Silver Breaking Out

May 21, 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.

There’s not much to look at tonight (Tuesday). July corn
(
CN2 |
Quote |
Chart |
News |
PowerRating), mentioned
Monday, still looks like it has potential but "faked out" on Tuesday.
The index futures, also mentioned recently, still look vulnerable but are
becoming oversold.

Follow Up/Looking Ahead

The Dollar remains in a solid downtrend. The June Japanese Yen
(
JYM2 |
Quote |
Chart |
News |
PowerRating)
has been extremely strong in light of this action. We could see setups here soon
on a pullback.