Traders Helping Traders Daily Update for Thursday 4-28-05

Erich's Update for Thursday, April 28, 2005
==================================================
Hot off the commodity presses to you! Well, not exactly...the Subscribers got this Wednesday evening, Test Drivers get it after the fact. To get yours ON TIME...go to http://www.supportandresistance.com/subscribe.html

Scroll down for Tom's Trades.

"It's not who you are that holds you back, it's who you think you are not." - Anonymous
==================================================
1: JULY CORN
==================================================
CN5 O=2 1/4 HI=2 1/4 LO=6 1/4 CL=7

Yikes! What a day in corn. Got the 217 test today, but as bearish as corn was today I don't think I'm into buying just at the moment. RSI has given us a good break of the trendline which should see prices continue lower; however today's big range has me on hold. Sorry.
==================================================
2: JULY COTTON
==================================================
CTN5 O=50 HI=59 LO=26 CL=41

No real surprise here today as cotton prices fell off a bit. Look for another chance to buy as prices find support, likely tomorrow...but that could leave us with the dreaded "do we trade cotton on a Friday" scenario.
==================================================
3: JULY BEAN OIL
==================================================
BON5 O=70 HI=72 LO=52 CL=67

Yuck! That's all I can say about bean oil right now. The market's still stuck between the aforementioned support and resistance numbers and there's not a whole lot to do until they get closer. Expecting a bounce off support tomorrow, but we'll see what gives.
==================================================
4: JUNE LIVE CATTLE
==================================================
LCM5 O=30 HI=35 LO=35 CL=62

What gives with these markets today? Nothing for a whole week, then wham-o! Away she goes. Today's big range is making me a little shy about entering tomorrow as traders are likely to second guess themselves a bit. Standing aside for now.
==================================================
5: JULY COCOA
==================================================
CCN5 O=86 HI=11 LO=85 CL=11

Got filled on a good rally in cocoa today as prices rallied higher. Remember that this is a short term countertrend trade so keep those profit taking orders nearby. Not much room to move stops yet. Have to leave them where they are for tomorrow.
==================================================
6: JULY WHEAT
==================================================
WN5 O=35 HI=35 1/2 LO=26 1/2 CL=29 1/4

Ta-da! 326, on the button, well, almost. Wheat tested the 326 support today, and now it remains to be seen if prices can hold this level. I'm half tempted to buy the market at the 326 support tomorrow, but that would require nerves of steel. The opportunity is there if you think you can handle it, otherwise wait for the reaction, which is what I'm doing.
==================================================
7: JUNE CANADIAN DOLLAR
==================================================
CDM5 O=26 HI=55 LO=96 CL=09

The market opened with a big gap down, as we hoped, but if you brought stops to breakeven today I'm afraid you would have been tagged as rates just barely rallied high enough.

If you still happen to be short this market bring stops in to protect some profits. At least to breakeven, or just above the good ole resistance at 8013.
==================================================
8: JULY SILVER
==================================================
SIN5 O=0.5 HI=1 LO=2.5 CL=8.1

Silver decided to go the other way today, which is fine. I don't expect prices to go too much lower however and would look for them to recover around the 709 - 710 area. Nothing new here tomorrow.
==================================================
9: MARCH EURODOLLAR
==================================================
EDH6 O=.88 HI=.98 LO=.875 CL=.94

"Missed it by that much" [insert Maxwell Smart impersonation here] The ED rallied today withoutever getting low enough to find our buy order. Had the right idea, just expected the market to test the 9585 a little more before bouncing. Hopefully we'll see a smallish range tomorrow.
==================================================
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 Admin@OptimusFutures.com
========================================================
"Tom's Trades" for Thursday, April 27, 2005
========================================================
========================================================
1: JUNE 30 YEAR T BOND
========================================================
USDM5 O=3-26 HI=4-22 LO=3-26 CL=4-11

Following the open bonds sorta' just scooted right past the 114-03 mark. We picked it at -08 buying one. Pretty easy and orderly advance to 114-16 area. A grind up to -22 and a failure that stopped us out at 114-17 for 9 ticks. Later in the day I sold one at 114-14 and got stopped at 10 for another 4 making a total of 13, $406 on the day.

Today's 114-11 close puts us on 114-16, 114-08 or 114-00 for tomorrow.
========================================================
2: JUNE EURODOLLAR
========================================================
EDM5 O=.575 HI=.590 LO=.570 CL=.580

A bit of green showed up today. We are still short from 96.600 with the stop at 96.605.
========================================================
3: JUNE CANADIAN DOLLAR
========================================================
CDM5 O=26 HI=55 LO=96 CL=09

We were really close to the number at the open. I would have taken anything 8025 or lower ... not to be. From there it made a nice climb to 55 and I tried to sell one there and was rejected also. We broke 8000 before the day was done.

Tomorrow I'd love to see a failure that tests 7980/70 and then a turn around to buy as it bounces back above 7980. The stop is 7971. Get the trade to B/E before 8000. I'll also buy a break above 8023 with a 8013 stop. 8030 is the B/E trigger. I'll also sell a failure on a retest of 8060 or 8080. I'll buy a break above 8080. 8180 would be my target with rolls at 8040, 8060, 8080, 8120, 8140 and I'll start the squeeze above 8160.
========================================================
4: JUNE MINI RUSSELL 2000
========================================================
ERTM5 O=8.10 HI=1.90 LO=0.30 CL=8.00

I sold 585.90 just after the RTH window opened and exited at 584.70 for $120. I sold 585.90 again and ran with it down to 581.60 for $430. Bought 586.40 and stopped out at 584.40 for $200. We were done by then. All the same numbers for tomorrow clear back to 2 weeks ago TT.
========================================================
5: JUNE GOLD
========================================================
GCM5 O=6.50 HI=8.20 LO=3.20 CL=4.10

438.20 was not quite high enough for a good confirm to materialize. We might have picked up 2-300 if it had just gone a tad higher before failing. $10 Gold Channel for tomorrow.
========================================================
6: JULY COTTON
========================================================
CTN5 O=.50 HI=.59 LO=.26 CL=.41

Nothing for us today. Same numbers for tomorrow plus I will I will sell a retest above 57.30 that fails with a stop at 57.59. If no fill is available above 30 I will wait and sell a break of 57.00. 54.00 is the target on these. I'll also sell a break below 54.00 or 53.50. The target is 52.50
========================================================
7: JULY COCOA
========================================================
CON5 O=86 HI=11 LO=85 CL=00

The gap up open was just a bit too high for me to get comfortable with a buy. For tomorrow I'll buy a retest below 1485 that fails and heads back north. I'll also buy a break above 1520 or sell afailure there. The stop on the 1485 is 1473. On the 1520 buy it's 1509 and 1523 on the sell. Use the numbers from yesterday for rolls.
========================================================
8: JULY CORN
========================================================
CN5 O=2.22 1/4 HI=2.22 1/4 LO=2.16 1/4 CL=2.17 3/4

I sold 2.21 1/4. 2.17 was such a strong"what's most likely" number I didn't even hesitate. I just grabbed it. Out at 2.17 even for 4 1/4 cents, $212.

I like buying a break back above 2.17 with a penny and a quarter stop. I'd also like to sell a break below 2.17. It's up some overnight. We'll see where we are in the morning.
========================================================
9: MAY WHEAT
========================================================
WN5 O=3.35 HI=3.35 1/2 LO=3.26 1/2 CL=3.29 1/4

Same numbers for tomorrow. They look a whole lot more likely now.