Traders Helping Traders Daily Update for Friday, June 24, 2005

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Erich's Update for Friday, June 24, 2005

Scroll down for Tom's Trades
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1: JULY CORN
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CN5 O=9 HI=0 1/2 LO=5 3/4 CL=6 1/2

Corn continued it's pullback move today as prices dipped a little lower still. I'm looking for possible support around the 223 - 224 area to hold the market up. If we see a test here tomorrow I'll be considering a buy order beginning next week.
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2: DECEMBER COTTON
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CTZ5 O=30 HI=60 LO=90 CL=46

Ouch...that hurt. Cotton didn't do what it was supposed to at all today as prices whipped us around pretty good. If you took the trade you probably experience some slippage as prices were moving pretty fast.

Not touching this with a 10 foot trading pole tomorrow.
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3: DECEMBER BEAN OIL
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BOZ5 O=68 HI=03 LO=68 CL=74

Not much changed for bean oil today as prices tried to get lower without much success. Still looking for a test of teh 2450 support...but given this week's range I'm not sure we'll get it.
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4: AUGUST LIVE CATTLE
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LCQ5 O=80 HI=50 LO=80 CL=97

Cattle were trading within yesterday's range as RSI continues to get closer to a testpoint. Dare we hold out for the actual test before placing the order to sell?

Sure...why not.
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5: SEPTEMBER COCOA
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CCU5 O=67 HI=89 LO=55 CL=79

Cocoa prices inched higher today, but I have to say I'm not overly impressed with the obvious lack of upward momentum. I would definitely bring stops below today's low and/or breakeven for tomorrow's session.

"Flat" is not a bad position to be in for a market like cocoa over the weekend.
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6: JULY WHEAT
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WN5 O=36 HI=37 1/2 LO=31 CL=31 3/4

Wheat prices began a more serious pullback today following the other grain markets lower. I would like to see the pullback continue tomorrow and would like to see support at 327, although if this fails a move to 318 is entirely possible.
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7: SEPTEMBER CANADIAN DOLLAR
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CDU5 O=05 HI=50 LO=02 CL=23

Any of these numbers looking familiar? They should as we've been watching this range for most of the week. RSI is close to a test point, but not quite there yet and while rates could run away on us tomorrow I'll hold off one more day.
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8: JULY SILVER
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SIN5 O=6 HI=2 LO=9 CL=7.3

Wow, did we pick good numbers for silver, or what? Yet again the market bounced off the 732 resistance and held the 719 support as well, this gives us an opportunity to either buy or sell the market from the breakout side.

This is a risky trade, especially for a Friday; however the parameters are sound, so if you're inclined:

*BUY July Silver at 733.5
*Stop 728.5
*Approximate Risk Exposure: $250 per contract
*Profit Target: 759.5
*Approximate Profit Potential: $1300 per contract
*RRR: 5:1
*Degree of Risk: Moderate to HIGH

OR

*SELL July Silver at 714.5
*Stop 719.5
*Approximate Risk Exposure: $250 per contract
*Profit Target: 687.5
*Approximate Profit Potential: $1350 per contract
*RRR: 5:1
*Degree of Risk: Moderate to HIGH
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9: MARCH EURODOLLAR
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EDH6 O=.055 HI=.07 LO=.035 CL=.065

After yesterday's big rally the ED promptly stalled today and couldn't trade over yesterday's range. I would like to see something lower tomorrow, as I believe the downside holds the greater long term potential for this market; however I'll just be watching.
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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 24, 2005
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1: SEPTEMBER 30 YEAR T BOND
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USDU5 O=8-09 HI=8-13 LO=7-30 CL=8-11

I sold -07 on the break of -08. When we broke -00 I rolled to -01 and was stopped there for 6 ticks $187. We turned, went right back to -08 where I sold -07 again. Out at -01 again for another 6 ticks. On the theory that the run to -13 was a synthetic test of 16 that just fell a litle short I sold -12 and exited at -05 on a stop roll triggered by the touch of -03. We picked up 7 on this one. All done. Total for the day ... 19 ticks.

The close at 118-11 has us poised to for a sell trade at 118-16 or 118-00. No buy zone until 117-00.
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2: SEPTEMBER EURODOLLAR
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EDU5 O=.225 HI=.230 LO=.205 CL=.220

Basically, we just reversed the day before. I will not take a loss on this trade so ... the stop goes to B/E. We'll wait, then, for the boot, and the move higher to 96.195 or lower to 96.170 to take another flyer.
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3: SEPTEMBER CANADIAN DOLLAR
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CDU5 O=05 HI=50 LO=02 CL=23

I bought 8110, rolled to B/E at 8116 and was stopped out at 32. When it went above 40 I rolled the stop to 37. They really tagged us. We did manage to take 'em for $220. I tried to buy again at 8120 ... no dice. I moved on.
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4: JUNE MINI RUSSELL 2000
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ERTM5 O=6.70 HI=7.50 LO=5.20 CL=5.30

This will take some effort to keep up. What a day! I started off selling 644.80 and was stopped out at 645.30 loosing $50. Sold 644.80 again and stopped at B/E. Next, I bought 645.30 and exited at 646.40 after the big failure at 647.30 for $110. I sold 644.80 a third time. Third times a charm they say. It sure was for us. BAM! I exited at 640.40 for $440. I next sold 641.10 and out at 635.50 for another $560. Daily total ... $1060

The full array of numbers for tomorrow.
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5: AUGUST GOLD
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GCQ5 O=9.80 HI=4.20 LO=9.30 CL=3.20

Well, whatta' ya know, finally. We bought 441.60 off a classic confirmation testing 440. Went to B/E with the stop as we broke above 442. I bailed at 443.90 when it failed there for the 3rd time. Been a while since we had anything in Gold so I'm quite happy with this little $230 winner.

$10 Channel for tomorrow.
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6: DECEMBER COTTON
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CTZ5 O=.30 HI=.60 LO=.90 CL=.46

I bought 52.10 right after the open and was stopped at 52.55 on my 52.65 stop for 45 points $225. I bought 52.55 about 15 minutes later. As we moved into the close I was a tad busy with the Russell. I threw in a sell MOC and went back to work on the Russell. I just got flat lucky. I was filled at 53.46 for 91 points, $455.

All the numbers forom yesterday are back in play ... 53.50, 53.00, 52.50 and 51.50.
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7: SEPTEMBER COCOA
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COU5 O=67 HI=89 LO=55 CL=79

I bought 1565, and stopped at 1579 for $140. I sold 78 and got stopped out at B/E. Same 1520, 1560 and 1580 for tomorrow.
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8: JULY CORN
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CN5 O=2.29 HI=2.30 1/2 LO=2.25 3/4 CL=2.26 1/2

It did get to one of our numbers but it was so late in the day I just let it slide. I'll play 2.32, 2.35 and 2.27 1/2 again tomorrow.
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9: MAY WHEAT
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WN5 O=3.36 HI=3.37 1/2 LO=3.31 CL=3.31 3/4

Got there too late in the day to be comfortable with it. I let it go. I'll go with 3.35 either way again ... also 3.30.
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