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Have to concur now on the sugar, Steve. Thought the large bull flag I saw
forming over the last several weeks might still have the impetus to trigger a
breakout above 7.11. Although the flag is still in tact, now very doubtful.
The past 3 day's form a pattern I call the Dripping Spout. Sugar has done 2
other of these in the last 6 months, with devasting results. A gap down
opening tomorrow below 6.77 would trigger a flag failure and suggest a test of
the 6.40 lows.
Scheier
Steve Karnish wrote:
> Earl,
>
> Right on Earl! Attached is daily wheat post and a few thoughts on sugar. I
> will probably go long wheat in the morning ... if the market stays under
> pressure. Sugar is at a critical area. The 13, 21, and 34 day moving
> averages have been "supporting" sugar (markets tend to be supported by
> moving averages that are trending in the market's direction). The more
> averages in a confined area, usually the better the support or resistance.
> The thing to watch, over the next few days, is without any significant price
> movement to "drag" the averages up, the 13, 21, & 34 period averages will
> turn down (count backwards and see for yourself). When these circumstances
> have come together in the past, many times the price will race down and you
> can not expect a recovery until the averages are able to turn up again.
> This is just something to monitor. It very subjective, as opposed to my
> grain trading which is totally mechanical.
>
> Steve Karnish
> Cedar Creek Trading
> http://www.abbracadabra.com/cybercast/
> ----- Original Message -----
> From: Earl Adamy <eadamy@xxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxx>
> Sent: Thursday, November 11, 1999 9:15 AM
> Subject: Re: My Final Words On Microsoft Ruling
>
> > I can't claim to be the oldest here because I was only a child when I
> began
> > working with IBM main frames at ITT:Corp 8:00 EST on Sept 10 1962 (37
> years,
> > 2 months, 1 day, and 5 hours ago).
> >
> > My only expert opinion is that we need to get back to trading! Aside from
> > the SP, BP and Sugar there hasn't been much on the subject. Anyone else
> > trading the short side of grains? Anyone else looking for a possible short
> > setup in cattle?
> >
> > Earl
> >
> > ----- Original Message -----
> > From: Brent <brente@xxxxxxxxxxxx>
> > To: <realtraders@xxxxxxxxxxxx>
> > Sent: Thursday, November 11, 1999 9:31 AM
> > Subject: Re: My Final Words On Microsoft Ruling
> >
> >
> > > We've got to find out who is the oldest (and most experienced) person on
> > > Real Traders is because he is the only one that can have a valid
> opinion.
> >
> >
> >
>
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