Morning Market Picks for June 26, 2009

CURRENCIES

September British Pound BPU9
Momentum? What momentum? The only reason I'm running this going into the weekend is that it will take a serious move to find our entry; otherwise I'd pull the trade.

If the September British Pound opens at or below 166.00
BUY September British Pound at 166.37 (stop)(day)

If filled: Exit Stop: 162.87 (stop)(GTC)
Approximate Risk: $2187 per contract
Profit Target: 167.97 (limit)(GTC)
Approximate Profit: $1000 per contract
Degree of Risk: Moderate to HIGH

September Canadian Dollar CDU9
Watch List - We hit 8610 today… now let's see if we get a reaction.

September EuroFX ECU9
Watch List - The EuroFX is looking very bullish for Friday.

September Swiss Franc SFU9
What can I say? I'm a sucker for a small bar (small bar = small risk).

If September Swiss Franc opens at or above 9060
SELL September Swiss Franc at 9057 (stop)(day)

If filled: Exit Stop: 9171 (stop)(GTC)
Approximate Risk: $1425 per contract
Profit Target: 8961 (limit)(GTC)
Approximate Profit: $1200 per contract
Degree of Risk: Moderate to HIGH

September US Dollar Index DXU9
We're hardly out of the woods here, but we're still hanging on!

CONTINUATION of Short September US Dollar Index at 80330 (June 23)
Exit Stop: 81270 (stop)(GTC)
Approximate Risk: $940 per contract
Profit Target: 79430 (limit)(GTC)
Approximate Profit: $900 per contract
Degree of Risk: HIGH

FINANCIALS/INDICES

September mini-DOW YMU9
FLAT - It's too expensive to position trade; however the mini-Dow is looking bullish for Friday above Thursday's high.

GRAINS

November Canola RSX9
Well, the trade looked really good for Thursday but it didn't go anywhere. The longer it takes to "go" the greater the risk becomes that we'll get whipped.

If November Canola opens at or below 463.0
BUY November Canola at 464.0 (stop)(day)

If filled: Exit Stop: 451.0 (stop)(GTC)
Approximate Risk: $260 per contract
Profit Target: 476.5 (limit)(GTC)
Approximate Profit: $250 per contract
Degree of Risk: Moderate to HIGH

September mini- Corn @YCU9
FLAT - Darn. If it wasn't Friday I think I'd be selling….

MEATS

August Lean Hogs LHQ9
Watch List - We got support for Friday but this is one market I can't bring myself to hold over the weekend.