Traders Helping Traders Daily Update for Thursday 5-12-05

All the same numbers from weekend TT tomorrow PLUS I will add 597 to the mix. This level has definitely been a factor and deserves recognition.
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5: JUNE GOLD
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GCM5 O=8.70 HI=9.30 LO=6.00 CL=7.90

I sold 428.40 again today and did a little better than yesterday. When we got down to 426.50 I rolled my stop to 427.10 and was botted at 427.00 picking up $140. I sold 428.50 later in the day and ran out of time. I closed out at 427.60 collecting another $90. Felt pretty good to take some gold gains home.

$10 channel for manana~.
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6: JULY COTTON
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CTN5 O=.80 HI=.90 LO=.35 CL=.80

Nothing but more power to the upside as we head for recent contract highs. For tomorrow I will look for a couple of trades. First a retest and failure at 57.00 is worth a sell. The stop is 57.11 and we'll roll to B/E at 56.83. The risk is about $60. The target is 51.50 for a ridiculous RRR. In between ther eis a ton and a half of support ... 56.50, 56.00, 55.75, 55.50, 55.00, 54.75, 54.50, 54.30, 54.00, 53.75, 53.50, 53.20, 53.00, 52.75, 52.50, 52.00 and 51.80 ... whew. Protect 'em all with rolls ... tight at the stronger levels and maybe a little wider at the not so strong ones. To put a number on it, I'd say stops with 15-17 points at the monsters and about 25-30 at the junior ones.

The second number is 56.50 ... we'll sell a break of that level with a stop at 56.61/63 and a roll to B/E at 56.40. Use the applicable numbers above for management.
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7: JULY COCOA
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CON5 O=95 HI=09 LO=90 CL=91

It got there today but wasn't showing any thing even remotely convincing in the strength department. I watched but it never gave us a thing to go after. I'll stay on the same numbers for tomorrow.
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8: JULY CORN
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CN5 O=2.07 HI=2.07 1/4 LO=2.05 3/4 CL=2.06 1/2

We fell back almost to the support at 2.05 but not quite. Patience all.

I'll go right back after the same numbers tomorrow ... 2.10 and 2.05.
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9: MAY WHEAT
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WN5 O=3.15 HI=3.23 LO=3.15 CL=3.21 1/2

I sold 3.19 1/2 and headed for the side exit at 3.15. They stopped me out at 3.15 1/4. We ended the day at 3.13 3/4. Let's get ready to rum-bull at the open and 3.13 for tomorrow. Probably won't happen as the night session is rockin' pretty good to the upside.

Same 3.13 and 3.20 plays for tomorrow.