. Retail sales were up 0.5% in June.
Some oil and gas production has been shut down in the Gulf due to hurricane
Claudette. August crude fell .03. The Russian wheat crop is off 33% from last
year, per the USDA. September wheat fell 3 1/2 to 315 1/4.
Long Candidates:
|
|
|
|
|
| Feeders ( FCQ3 | Quote | Chart | News | PowerRating) |
rally from pullback | up | above Tuesday’s high |
| Hogs ( LHQ3 | Quote | Chart | News | PowerRating) |
positive momentum divergence at 127% Fib extension | up | above Tuesday’s close |
Hogs
(
LHQ3 |
Quote |
Chart |
News |
PowerRating) may bounce at the 127% Fib extension here. Feeders
(
FCQ3 |
Quote |
Chart |
News |
PowerRating) may rally from a pullback.
Short Candidates:
None tonight.
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.