Monday, May 09, 2005

THT Big Weekend Edition - Part Two - Tom's Trades

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Big Weekend Edition, Part Two - Tom's Trades
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To view the Test Drive version of Part One - Erich's Trades - go to http://www.supportandresistance.com/testdrive.html

To get these on Sunday each week, along with Part One of course, go to http://www.supportandresistance.com/subscribe.html

This has been a very full week with a capital "F". Thank you all for your good wishes regards Jacki's surgery. She is doing just fine and recovering quickly … too quickly by my estimation. She's up and around to an extent causing me to nag at her to take it more easy … typical.

My oldest granddaughter celebrates her 19th birthday today … my God, where did the time go! My sweet Nahtassha Neekohl Satchiko Kohara has become a woman in the blink of an eye. My son, Jeff, turns 30 next week. Inescapable realization … I'm gaining elder statesman status much before my mind is ready to accept it.

I'm sitting here in my cubicle at the house constructing this as my next oldest g-daughter, Ke'Le is on the laptop, sitting next to me doing her homework. She's 15. Man, it's getting scary. For those of you with kids of your own who may be a bit younger than I … take the time to spend moments with them as much as you can, talk to them, nourish them, enrich their lives … the memories will sustain you later on. They will become priceless at sunset.

The coming week should be an interesting one. We have some economic issues providing volatility to the stock markets, currencies and most notably the interest rate issues. We're sneaking up on the summer season for grains which is always problematic. These factors always play hard on directionally focused traders.

It's time to think through the benefits of being a forecaster NOT but simply an observer of price flow, letting the market dictate whether buyers or sellers we will be. Who knows more about the market's action than the market? No one.

If the market is going to talk to us only a fool would refuse to listen or, worse, prefer to talk over the top of it spouting predictions based on assumptive mathematical equations. Let's be smart!!

Here we go, kids … put the capper on last week with the review and drag out the treasure maps for the paths we'll take next week.
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Trade Review
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I didn't do much on Friday for obvious reasons. I did a little in Bonds before I took Jacki in and then looked back in about 11 am my time. Most everything was done by then.
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JUNE TBonds
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About 5 minutes into the session I sold 114-28. When the stronger than anticipated jobs number came out we got some extreme volatility. Since the break was hard in our direction it gave me some choices. I could play it conservatively rolling the stop tight near the bottom of the move … IF I could move that fast.

The second alternative was to go with the flow a bit. Let the market play out, see where we were when the dust settled and then make the appropriate response. The risk in this course was how hard the Bonds would bounce back before the dust settled. I decided to go for it a bit since I was essentially playing on their dime. I jumped ship at 114-04 after the market pulled up at -02 and went green.

If I'd been really on my game I would've reversed right there … I wasn't and didn't. Out at -04 for 24 ticks, $750. I sold at -07 after it topped out at -10/-11 and was stopped at B/E. The pattern was becoming apparent. I next bought at 114-03. We went to -08 and I reversed the trade selling 2 at -07 taking 4 ticks and ending up short 1.

Based on the fact we'd ended a number of probes lower at -02 I put in a limit at -03 and exited there for another 4. I've now accumulated a $1000 and it was time to take Jacki over to the hospital. Done for the day.
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JUNE Eurodollar
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The jobs report got us. I was stopped out of the long trade at 96.580 for a $75 loss. I pretty much messed this trade up. I retrospect I should have been ready to reverse the position at 96.600. By the time I saw the clearer vision it was a combination of too late and too involved with the bond trade. Lesson learned.
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JUNE Canadian Dollar
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It looks like we had some good numbers in play. If you followed the guidance in the Thursday Update you should have made some … on a sell of the break below 8040 and the arrival at the 8020 support should have taken you out with a coupla' hundred. You should have bought the break back above 8040 and made a few hundred more … possibly after a B/E trade.
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JUNE Gold
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Following the $10 Gold Channel should have produced some profit on a sell around 428.40 or so. Looks to me like close to $300 was a definite possibility.
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NEW TRADES …
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JUNE TBonds
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They did it to us again … Friday's close at 114-00. I always like to see the market move to the -00 or -16 then break one way or the other. You can play it straight away from here. Just know that doing so carries a little bit more risk than when we can observe to move to the number. We now will have to wait for some movement away from 114-00 which they'll probably give us on the open but maybe not. The numbers for focus are 114-00, 113-16 and 114-16 with -24 and -08 also of interest.
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JUNE Eurodollar
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There is structure at 96.540 to launch from … with either a buy on a retest or a sell on a break. The stop on the buy is 96.530 and .55 on the sell. The target for the sell is 96.460 and 96.600 on the buy. RRR is great on the sell at 8:1 but at 4:1 on the buy it's pretty skinny.
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June Canadian Dollar
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I was very happy with the CD's flow on Friday … it really embraced the obvious S&R levels with everything it did for the most part. We settled Friday at 8063. We'll play within the boundaries of 8080 and 8016 on Monday utilizing 4 levels of S&R … 8080, 8060, 8040 and the range at 8016-8023.

