Traders Helping Traders Daily Update for Friday June 16, 2005

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Erich's Update for Friday, June 17, 2005
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1: JULY CORN
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CN5 O=7 1/2 HI=7 1/2 LO=3 CL=5 3/4

Corn's still fighting the 227 resistance line today as well as holding up the 223 support. If this weren't Friday I would look at buying above the resistance; however I think I'll hold off and see if we can't put together a position on Monday. ==================================================
2: JULY COTTON
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CTN5 O=15 HI=85 LO=55 CL=64

Cotton acted like only cotton could today as prices rallied through resistance stopping us out for a loss before prices fell off through support again. We had the right idea about this market, unfortunately the range was too much for us.

Nothing new here tomorrow.
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3: JULY BEAN OIL
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BON5 O=45 HI=53 LO=96 CL=10

Bean Oil reacted off the 2450 resistance today and looks like it might want to trade lower tomorrow. RSI is hooking as well, which would suggest lower prices are in order.

I think I'll hold off until prices find support before looking to buy again. I'm thinking 2340 is a likely support area. Nothing tomorrow.
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4: AUGUST LIVE CATTLE
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LCQ5 O=20 HI=77 LO=40 CL=42

Well, once more cattle ran away from us a prices broke support today. Friday is the release of the cattle on feed report, so we're probably seeing a few traders trying to jockey for position early.

I'm standing aside until I see what the report does for the market.
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5: SEPTEMBER COCOA
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CCU5 O=45 HI=49 LO=16 CL=41

Cocoa reacted early and traded lower today. Expect prices to continue lower tomorrow and look for support at 1480 and a test of the RSI trendline as a possible spot to buy the market again.
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6: JULY WHEAT
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WN5 O=24 HI=28 1/2 LO=22 CL=23 1/2

I can't say I'm too impressed with how wheat traded today. After a couple of reasonably strong sessions the market just when flat. Today's close isn't all that encouraging for tomorrow either.

I'm bringing exit stops to just below today's low to keep risk to an absolute minimum. First profit target is resistance at 339 3/4.
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7: SEPTEMBER CANADIAN DOLLAR
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CDU5 O=06 H=16 LO=66 CL=04

Big range in the CD today, but rates didn't really go anywhere. The market closed slightly higher than yesterday but that's about it.

Nothing I can see to do here tomorrow.
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8: JULY SILVER
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SIN5 O=3 HI=4.5 LO=2 CL=7

Caught a break in silver today as support held and prices traded a little higher. If you haven't done so already you'll want to bring your exit stops in to breakeven (or pretty darn close).

First target is resistance at 759.5.
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9: MARCH EURODOLLAR
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EDH6 O=.96 HI=.995 LO=.925 CL=.985

The ED retested support and resistance today. Prices are still working on the 9593 support area without a significant breakthrough.

RSI is showing us a testpoint, so we could see a bounce tomorrow. At the very least I'd like to be able to bring stops to breakeven.
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10: WILD CARD
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No wild card market - yet.
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"Tom's Trades" for Friday, June 17, 2005
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1: SEPTEMBER 30 YEAR T BOND
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USDU5 O=6-07 HI=6-14 LO=5-26 CL=6-08

I was beginning to think I was going to get skunked today. Thought about buying just after the open ... didn't go low enough. Thought about selling didn't get high enough. Both by like 1 or 2 ticks shy. I bought 116-04 and stopped out at -19 for 15 ticks, $468. I pushed the 1 hour rule but bought 116-20 and bailed at -26 for 6 more, $187. $655 for the day.

The close at 116-26 puts the crosshairs on 116-16 and 117-00 for tomorrow. ========================================================
2: SEPTEMBER EURODOLLAR
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EDU5 O=.195 HI=.205 LO=.180 CL=.200

I bought 1 at 96.195 today. My stop is at 96.185. The target is .320. I'll take it to B/E at .220. I am not overly enthused about this position so I will rule it with an iron hand.
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3: SEPTEMBER CANADIAN DOLLAR
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CDU5 O=06 HI=16 LO=66 CL=04

I sold one at 8093 and was stopped at B/E. Sold again at 8096. 8070 was a good place to start squeezing 8060 so I brought my stop to 8071, we touched 8066 and jumped right to 8071 to stop me out. From there we moved all the way back to 8100+ by the end of day. WEe took $250 from 'em.

Guess what? We get to do it all over again at the same numbers for tomorrow. ========================================================
4: JUNE MINI RUSSELL 2000
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ERTM5 O=9.20 HI=6.40 LO=8.20 CL=5.30

I opened the day with a sell at 639.70. We made it down to 638.20 and bounced right back. I bailed at 639.20 for $50. I bought 640.40 and escaped at 640.00 for a $40 loss. I then bought 640.40 a second time. I bailed at on this one at 643.40 for $300. It never gave me a shot at 640 the rest of the day.

641.50, 646 and 653/54 get added to the mix.
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5: AUGUST GOLD
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GCQ5 O=4.10 HI=8.50 LO=3.70 CL=7.90

They gapped past us again. Very frustrating.

$10 channel again tomorrow.
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6: JULY COTTON
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CTN5 O=.15 HI=.85 LO=.55 CL=.64

I tried to buy it twice on breaks above 47.50 and to sell it once on a break south of 47.50. I couldn't get anything executed and walked away shaking my head. I'm on 47.50, 47.00 and 46.50 for tomorrow. Either way off all 3 of 'em. ========================================================
7: SEPTEMBER COCOA
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COU5 O=45 HI=49 LO=16 CL=41

I bought 1524 and bailed at 1540 for $260. 1520 or 1580 for tomorrow. PLay 'em either way.
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8: JULY CORN
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CN5 O=2.24 1/2 HI=2.26 3/4 LO=2.22 1/4 CL=2.24 1/4

I bought 2.25 1/2 and was stopped out at 2.24 1/4 for a $62 loss. We danced around both sides of 2.25 for the rest of the day. I'll make another attempt at 2.25 tomorrow.
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9: MAY WHEAT
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WN5 O=3.24 HI=3.28 1/2 LO=3.22 CL=3.23 1/2

I bought 3.23 and out at 3.27 for 4 cents. I thought we had something until that last collapse.

I'm back on 3.22 1/2 again tomorrow.