Traders Helping Traders Daily Trade Update for Friday 6-3-05

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Market Update for Friday, June 3, 2005
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"The will to win, the desire to succeed, the urge to reach your full potential...these are the keys that will unlock the door to personal excellence." -Eddie Robinson
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1: JULY CORN
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CN5 O=2 HI=2 LO=6 CL=7

Well we didn't get our buy order in corn today, but we did one better, we finally got our testing of the 217 support. Momentum actually fudged the support a bit, but it's close enough for me. If we get a confirmation of support tomorrow then I'll look at buying the market again on Monday.
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2: JULY COTTON
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CTN5 OH=70 HI=21 LO=15 CL=76

Cotton traded a little higher today confirming yesterday's support level. I still expect the market to recover a little in the days to come and will look at selling again next week. Keep an eye on your RSI to help you with the timing.
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3: JULY BEAN OIL
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BON5 O=30 HI=30 LO=62 CL=93

Huge move to the downside in bean oil today as prices shattered teh 2300 support area. Prices actually got a good deal lower than I expected and finally found support near the 2260 area before bouncing back. The market is still in an uptrend, but just barely. A confirmation of support tomorrow will get me looking to buy again next week.
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4: JUNE LIVE CATTLE
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LCM5 O=75 HI=75 LO=05 CL=45

A lackluster fill in our cattle short today. No doubt the market found some support from the plummetting grain prices. We got tagged for a fill and are short this market, but the close is awfully close to our exits. No matter though. If prices reverse through the 8460 area I'd rather take my lumps early. Hopefully we'll get a break tomorrow and see prices continue lower.
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5: JULY COCOA
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CCN5 O=08 HI=23 LO=03 CL=20

A bit of a bounce in cocoa prices today. Not what I was expecting of course, but the market hasn't found our stop order just yet, although things aren't looking too promising for tomorrow.

RSI is at a testpoint so with a bit of luck we'll see a bounce and lower prices, otherwise we'll be flat going into the weekend which is fine too.
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6: JULY WHEAT
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WN5 O=27 HI=27 LO=22 CL=23 1/2

Big move down in wheat today as the market came up just short of our 321 line...but 322 is close enough. Looking for a reaction here tomorrow to confirm the support otherwise we will be in a bear trend for a little longer.
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7: JUNE CANADIAN DOLLAR
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CDM5 O=16 HI=27 LO=04 CL=21

The CD didn't do a whole lot today as the market held resistance from yesterday and traded lower. The 8000 support area is still holding, but just, and we could see a break through here tomorrow. Not enough room to get the stops to breakeven just yet but you'll want them tucked just under 8000 if that should give way.
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8: JULY SILVER
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SIN5 O=0 HI=3 LO=7 CL=4.5

Got another run at the 760 line today and I took my profits. As it was the market still came up just a 1/2 point short of our 763.5 target. You need to keep that in mind for a market like silver as it has a tendency to react early to resistance and you shouldn't wait for the last tick to get out.

Nothing new here tomorrow, although I suspect we'll see a reaction to the recent rally.
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9: MARCH EURODOLLAR
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EDH6 O=.165 HI=.19 LO=.155 CL=.18

If you didn't take profit on target yesterday then you would have been stopped out today for a small profit as prices briefly broke the 9617 support line.

Probably see rates bounce around a bit as they find their footing, but we'll continue to look to buy at the next opportunity.
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10: WILD CARD
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No wild card market for tomorrow.
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"Tom's Trades" for Friday, June 3, 2005
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1: SEPTEMBER 30 YEAR T BOND
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USDU5 O=8-17 HI=8-27 LO=8-13 CL=8-25

Nothing but strength today. Nothing for us.
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2: SEPTEMBER EURODOLLAR
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EDU5 O=.300 HI=.320 LO=.295 CL=.315

I sold at 96.315. The stop is at 96.325 risking $50.
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3: JUNE CANADIAN DOLLAR
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CDM5 O=16 HI=27 LO=04 CL=21

What an ugly day. Ticks swinging 8 to 12 points ... not for me. I passed on the day. I'll look at 8040 and 8020 tomorrow but will be in no hurry to do anything. I'm about to relegate this market to watch staus only. It's been too wild and wooley.
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4: JUNE MINI RUSSELL 2000
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ERTM5 O=3.90 HI=6.70 LO=1.60 CL=5.30

Started the day by buying at 621.90 ... little slow on the draw. I exited at 623.70 for $180. Next up we bought 623.30 and jumped out at 625.70 for $240. Bought 623.30 and exited at 625 even for $170. Total of $590 on the day.

All the same numbers from TT are in play.
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5: AUGUST GOLD
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GCQ5 O=9.00 HI=5.80 LO=8.80 CL=4.80

We moved back up a notch to the 420-430 channel. We got no confirmation so, no trade. $10 channel again tomorrow.
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6: JULY COTTON
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CTN5 O=.40 HI=.21 LO=.15 CL=.76

I bought 48.55 and was stopped out at 48.90 for $175. Bought 48.60 as we retreated to 48.50 a second time. This one I bailed on at 49.10 after we hit what turned out to be the high of the day. We picked up $250 on this one. I'll play the same numbers tomorrow as well as the numbers from the weekend TT.
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7: JULY COCOA
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CON5 O=08 HI=23 LO=03 CL=20

Just watching ... if we see 1430 we'll put the weekend TT numbers in play.
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8: JULY CORN
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CN5 O=2.22 HI=2.22 LO=2.16 CL=2.17

I sold 2.18 1/2 and was stopped out at 2.17 1/4 for $62. Look for the possibility of the gap closing tomorrow. I'll be willing to buy a retest of 2.14 that fails to punch lower. I'll also sell a break below 2.14.
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9: MAY WHEAT
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WN5 O=3.27 HI=3.27 LO=3.22 CL=3.23 1/2

Gaped away from us at the open. Nothing done. I will buy a break above 3.25 1/2 tomorrow. I will also sell a failed retest there. I will also sell a break below 3.22 1/2. Penny and a quarter stops and B/E rolls.