Traders Helping Traders Daily Update for Friday July 8, 2005

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Market Update for Friday, July 8, 2005
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1: SEPTEMBER CORN
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CU5 O=4 HI=4 1/2 LO=4 CL=1 3/4

The corn rollercoaster continued today with prices bouncing back from yesterday's decline. Not too unusual to see at this time of the year with all the weather if's playing havoc with the market.

Think I'll stand aside tomorrow though. I'd love to get in, but this action is making me nauseous.
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2: DECEMBER COTTON
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CTZ5 O=10 HI=35 LO=82 CL=88

Ooooo, cotton tried to get tricky today! Notice how the market recovered off the RSI trendline? I wasn't quite sure if this would cause support, but it looks as though it did.

The suggested trade was a countertrend trade anyway, which is not my favourite type of position to take. Expect cotton prices to rally tomorrow and make a run at the 5760 resistance. If it wasn't a Friday I'd consider buying above today's high.
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3: DECEMBER BEAN OIL
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BOZ5 O=00 HI=70 LO=95 CL=53

Big opening gap to the downside saw bean prices rally for the rest of the session. This is really a crazy chart we're looking at right now. It seems as though prices are rejecting going lower, yet don't have enough oomph (that's a technical term) to continue higher.

Just watching tomorrow.
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4: AUGUST LIVE CATTLE
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LCQ5 O=70 HI=75 LO=90 CL=10

Cattle prices retreated from resistance today and never rallied enough to find our order. This is fine, as it is what support and resistance are supposed to do.

The bearish session is likely to be followed by another tomorrow as cattle has a tendency to "follow up" for a day or two. I'd like to short the market again, but am not too comfortable holding this position over the weekend.

If we're lucky we will see another test of the 7925 support which will put us in great shape to sell next week.
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5: SEPTEMBER COCOA
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CCU5 O=02 HI=24 LO=95 CL=97

Didn't get the reaction we wanted in cocoa as prices continued to slide lower. The market has not run away from us yet, so I'm confident we will be able to sell on the next support level. But given the length of time cocoa has been in decline a pullback would be very welcome.
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6: SEPTEMBER WHEAT
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WU5 O=38 HI=45 3/4 LO=37 CL=44

A wacky day in the wheat market as we saw a bullish bear session - prices rallied, but for the most part traded lower than yesterday's session. I don't expect wheat to move too far tomorrow going into the weekend. The weather sensitivity of the market has a way of putting the brakes on.

Think I'll just watch.
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7: SEPTEMBER CANADIAN DOLLAR
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CDU5 O=11 HI=66 LO=94 CL=56

Caught a nice break in the CD today as prices rallied off support. The market easily found our entry and continued higher from there, never threatening our stop loss - just the way I like it. ;-)

First profit target is at 8189, and I hope to hit that tomorrow so we can be flat for the weekend. Bring exit stops just under 8147 to protect yourself in case of a pullback.
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8: SEPTEMBER SILVER
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SIU5 Oi7 HIp9 LOi6 CLi8.5

No surprise here as silver prices continued to rally a bit today. We had the sell below support in place, just in case of a reversal, but the bullish session is welcome as it allows us a better selling opportunity.

But not tomorrow.
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9: MARCH EURODOLLAR
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EDH6 O=.005 HI=.005 LO=.925 CL=.935

Take a good look folks. You don't normally see the ED make a gap like this to open the session! In spite of the big opening gap, rates faded the open and fell off to the 95.925 support level we have been watching.

I'm still more bearish than bullish on this market and will continue to take my time waiting for the next good selling opportunity.
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10: WILD CARD
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No wild card market - yet.
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