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<DIV><FONT color=#ff0000 size=2>For those that have a demo account with Midas,
you should sign up for their daily commentary. S&R levels are pretty
good.</FONT></DIV>
<DIV><FONT size=2></FONT> </DIV>
<DIV><FONT size=2>Wednesday, May 5th , 1999...GMT 0445.<BR>Overnight News<BR>*
The Dow Jones Industrials gave up the 11,000 level again, dropping to<BR>10,886
amid general weakness in US stocks. Far Eastern stocks were mixed as<BR>Japan
was closed for the last day of Golden Week.<BR>* The newly listed Goldman Sachs
rallied 33% on the first day of trading,<BR>underlining that the pros at the
securities firm had priced the 14% of its<BR>shares listed at a moderate enough
level to ensure that investors had solid<BR>gains, while the company's total
value soared anyway.<BR>* The Index of Leading Economic Indicators, a barometer
of future economic<BR>activity, rose 0.1 percent in March - its sixth straight
monthly rise -<BR>driven by rising order backlogs and climbing stock prices.
<BR>* Trade envoys held their third emergency session in five days in a bid
to<BR>agree on a new director-general of the World Trade Organisation but
there<BR>was still no sign of a break in the impasse between candidates.
<BR><BR>___________________________________________________________________________<BR><BR><BR>EUR/USD
GMT 0520...1.0625<BR>Resistance: 1.0680 1.0720 1.0760 Support: 1.0590
1.0560<BR>1.0540 <BR><BR>May 5 - We saw the first part of the expected rally to
1.0620, and while<BR>minor selling may become apparent here, a further rally
towards 1.0680 is<BR>likely to follow. We would be favourable towards picking up
the Euro on a<BR>small setback to 1.0590 or so, in the expectation that the
dollar rally is<BR>about to take a breather. Movements in correlated markets
certainly show<BR>that the sideways action is beginning to be replaced with a
short term<BR>weakening of the greenback. Important support is now seen at
post-intro low<BR>of 1.0540 on setbacks, but if that gives way a fall to crucial
1.0420 could<BR>be under way. It is no surprise to regular readers that I favour
a somewhat<BR>bigger correction here - over a couple of weeks as high as 1.0870
(or even<BR>1.1060) cannot be ruled out.
<BR><BR>___________________________________________________________________________<BR><BR><BR>USD/JPY
GMT 0530...121.20<BR>Resistance: 121.35 121.80/90 122.60 Support:
120.60/70<BR>120.35 119.60/70 <BR><BR>May 5 - The USD/JPY rate is beginning to
gain upside momentum, in line with<BR>recent the recent experience that the this
combination moves opposite to the<BR>other dollar crosses. This also indicates
that the yen could be about to<BR>weaken strongly against a number of other
currencies. For now,the dollar has<BR>successfully cleared the 120.60/70 level
and that is now likely to provide<BR>minor support on setbacks, allowing the
dollar to test higher towards 121.35<BR>and 121.80/90 in the near term. A break
back below the 120.60 level would<BR>lead the dollar back to 119.60/70 - and
below there it is more of the recent<BR>range trading.
<BR><BR>___________________________________________________________________________<BR><BR><BR>The
daily analysis suggests short term technical levels as well as
specific<BR>trading ideas. As a client, you will have free access to do your
own<BR>fundamental and technical analysis on BridgeChannel and the Green
Eye<BR>technical analysis system.<BR>For our full daily analysis, please visit
the Forextrading Member page.<BR><BR><A
href="http://www.forextrading.com/members/analysis/default.asp";>http://www.forextrading.com/members/analysis/default.asp</A><BR><BR>___________________________________________________________________________<BR><BR><BR>Today's
Events<BR><BR><BR>Asia<BR><BR>Malaysia: End-April FX figure may be released
(mid-April: 106.82 bln<BR>ringgit)<BR>Hong Kong: Hong Kong Monetary Authority 3-
and 6-month bills tender at 1100<BR>Hong Kong: Hong Kong government to release
volume and price statistics of<BR>external trade for February at 1615<BR>Taiwan:
April CPI data at 1100<BR>Indonesia: Bank Indonesia weekly 1-month SBI
auction<BR>India: Bank's cash reserve ratio to be cut 50 basis points to
10%<BR>India: RBI's 5 billion rupees 364-day T-bill tender. Payment May
7.<BR><BR>Europe<BR><BR>--0530 Germany: Mar wholesale sales<BR>--0645 France:
INSEE Apr household confidence survey <BR>--0700 Italy: Apr car sales<BR>--0830
UK: Apr official reserves<BR>--0900 UK: CIPS construction survey<BR>--0930
Germany: US President Clinton arrives at Spangdahlem airbase at start<BR>of
2-day visit<BR>--1100 UK: CBI distributive trades survey<BR>--Spain: Apr
registered unemployment<BR>--Spain: Auction 5-yr and 15-yr government
bonds<BR>--Spain: Apr car sales possible<BR>--1000 Strasbourg: European