Here's the plan, we'll sell a retest at 8080 or buy a break above. Stops are 8087 for the sell and 8073 on the buy. Roll to B/E at 90 on the buy and 70 on the sell. Target for the buy is 8140 and 8000 on the sell. The buy needs to be rolled tight at 8100, 8115 and 8130. The sell roll triggers are 8060, 8040, 8025 and start squeezing it at 8010. I'll sell a break below 8060 but not buy the failed retest of it. The stop is 8067 and we roll to B/E at 8053.

The balance of the management can be found in the numbers above. At 8040 I'll sell the break below and/or buy the failed retest. Stops are 8043 on the sell and 8033 on the buy. Targets are the same. Management is again picked up from above. At 8023/16 I will not sell but will buy the failed retest as it rises above 8023. The stop is 8019 or 17. Again, management is derived from the previous levels cited above.
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June Mini Russell 2000
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Given the action racked up last week we have no changes to the array of tradable levels. Here's the array of numbers I'm willing to trade … 640/639, 635, 633, 629, 623, 621, 616, 614, 607, 601/00, 591, 586, and 574. All of them can be done either way depending on the markets guidance EXCEPT 574 and 639.50.

639.50 can only be sold and 574 can only be bought. They all are in play as roll points during any active trade. Stops on entries are about $120 back of the fill. Once in the trade you have to give these trades $200-$250. In between roll points, bring the rolls within $120 again.
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JUNE Gold
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They say timing is everything and it struck Gold for me on Friday. The $10 channel has been an under performer of late and we finally got a nice play on Friday. I missed it. With close at 426.90 Friday we'll look for a retest up above the 428.50 level and a failure with confirmation to get short or a fall that presses below 421.50, tests 420 and begins to rise for a buy.

Do not be shy about taking profits within the 422-428 range. It isn't going to travel the full distance most of the time. Since we take the view Gold is unlikely to move outside the $10 we can free our minds of any big trade fog and do the right thing by managing tightly and taking $200-$400 captures with a clear conscience.
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JULY Cotton
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I'm going to severely limit my trading targets in Cotton tomorrow by only playing 2 levels as ambush points … 54.00 and 53.00. I'll buy a break above 54.00 with a stop at 53.83 for risk not exceeding $120 and hopefully closer to $100. Roll to B/E at 54.11. The target is 55.00 with intermediate rolls at 54.25, 54.45 and 54.75. That gives us an RRR of about 5:1.

I'll also sell a failed retest at 54.00 with a stop at 54.11 and a roll to B/E at 53.90. The risk is less than $100. I'm going to push the envelope on the target in setting it at 51.50 for RRR of better than 12:1. That's a stretch, to be sure. I mean you can see it but … Along the way you need to give props to 53.50, 53.00 and 52.50. Also include 52.00 by virtue not of the structure but its "roundness".

The second number I'll play is 53.00 either way. Sell the break below with a stop at 53.15 for risk of under $100 and a B/E roll at 52.90. The target is the same 51.50 from above as are the roll triggers. This gives us RRR of about 7.5:1. Buy the failed retest there with a stop at 52.87 for risk of less than $100. Roll to B/E at 53.11. The target has to be 54.00 for about a 5:1 RRR.

