Bottoms Up?

January 14, 2002
Dave Landry

Each evening we
focus on the most interesting aspects for the upcoming
trading day. The comments are based on observations of the
nightly updates of the Futures and Market Bias pages. They
are provided for educational purposes only and are not
intended to be direct trading advice. Also, keep in mind
that these remarks are made up to 12 hours in advance of the
markets opening. Therefore, overnight events may alter the
outcome of these observations.

March sugar
(
SBH2 |
Quote |
Chart |
News |
PowerRating) continues to pull back from highs, but so far, still
looks like it has the potential to resume its uptrend. However, as always, wait
for follow through.

For those willing to bottom fish, March coffee
(
KCH2 |
Quote |
Chart |
News |
PowerRating) seems to have
recently found a lot of support at life-of-contract lows (the red line below).
Also, it now appears to set up as a loosely-formed low-level cup and
handle (the blue cup and handle looking line).