Morning Market Picks for June 16, 2009

by Erich Senft on June 16, 2009

CURRENCIES

If September Japanese Yen opens at or above 101.50
SELL September Japanese Yen at 101.37 (stop)(day)
If filled: Exit Stop: 102.69 (stop)(GTC)
Approximate Risk: $1650 per contract
Profit Target: 100.41 (limit)(GTC)
Approximate Profit: $1200 per contract
Degree of Risk: Moderate

FINANCIALS/INDICES

March Eurodollar EDH0
Watch List – Momentum seems to be slowing a bit. We might get a chance to sell here this week.

MEATS

August Feeder Cattle FCQ9
We have resistance in Feeder’s but that might hold so I’m looking to sell it short on a move lower Tuesday.

If August Feeder Cattle opens at or above 9680
SELL August Feeder Cattle at 9660 (stop)(day)

If filled: Exit Stop: 9775 (stop)(GTC)
Approximate Risk: $575 per contract
Profit Target: 9525 (limit)(GTC)
Approximate Profit: $675 per contract
Degree of Risk: Moderate to HIGH

August Live Cattle LCQ9
Still running the weekend trade for Tuesday.
If August Live Cattle opens at or above 8060
SELL August Live Cattle at 8042 (stop)(day)
If filled: Exit Stop: 8217 (stop)(GTC)
Approximate Risk: $700 per contract
Profit Target: 7917 (limit)(GTC)
Approximate Profit: $500 per contract
Degree of Risk: Moderate to HIGH

METALS

July mini-Silver YIN9
Can you believe it? Gapped by a couple of ticks on a perfect trade! Arrrgh!

SOFTS

July Cotton CTN9
Well, that’s better ain’t it?

CONTINUATION of Short July Cotton at 5460 (June 8)
Exit Stop: 5700 (stop)(GTC)
Approximate Risk: $1200 per contract
Profit Target: 5280 (limit)(GTC)
Approximate Profit: $900 per contract
Degree of Risk: Moderate

July Sugar SBN9
FLAT – Sugar’s looking weak but I’m not going to start a new position here before the weekend.

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