Keep RRR in line regardless of the given roll triggers. NEVER let yourself continue to be involved in a disadvantageous proposition.
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JULY Cocoa
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What could Cocoa do to make this look any more like a bottom? Danger, Will Robinson. I'm going to shelve trading 1480 area. Obviously we will buy a break above 1505 and that's all I'm set to do for right now. The stop will be 1499. The roll to B/E at 1511 and the target is 1560 for about a 10:1 RRR.
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JULY Corn
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I will buy a break above 2.10 or sell a retest and failure there. The stop on the buy is 2.09 ¼ for about $50 of risk and we roll to B/E at 2.11. On the sell the stop goes at 2.10 ¾ for about a $50 risk again and the B/E roll comes in at 2.09. The targets are 2.05 on the sell for about 5:1 and 2.17 for RRR of about 7:1. Roll triggers are 2.08, 2.13 and 2.14/15 I will also buy a failed retest at 2.05 with a stop at 2.041/4.
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JULY Wheat
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I will buy a break above 3.20 or sell a failed retest there. I will also buy a failed retest at 3.12 ¾ down to 3.12 even. The stops are back a penny and a quarter. Rolls to B/E come at a penny and a half of accumulated profit.

That's it for this edition. See you at the Daily Update and Wednesday night at the Webinar. Equal parts good, solid analysis and mean, cold-blooded management … it's what we do; it's how we level the playing field; it's how we win.

-Tom

Traders Helping Traders Daily Update for Friday 5-6-05

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Erich's Update for Friday, May 6, 2005
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Subscribers got this on Thursday evening. To get these BEFORE the market action, go to http://www.supportandresistance.com/subscribe.html
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1: JULY CORN
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CN5 O=7 1/4 HI=8 1/2 LO=5 C=8

Corn continued to show us support at the 205 area today. Prices didn't rally as high as I would have hoped; however RSI did adjust itself a bit.

Tomorrow's Friday so I might look for prices to continue to contend with the 205 line...I hope. If we see prices hold up here, which I think they will given how weather sensitive this market is right now, then we'll have a good level to enter from next week.
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2: JULY COTTON
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CTN5 O=25 HI=40 LO=60 CL=26

Cotton did run up a little higher today, but ended the day on a rather flat note for the bulls. I would still like to see prices test the 5500 resistance but we might not get it. Standing aside for tomorrow.
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3: JULY BEAN OIL
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BON5 O=82 HI=85 LO=58 CL=77

Bean oil continues to hang around the resistance near 2300 without giving us a good reaction here. I still like this market short; however a breakout above 2300 will get me looking to buy again. For the time being I'm running the same trade as before.

*SELL July Bean Oil at 2234
*Stop 2267
*Approximate Risk Exposure: $198 per contract
*Profit Target: 2132
*Approximate Profit Potential: $612 per contract
*RRR: 3:1
*Degree of Risk: Moderate
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4: JUNE LIVE CATTLE
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LCM5 O=75 HI=60 LO=65 CL=42.5

I don't like the looks of this! Cattle prices rallied today, but failed to trade high enough to find our exit order, so we're still short this market...but barely. Leave stops where they are as a break above 8565 will certainly signal that we're on the wrong side of the trade and should get out.
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5: JULY COCOA
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CCN5 O=90 HI=93 LO=75 CL=80

Yet another test of 1475's support today. The lower session was accompanied by an RSI hook which could be favourable for tomorrow. You could run the same trade again , but bear in mind that it is VERY risky to hold a cocoa position over the weekend.

*SELL July Cocoa at 1474
*Stop 1491
*Approximate Risk Exposure: $170 per contract
*Profit Target: 1423
*Approximate Profit Potential: $510 per contract
*RRR: 3:1
*Degree of Risk: HIGH
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6: JULY WHEAT
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WN5 O=17 HI=18 LO=13 1/4 CL=13 3/4

Wheat found our first profit target today at 314 allowing us to pick up $450 in profit if you exited here. If you're still short this market bring exit stops above 318 resistance and see if we can't run it lower tomorrow. Next target is 303 support.
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7: JUNE CANADIAN DOLLAR
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CDM5 O=22 HI=50 LO=16 CL=39

8050, 8016...I really like these numbers. The CD hit good resistance today on the high and solid support on the low. I'm expecting a reversal off this level tomorrow; however since it's Friday I'll hold off and wait for confirmation before looking to enter next week.
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8: JULY SILVER
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SIN5 O=3 HI=0 LO=8.5 CL=6.3

After yesterday's session I had my doubts that the 711 resistance would even come into play in this market, but after today a reaction to 711 seems quite likely. Waiting for a confirmation of resistance before looking to sell this market again...but right now I still prefer the sell to the buy.
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9: MARCH EURODOLLAR
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EDH6 O=.02 HI=.095 LO=.995 CL=.07

