Picks for December 9, 2009

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2: FINANCIALS/INDICES
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September Eurodollar EDU0
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Old support, from the lows of last week, should now act as resistance to the ED as it tries to head higher. If we see resistance come in on Wednesday I'll tighten up the trade parameters to improve our entry.

If September Eurodollar opens at or above 989500
SELL 2 September Eurodollar at 989400 (stop)(day)

If filled: Exit Stop: 991100 (stop)(GTC)
Approximate Risk: $425 per contract
Profit Target: 987800 (limit)(GTC)
Approximate Profit: $400 per contract
Degree of Risk: Moderate to HIGH

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3: GRAINS
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January Canola RSF0
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Canola's still struggling, but at least it is moving in the right direction! Another day like this and we should be able to get the trade to breakeven.

BUY 2 January Canola at 4100 (November 25)
Exit Stop: 4080 (stop)(GTC)
Approximate Risk: $40 per contract
Profit Target: 4200 (limit)(GTC)
Approximate Profit: $200 per contract
Degree of Risk: Moderate

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March Oats OH0
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Oats hit our first profit target Tuesday which allows us to: a) bank some profit, and b) adjust our exit stop if you're still trailing an open position.

CONTINUATION of Short March Oats at 259 3/4 (December 3)
Exit Stop: 261 1/4 (stop)(GTC)
Approximate Risk: $75 per contract

1st Profit Target: 253 1/4 (December)
Approximate Profit: $325 per contract
Degree of Risk: Moderate to HIGH

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March Wheat WH0
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Watch List - Wheat's moving averages have taken a more bearish bias. I'm on the lookout for a chance to get in, which means I'm looking for support followed by resistance.

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4: MEATS
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January Feeder Cattle FCJ0
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Looks like I misjudged Feeder's downward strength, so I'm pulling the buy orders for Wednesday. It's important to note that we're back at familiar support. If we get a bounce here (ie. support) on Wednesday I might entertain another buy.

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March Cotton CTH0
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Cotton continues to tease. Tuesday's session quickly came back with resistance, once again reinforcing previous resistance at 7500. The price level seems insurmountable now with all those hits at that level, so I'm back to selling a continuation lower. Note: you could treat this as a channel trade and buy/sell accordingly.

If March Cotton opens at or above 7400
SELL 2 March Cotton at 7360 (stop)(day)

If filled: Exit Stop: 7525 (stop)(GTC)
Approximate Risk: $825 per contract
Profit Target: 7255 (limit)(GTC)
Approximate Profit: $525 per contract
Degree of Risk: Moderate to HIGH

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March Sugar SBH0
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Sugar moved low enough for us to bring up the exit stop a bit. We're not to breakeven just yet, but close…

CONTINUATION of Short 2 March Sugar at 2257 (December 4)
Exit Stop: 2281 (stop)(GTC)
Approximate Risk: $268 per contract
Profit Target: 2183 (limit)(GTC)
Approximate Profit: $828 per contract
Degree of Risk: Moderate to HIGH