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Earl,
I'm short from 6.73. Didn't like the support and the bounce on higher vol
like you pointed out. I sold it to see it break at least to 6.50. Since it
hasn't done that I've moved my stop down to 6.85 (a tick above today high).
I hope it break this afternoon, but the support looks pretty good.
Howard
>From: "Earl Adamy" <eadamy@xxxxxxxxxx>
>To: <realtraders@xxxxxxxxxxxx>
>Subject: Re: Sugar
>Date: Thu, 7 Oct 1999 06:25:48 -0600
>
>Those who follow sugar might want to take a look at the volume and open
>interest for the past 10-12 trading days and especially the past couple of
>days. Nuts and bolts, with the exception of 27Sep, volume has declined
>noticeably when prices have declined and expanded when prices have rallied.
>The 3 trading days prior to 6Oct (volume not available yet for 6Oct) showed
>sharp declines in price (especially 5Oct) and minimal contract volume.
>During the 4 higher volume trading days 27-30Sep, prices declined on only
>one of the 4 days and open interest dropped by 15%. Further, 6Oct closed as
>a reversal day after bouncing sharply from Fibonacci and pivot support. I
>believe we will shortly retest the highs and will be building a long
>position in sugar.
>
>Earl
>
>----- Original Message -----
>From: Earl Adamy <eadamy@xxxxxxxxxx>
>To: <realtraders@xxxxxxxxxxxx>
>Sent: Wednesday, October 06, 1999 5:29 AM
>Subject: Re: Sugar
>
>
> > 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
>
>
>
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