Darn it! That's twice now in as many weeks that the ED has skirted our entry order - this time the market gapped our entry, which probably put your trade on hold if not caused you to cancel it altogether. Too bad too as the market made some nice gains today. Oh well, I'll just head to the sofa to sulk. Nothing new here tomorrow.
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10: WILD CARD
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No wild card market for tomorrow.
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RECOMMENDED BROKER
==================================================
If you are looking for a broker that understands the recommendations and could help you place them, call Matt Zimberg at
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"Tom's Trades" for Friday, May 6, 2005
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1: JUNE 30 YEAR T BOND
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USDM5 O=4-13 HI=5-03 LO=4-09 CL=4-29

A very quiet open that settled into a very narrow range. On the move up to -18 I thought we might be getting unstuck so I sold -14 and was rewarded by being stopped out at -17 for a 3 tick loss. Shortly after 10am it looked like we might be headed somewhere, I sold -14 again. Atleast this one dropped enough to allow me some roll latitude. I was stopped out at -11 covering the earlier hit. I bought 1 at 114-21. The failure at 115-03 was cause to roll the stop real tight on the once broken, don't come back theory ... 115-01. I was taken out at 115-00 for 11 ticks, $343. I was going to sell the subsequent break but it was really crowding last hour so I passed.

The settle at 114-29 marks 115-00 and 114-16 as targets along with 114-24.
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2: JUNE EURODOLLAR
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EDM5 O=.590 HI=.620 LO=.590 CL=.605

Been a very, very long time since I was long the ED but, here we go. I am long from 96.610 with a stop at .595 for risk of a whole $37. We shall see where we go. I'd like to stay in this over the weekend into the front part of next week. I think given the way we closed, They'll probably come get me tomorrow. Like I said ... we'll see.
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3: JUNE CANADIAN DOLLAR
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CDM5 O=22 HI=50 LO=16 CL=39

I tried to buy one on the break out of the S&R range. Best I could get was 8028. I passed. The sell at 40 was there but so was a buy that would have taken a hit. The violent swaying back and forth has just turned me off. The bid/ask and the choppiness has been really wicked for the past week or so. I will assess moving off the CD for a while over the weekend.

I'll try the 8040, selling if we get a failure. I'll buy the break above 8080 or sell the failure there. All the numbers for management are in TT weekend.
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4: JUNE MINI RUSSELL 2000
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ERTM5 O=4.50 HI=9.60 LO=1.00 CL=5.90

I got one sold at 599.20 and jumped out at 597.70 for $150. I sold 599.00 and got out at 592.50 for $650. I packed it in as it was getting late in the session. All the same numbers from weekend TT tomorrow.
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5: JUNE GOLD
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GCM5 O=0.80 HI=1.70 LO=8.80 CL=0.70

$10 channel.
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6: JULY COTTON
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CTN5 O=.25 HI=.40 LO=.60 CL=.26

I missed the first break of 54.00 which appears it would have made a small profit. I jumped on the second one selling at 53.90. When we broke 53.50 I tried to get the stop rolled lower but was too slow. I bailed at 53.60 for $150. I then sold 53.90 again and bailed at 52.90 for an even $500. I will sell tommorrow on a failed retest of 54.00, 53.50 or a break of 53.00. I will buy a failure to break 52.00 or 52.50.
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7: JULY COCOA
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CON5 O=90 HI=93 LO=75 CL=80

I did one buy at 1485 and was stopped at B/E. Same TT numbers again tomorrow.
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8: JULY CORN
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CN5 O=2.07 1/4 HI=2.08 1/2 LO=2.05 CL=2.08

I bought 2.05 1/2 mid session. I kept it open into the night with a limit sell order at 2.09 3/4 and a sell stop loss at 2.07 3/4. They got me at 2.07 1/2 picking up $100. Since it has continued to drop in the night I am happy to take the hundred buck scalp and watch for another op to buy 2.05 in the morning.
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9: MAY WHEAT
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WN5 O=3.17 HI=3.18 LO=3.13 1/4 CL=3.13 3/4

Flirted with it near end of session. No reason to change the numbers now as they are more probable than yesterday.

I'll sell a break below 3.13 tomorrow or buy a failed test there. 1 1/4 stops and roll to B/E at 3.12 on the sell and 3.14 1/4 on the buy. I'll also buy a break above 3.21 or sell a failed retest there.
.