Parliament votes on nomination of Romano Prodi<BR>as new EU Commission
president<BR>--1045 Sweden: Debt Office issues T-bills<BR>--PM Belgium: Result
of primary dealers' bids at weekly T-bill auction<BR>--1330 Norway: Central bank
executive board meeting<BR>--1420 Sweden: Debt Office announces details of next
T-bond auction<BR>--1500 France: World Bank emergency meeting of creditor
countries of<BR>Macedonia<BR>--after 1500 Italy: Apr prelim mutual fund
figures<BR>--1700 Germany: Chancellor Schroeder meets with union
leaders<BR><BR>Americas<BR><BR>Treasury announces quarterly refunding details,
including size of 5-<BR>and 10-year notes offering; about 0945 ET (1345
GMT)<BR>Mar factory orders (Feb: -2.5%, ex-transportation -0.4%;
Forecast:<BR>+1.3%); 1000 ET (1400 GMT)<BR>Treasury Secretary Robert Rubin and
Securities and Exchange Commission<BR>Chairman Arthur Levitt to testify to the
House Commerce Committee on<BR>banking reform bill; 1000 ET (1400 GMT)<BR>Apr
National Association of Purchasing Management index (Non-<BR>Manufacturing (Mar:
62.5); 1000 ET (1400 GMT)<BR>Fed Gov. Edward Gramlich briefs on "emerging
neighborhood markets" at<BR>Social Compact Leadership Awards Luncheon; 1245 ET
(1645 GMT)<BR>Federal Reserve Board releases "Beige Book" on US Economic
activity<BR>1400 ET (1800 GMT)<BR>US Trade Representative Charlene Barshefsky
speaks at the American News<BR>Women's Club; 1830 ET (2230 GMT)<BR>ABC/Money
Magazine releases consumer confidence polls; 1830 ET<BR>(2230
GMT)<BR><BR><BR>The daily analysis suggests short term technical levels as well
as specific<BR>trading ideas. As a client, you will have free access to do your
own<BR>fundamental and technical analysis on BridgeChannel and the Green
Eye<BR>technical analysis
system<BR><BR>___________________________________________________________________________<BR><BR><BR>THE
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Message-Id: <003101be96f6$ad4bcda0$0601a8c0@xxxxxxxxxxxxx>
Date: Wed, 5 May 1999 08:56:21 -0400
Reply-To: OnWingsofEagles@xxxxxxxxxxxxx
Sender: owner-realtraders@xxxxxxxxxxxxxx
From: "Gitanshu Buch" <OnWingsofEagles@xxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: FUT: June Crude and Astrology
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<DIV><FONT face=Arial size=2>Night session Crude is down 21 cents ($210 per
contract) from Tusday close. I have a feeling this dump is just
beginning.</FONT></DIV>
<DIV><FONT face=Arial size=2></FONT> </DIV>
<DIV><FONT face=Arial size=2>Congratulations are in order to Norman Winski, who
once again has nailed the turn date (refer his Neptune turns retrograde May
6 email) well in advance - in this case for Crude oil.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>For the non-astrology buffs, in June/July Crude,
June/July Heat and July Gasoline going into 5/5 trading we have:</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>- an Inside Day</FONT></DIV>
<DIV><FONT face=Arial size=2>- the narrowest range of the past 4
days</FONT></DIV>
<DIV><FONT face=Arial size=2>- historical volatility under 50% of
mean</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>Past 3 setups for June Crude, and the resultant
price behavior is enclosed for your research purposes.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>This method was taught to us by Larry Connors and
Linda Bradford Raschke across 3 books. </FONT><FONT face=Arial size=2>For those
trading FX, the June/Sep Swiss contracts exploded out of exactly the same setup
yesterday.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>This case illustrates yet another time when
multiple methods come together to deliver potentially 2 sigma moves in some
direction - as we should see in a few equities today (SCH, CAT, NKE, HWP) in
addition to follow-through in Crude and Swiss.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>Voluntary disclosures:</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>1. I am a Continuing Education student of
astrology, and Mr. Winski is my teacher. Fellow traders willing to go
through a 2+ year learning process from scratch to understanding to trading
should sign up for his services. For the uninitiated, you will find the going
tough. Once it sinks in, it helps you understand things in a different light.
This is not a paid advertisement, I only have an ongoing student-teacher
relationship with him and this Crude example is happening now. </FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>2. I have positions in the aforementioned
commodities and equities.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>3. These are NOT trade
recommendations.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT face=Arial size=2>Regards</FONT></DIV>
<DIV><FONT face=Arial size=2>Gitanshu</FONT></DIV></BODY></HTML>
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