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Hi Steve
Gee ... I was just reading about your W/C spread today on the Bridge reports
<G>
"... Much of the pressure at
the Chicago Board of Trade came as a number of large commodity fund and
commercial firms were said to be taking profits on long wheat/short corn
spread
positions. Traders said the spreads had been technically overbought and
noted
that it was difficult for wheat to gain on corn, heading into the teeth of
the
U.S. winter wheat harvest in June. ...
Unwinding of long
wheat/short corn spread positions then helped keep wheat near session lows
despite a late recovery in corn and soybeans.
O'Connor Grain sold 500 lots of Jly, Prudential Securities sold 800 Jly
and
ED&F Man sold 400 Dec. Cargill Investor Services sold 500 Jly and bought 400
Jly. FIMAT bought 500 Jly. ...
... The Jly wheat/corn spread closed at 41 3/4c, down 4 1/4c on the day. The
spread had risen from 19 1/2c on May 2 to 46c as of Tuesday's close. ..."
I checked out your funds question from earlier in the week. What a mess ...
I guess those wheat longs are bound and determined to stand under the
corn/soy waterfall. <G> Should be easy money for you and your clients.
Best regards
Walter
----- Original Message -----
From: "Steve Karnish" <kernish@xxxxxxxxxxxx>
To: "RealTraders Discussion Group" <realtraders@xxxxxxxxxxxxxxx>;
<metastock@xxxxxxxxxxxxx>
Sent: Wednesday, May 17, 2000 1:39 PM
Subject: Re: long wheat, short corn (no mo)
| Walter,
|
| Thought I'd tell you what I was "thinking" about the July Wheat/Corn
spread
| we discussed during the third week in April. As you know, I seldom trade
| spreads, but found this "feed spread" very attractive. I was able to put
on
| these positions on at under 28. This morning I exited all positions at 46
| or better.
|
| I know this technical approach is not for everyone...but consider that
| momentum oscillators can do a nice job of tracking "spreads". You can
enter
| and exit positions after penetrations of zero and 100; wait until the
| indicator reverses below and above these levels; or devise your own
| comfortable strategy (even use stops, gasp).
|
| Steve Karnish
| Cedar Creek Trading
| http://www.cedarcreektrading.com
| ----- Original Message -----
| From: Walter Lake <wlake@xxxxxxxxx>
| To: Metastock bulletin board > <metastock@xxxxxxxxxxxxx>
| Sent: Tuesday, May 16, 2000 7:27 PM
| Subject: SX - contact closes
|
|
| > Thanks for your emails
| >
| > Attached is a chart of 30 years of SX closes from ~June 9 to ~Aug 21,
the
| > traditional seasonal trade time. These are regular prices down the right
| > side ... NOT normalized prices so you get to see what's historically
cheap
| > and dear. Series 1 or 1969 has a nice seasonal dip right where you want
it
| > but the series is so flat that the total move is only 8 cents <G>
| >
| > Each perspective gives you different trading ideas. You might want to
| verify
| > your trade idea in several perspectives ... as you would with different
| time
| > frames. It's easy to get blinders on.
| >
| > Best regards
| >
| > Walter
| >
| >
|
|