Traders Helping Traders Daily Updates for 5-5-2005

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Erich's Update for Thursday, May 5, 2005
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"Courage is not the absence of fear; rather it is doing what you fear." - Anonymous
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1: JULY CORN
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CN5 O=5 1/2 HI=7 3/4 LO=5 1/2 CL=6

Boink! Got our little bounce off weekly support today as prices traded within yesterday's range. Not a real surprise as markets are prone to "adjust" after big moves. I'd like to see the adjustment continue for another day (or two) before we look at selling again.
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2: JULY COTTON
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CTN5 O=40 HI=00 LO=80 CL=89

Scary day in cotton as the market made a wicked range. The high close suggests that prices aren't liking going any lower and as such we can probably expect a bit of a rally over the next day or two. Watching RSI for a testpoint to time the next trade, but I think it'll come off resistance at 5500.
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3: JULY BEAN OIL
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BON5 O=58 HI=95 LO=45 CL=78

Okay, now this is looking a little more promising today. Bean oil prices rallied as high as the resistance at 2290 - 95 but failed to get any higher. Notice too how RSI and prices are both at the trendline tests, as such we could stick with the weekend sell, or tighten the order in anticipation of a bounce tomorrow.

*SELL July Bean Oil at 2234
*Stop 2267
*Approximate Risk Exposure: $198 per contract
*Profit Target: 2132
*Approximate Profit Potential: $612 per contract
*RRR: 3:1
*Degree of Risk: Moderate
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4: JUNE LIVE CATTLE
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LCM5 O=20 HI=40 LO=85 CL=92.5

Cattle fell off a bit today, but not quite enough for us to get too aggressive with our stops. Ideally you'll leave stops where they are for yet another session; however if you want to reduce some of the risk place stops above today's high by a few ticks.
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5: JULY COCOA
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CCN5 O=90 HI=05 LO=86 CL=96

Nearly the identical range to yesterday's action. I'll run with the same cocoa trade for tomorrow, but it we see prices stall out yet again then I'll be looking to get more aggressive by the weekend.

*SELL July Cocoa at 1474
*Stop 1491
*Approximate Risk Exposure: $170 per contract
*Profit Target: 1423
*Approximate Profit Potential: $510 per contract
*RRR: 3:1
*Degree of Risk: Moderate
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6: JULY WHEAT
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WN5 O=18 1/2 HI=20 3/4 LO=15 1/2 CL=17 1/4

Not too much of a change in the wheat market. Saw prices make another hit on the support today. I don't really expect prices to rally; however your stops should be no higher than breakeven right now. If you wanted, you could place them above today's high. First target is support at 314 1/4 followed by 303.
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7: JUNE CANADIAN DOLLAR
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CDM5 O=10 HI=39 LO=90 CL=29

Bit of an opening gap and rally led the CD higher today. We're right at the 50% level on RSI and the trendline as well, so I'll look at selling the market tomorrow in anticipation of a bounce. Maybe we can pick up a few dollars before the weekend.

Note: It will be less risky to wait for the reaction before selling this market; however I really like the fact I can use 8010 resistance to cover the trade from here.

*SELL June Canadian Dollar at 7988
*Stop 8016
*Approximate Risk Exposure: $280 per contract
*Profit Target: 7811
*Approximate Profit Potential: $1770 per contract
*RRR: 6:1
*Degree of Risk: Moderate to HIGH
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8: JULY SILVER
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SIN5 O=8 HI=5 LO=6.5 CL=1.3

Silver had a pretty strong session today, but look for prices to stall around the 711 resistance tomorrow. If this line holds I might look at selling this market again but right now it's left me with a pretty bad taste in my mouth.
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9: MARCH EURODOLLAR
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EDH6 O=.955 HI=.005 LO=.94 CL=.995

A slightly more aggressive day for the ED today as prices rallied to test resistance. We've now got the market cornered and can look to trade it either way, either above resistance or below support.

*BUY March Eurodollar at 96.105
*Stop 95.95
*Approximate Risk Exposure: $162 per contract
*Profit Target: 96.24
*Approximate Profit Potential: $612 per contract
*RRR: 3 1/2:1
*Degree of Risk: Moderate to HIGH

OR

*SELL March Eurodollar at 95.895
*Stop 95.95
*Approximate Risk Exposure: $137 per contract
*Profit Target: 95.67
*Approximate Profit Potential: $862 per contract
*RRR: 4:1
*Degree of Risk: Moderate to HIGH
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10: WILD CARD
==================================================
No wild card market for tomorrow.
==================================================
RECOMMENDED BROKER
==================================================
If you are looking for a broker that understands the recommendations and could help you place them, call Matt Zimberg at his toll free trading desk at 1-866-658-7815 [or (561)282-6848]. You can also reach him via email at [email protected]
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"Tom's Trades" for Thursday, May 5, 2005
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1: JUNE 30 YEAR T BOND
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USDM5 O=5-05 HI=5-06 LO=3-15 CL=4-21

You can thank the FOMC for this morning's madness as well. The move was so swift it never gave us a shot at the sell. A little after 8am CDT we got a shot at selling -07. I thought we had a pretty good chance of seeing 114-00 again so I grabbed it ... sold 114-07.

