Traders Helping Traders Daily Update for Thursday, June 9th 2005

==================================================
Market Update for Thursday, June 9, 2005
==================================================
Scroll down about midway in this post for TOM'S TRADES
==================================================
1: JULY CORN
==================================================
CN5 O=7 3/4 HI=9 LO=4 3/4 CL=6

Corn continued lower today and broke the 217 support area briefly before bouncing back a bit. I know I said I would short corn if/when it got to 217, but with the 211 - 212 support so close I can't put together a good trade right now, so I might wait another day.

Big WASDE report due this Friday, so we'll be ready for the market then.
==================================================
2: JULY COTTON
==================================================
CTN5 O=80 HI=15 LO=20 CL=89

Another good session for cotton as prices continued lower but came up short of our first profit target. Today's bounce (ie. higher close) makes it look as though prices could have found support and will likely rally a bit in the days to come.

I'm bringing the exit stop in above today's high and will be out if prices break the 4720 area, otherwise the first target remains support at 4566.
==================================================
3: JULY BEAN OIL
==================================================
BON5 O=00 HI=20 LO=92 CL=98

Leave it up to bean oil to call my bluff as prices found support at 2292 today - right at the support area we were watching. I'm not going to get suckered into an early trade however as the WASDE report could turn things around in a hurry.

With a little luck we'll see prices continue to hover around the 2300 support for tomorrow allowing us to put together a good trade for Friday.
==================================================
4: AUGUST LIVE CATTLE
==================================================
LCQ5 O=32 HI=35 LO=80 CL=22

Got the confirmation of resistance today as prices fell off a bit; however the high closing price also suggests that the market isn't keen about going lower either.

We've got the same problem as yesterday however with all the support at 8200 possibly cutting the move to the downside short. I'll probably just watch this market tomorrow again.
==================================================
5: JULY COCOA
==================================================
CCN5 O=35 HI=51 LO=29 CL=31

If you had any doubts about which numbers were significant in the Cocoa market, today's range should have clarified things for you considerably. See how the market bounced between the 1430 and 1450 lines we were watching?

We could see cocoa continue lower again tomorrow, but I'll run the same long trade and see what happens.

*BUY July Cocoa at 1453
*Stop 1429
*Approximate Risk Exposure: $240 per contract
*Profit Target: 1549
*Approximate Profit Potential: $960 per contract
*RRR: 4:1
*Degree of Risk: Moderate
==================================================
6: JULY WHEAT
==================================================
WN5 O=17 HI=19 LO=13 CL=13 1/4

Pretty easy day in wheat regardless of where you placed your exit stops as the market never really challenged them (at least not seriously). We're trading near some significant support right now at 311, so if you wanted you could use that as your profit target instead of the 303 line from the weekend.

The WASDE report due out Friday is likely to make for an indecisive session tomorrow.
==================================================
7: SEPTEMBER CANADIAN DOLLAR
==================================================
CDU5 O=47 HI=63 LO=93 CL=11

Hello! The CD fell off today (as we partly expected) and is testing the support in the 7990 - 8000 area we have been watching. RSI is also at a testpoint and a higher session tomorrow will get me into buy mode.
==================================================
8: JULY SILVER
==================================================
SIN5 O=5.5 HI=3 LO=1 CL=7.5

Silver got close to testing the 740 support area, coming just one tick short. RSI is at a testpoint and I would expect higher prices tomorrow; however this is silver so I might wait it out one more day.
==================================================
9: MARCH EURODOLLAR
==================================================
EDH6 O=.13 HI=.135 LO=.08 CL=.09

The ED is acting a little better today as we're at least testing the 9610 support again. I'd still like to see a dip to 9604 - 05 before recovering, so I might give it another day to shape up.
==================================================
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, June 9, 2005
========================================================
=======================================================
1: SEPTEMBER 30 YEAR T BOND
========================================================
USDU5 O=8-28 HI=8-29 LO=8-15 CL=8-16

Not much weakness to fuel our short biased stance. We did a little "pocket picking" though. I sold 118-27 and was stopped out at -23 for 4 ticks. I then sold 118-28 and exited purposely at -18 for 10 ticks.

The close at 118-16 has us focused right there or on selling 119-00. We looked very weak near end of day closing just a tick off the low of the day. It is conceivable we'll not get a chance to sell until 118-00 so be prepared for any of the 3 numbers to pop up in the crosshairs.
========================================================
2: SEPTEMBER EURODOLLAR
========================================================
EDU5 O=.305 HI=.305 LO=.280 CL=.290

I'm gonna watch a while
========================================================
3: JUNE CANADIAN DOLLAR
========================================================
CDM5 O=32 HI=45 LO=77 CL=95

Close but no hand grenade ... or something like that. A nice $500 move we had to sit and watch ... Grrrrr. For tomorrow? Could it be any more obvious? We'll play either side of 8000. We'll sell a rise back above 8010 and/or sell a retest of 8000 that fails. Stops are 7997 on the buy and 8003 on the sell. Get it to B/E at 8015 or 7991.
========================================================
4: JUNE MINI RUSSELL 2000
========================================================
ERTM5 O=4.00 HI=4.40 LO=9.20 CL=0.00

I bought 624.00 and out at 625.80 for $180. I then sold 622.70 and exited at 620.20 for $250. We were out of time by then. All the numbers in play tomorrow plus we add 626 to the party.
========================================================
5: AUGUST GOLD
========================================================
GCQ5 O=7.40 HI=8.70 LO=6.40 CL=6.60

I sold 428.30 and out at 426.70 for $160. $10 channel again tomorrow.
========================================================
6: JULY COTTON
========================================================
CTN5 O=.80 HI=.15 LO=.20 CL=.89

Nothing for us today but we pulled right back up on our number near end of day. Let's keep the same numbers in play for tomorrow, shall we.
========================================================
7: JULY COCOA
========================================================
CON5 O=35 HI=51 LO=29 CL=31

We just watched ... with interest. I'll roll with 1440 tomorrow either way. Stop at 1433 on the buy and 1443 on the sell.
========================================================
8: JULY CORN
========================================================
CN5 O=2.17 3/4 HI=2.19 LO=2.14 3/4 CL=2.16

A good sized gap down keeps traders working the worry beads intently. Not us scalpers, though. I sold 2.18 3/4. Had we made it to 2.14 I think I would have undoubtedly taken the profit and moved on. Of course they'd never make it that easy on us ... a lesson in and of itself ... pulling up at 2.14 3/4. Now, I had to make the really hard decision, hold or no. I am short overnight with a stop at 2.15 1/4 and headed for the open tomorrow.
========================================================
9: MAY WHEAT
========================================================
WN5 O=3.17 HI=3.19 LO=3.13 CL=3.13 1/4

Likewise a bit of a gap down on the open. I sold 3.18 1/4 towards the end of day setting up another really hard decision. Wheat is Wheat and Corn is Corn. I held the Corn, bought back the Wheat ...out at 3.13 3/4 for 4 1/2 cents, $225.

My decision was made infinitely easier as we closed at 3.13 1/4. That's just a hair above a beauty of a line at 3.13. We'll play that tomorrow. Buy a retest that fails to punch lower and sell an outright break of the number.