Traders Helping Traders Daily Update for Thursday July 14th, 2005

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Erich's Update for Thursday July 14, 2005
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1: SEPTEMBER CORN
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CU5 O=5 1/2 HI=7 LO=5 1/2 CL=4 3/4

Well that was a pretty good day in corn, don't you think? ;-)

The market rallied quite strongly today getting us halfway to our first profit target. You'll want to bring exit stops in a bit in anticipation of a possible bounce tomorrow. If you want to protect as much profit as possible bring them in below the 244 area but leaving them further back will allow you a little more flexibility.
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2: DECEMBER COTTON
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CTZ5 O=05 HI=90 LO=65 CL=56

Cotton flinched as prices got close to the 5055 support area. The big opening gap was a surefire signal that prices were likely to fade us today. Even cotton doesn't gap like that two days in a row.

Waiting for the pending pullback and the dust to settle before we try to sell again.
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3: DECEMBER BEAN OIL
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BOZ5 O=55 HI=07 LO=45 CL=80

Bean Oil gapped our entry this morning voiding our buy order. Too bad since the market behaved itself pretty well today. Prices are firmly into resistance on the high, so I might hold off tomorrow in case we see a hiccup.
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4: AUGUST LIVE CATTLE
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LCQ5 O=68 HI=20 LO=30 CL=13

Cattle caught our stops today as the market traded higher. We're out at breakeven which is not too impressive given the size of the move which started the trade.

Might see another higher session before we look at selling again. I'll be standing aside for tomorrow.
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5: SEPTEMBER COCOA
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CCU5

Cocoa gave us a bit of a reaction to yesterday's resistance. It's not the ideal setup but I might consider a sell below today's low. Don't feel like you have to rush into this trade though, I'm just liking the tight ranges.

*SELL September Cocoa at 1394
*Stop 1416
*Approximate Risk Exposure: $220 per contract
*Profit Target: 1316
*Approximate Profit Potential: $800 per contract
*RRR: 3 1/2:1
*Degree of Risk: HIGH
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6: SEPTEMBER WHEAT
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WU5 O=33 1/2 HI=41 LO=31 1/2 CL=39 3/4

As I feared, wheat handed us a spanking today after getting caught in yesterday's wandering market. I *almost* ran the buy order in case wheat reversed; however I obviously didn't expect such an aggressive day.

Standing aside tomorrow to lick my wounds.
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7: SEPTEMBER CANADIAN DOLLAR
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CDU5 O=24 HI=29 LO=89 CL=01

The CD never got close to the 8350 line today and reversed off of yesterday's high. Might see another lower session tomorrow, or better yet a channel, which should allow us another trade in a few days.
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8: SEPTEMBER SILVER
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SIU5 O=6 HI=7 LO=0.5 CL=1

Just like silver to call my bluff today and give us the confirmation we were looking for. Okay silver, here you go, we'll sell you below today's support and cover the trade above nearby resistance.

*SELL September Silver at 698
*Stop 703.5
*Approximate Risk Exposure: $275 per contract
*Profit Target: 671
*Approximate Profit Potential: $1350 per contract
*RRR: 4 1/2:1
*Degree of Risk: Moderate to HIGH
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9: JUNE EURODOLLAR
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EDM6 O=.79 HI=.80 LO=.76 CL=.78

The ED continued lower today filling yesterday's sell order and giving the sellers from the other day a little bit more elbow room. If you entered this trade a few days ago you could bring stops in a bit to 95.845, or if you were getting anxious, try breakeven.

If you sold today you'll probably have to hold the stops where they are for one more session.
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10: WILD CARD
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No wild card market - yet.
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