We made a run to 113-29 where I moved the stop to 113-31 and got stopped out at 114-01 for 6 ticks, $187. I sold again at 113-27. Before I could even roll to B/E we were at 113-15 back to -22 and down to -16. I exited as fast as I could and got a fill at 113-19 for another 8 ticks, $250.

I bought -22 and withing 10 minutes exited at 113-30 for another 8, $250. I bought another at 114-03 and jumped out at -08 for 5 more, $156. I sold one at -08 and was stopped at B/E. I took a breather for a while as it traded sideways for about an hour. I saw what I thought was a nice setup about 10 after 10 and bought 1 at -08.

Since I was up pretty good on the day I backed off on the roll to B/E and gave it a bit of room and was rewarded by a move up to -22. I exited at -20 as we had moved into final hour territory. Out with 14 more, $437. That's $1280 on the day. With the close at 114-21 we will be looking for trades at 114-16, 114-24 and 115-00 for tomorrow.

The rebound in Bond prices following the morning plunge was in part a reaction to FED comments that it will in all probability start issuing 30 bonds again, perhaps as early as August. I, of course, loved hearing that news.
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2: JUNE EURODOLLAR
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EDM5 O=.585 HI=.595 LO=.580 CL=.585

.595 was awfully close. Still gonna' look for the bounce back to 96.600 or above .610.
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3: JUNE CANADIAN DOLLAR
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CDM5 O=10 HI=39 LO=90 CL=29

I tried to sell it, I tried to buy it ... I couldn't get a thing filled as the bid/ask seemed to be expensive all day. I did nothing
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4: JUNE MINI RUSSELL 2000
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ERTM5 O=7.30 HI=6.30 LO=5.80 CL=5.00

Shortly after our trading window opened we found ourselves back at 586. I did a B/E trade on a buy from 586.40 and then bought one at 586.40 again. This one got up the 591.60 and predictably failed. I exited at 590.90 picking up $450. I was too wrapped up by the Bonds do do anything more. I looked about 12:30 CDT and snapped on off at 591.40. I was thinkin' we might see a return to 600 today. It started going sideways at 594 I stayed with it for a while but I thought it was pretty conclusive it wasn't going anywhere from there so I bailed at 593.90 for another 4250. All the same numbers from weekend TT tomorrow.
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5: JUNE GOLD
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GCM5 O=9.60 HI=0.90 LO=9.20 CL=0.00

Boy they are trying our patience aren't they? Nothing done but there is a trade comin'. $10 channel.
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6: JULY COTTON
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CTN5 O=.40 HI=.00 LO=.80 CL=.89

very strong recovery at the end of the session. We'll be focused on 54.00 tomorrow. Sell a failed retest, buy a break above. Stops are 54.11 on the sell and 53.87 on the buy. Get them each to B/E on on moves above 54.11 for the buy and 53.87 for the sell.
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7: JULY COCOA
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CON5 O=90 HI=05 LO=86 CL=96

I was pretty busy with the Bonds and the Russell today. I watched it a bit at the open. Too wild and wooley for me to follow trying to sneak peeks back and forth so I put it on the shelf. Doesn't look as though we missed anything of significance. Same TT numbers again tomorrow.
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8: JULY CORN
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CN5 O=2.05 1/2 HI=2.07 3/4 LO=2.05 1/2 CL=2.06

I'll play 2.05 tomorrow. Buy the break above, I can't sell at the moment.
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9: MAY WHEAT
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WN5 O=3.18 1/2 HI=3.20 3/4 LO=3.15 1/2 CL=3.17 1/4

I'll sell a break below 3.13 tomorrow or buy a failed test there. 1 1/4 stops and roll to B/E at 3.12 on the sell and 3.14 1/4 on the buy. I'll also buy a break above 3.21 or sell a failed retest there.