Will The Yen Be Your Friend?

May 8, 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.

The Dollar continues to bounce from lows. This action could set up
opportunities in the inverse currencies. With that said, the June Japanese Yen
(
JYM2 |
Quote |
Chart |
News |
PowerRating) looks like it might have the potential to rally out of a cup and
handle.

July cotton
(
CTN2 |
Quote |
Chart |
News |
PowerRating) is forming a low level flag. This action suggests it
might have one more stab to life-of-contract lows left in it.