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For the time being, I generally agree in direction although I was happy to
walk away with only 100 points per car on my last sugar trade out of the
tight congestion around 600. I believe it's headed back to 630-640 area
basis Mar00 in what looks like a nearly completed 5 wave corrective decline
which has failed to mount any significant distribution (viewed by OBV) while
open interest has declined significantly. Should the congestion area fail to
hold, the weekly charts would confirm the entire rally as an ABC corrective
rally and the monthly would charts portend a rather nasty 5th wave decline
into the area of the 85 lows around 260.
Until I see evidence to the contrary, I am standing aside and watching for
opportunity to go long for a relatively long term position trade.
Earl
----- Original Message -----
From: nwinski <nwinski@xxxxxxxxxxxxxxx>
To: Howard Hopkins <hehohop@xxxxxxxxxxx>
Cc: <realtraders@xxxxxxxxxxxx>
Sent: Wednesday, October 06, 1999 3:23 AM
Subject: Re: Sugar
> Personally, I wouldn't trade Sugar unless I thought I could make at least
200
> pts.
> Currently, I think the odds are greater for Sugar to go up 200 pts than
down 200
> pts.
> Barring a worldwide depression, I don't see Sugar going to 4 1/2 cents or
less.
> I think
> it already made a good low near 4 cents earlier this year.
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