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Strategies & Market Trends : Grain Futures Trading
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To: John Pitera who wrote (553)5/6/1999 2:39:00 PM
From: nicewatch   of 645
 
Hi John, I think that oil is very close to it's high for the year... I think we are topping right here or in the next week or so. I think we will trade back to 15 $ basis the nearby contract.
did you hear there are record long positions in crude by the speculators and record short positions by the commercials I think you have a good point about oil. There was a little break today, maybe it's the peak you mention. I wasn't aware of the committment of traders data, but that makes sense. You are right that commercials have the best timing record in most markets. <g> I'll have to take a further look... thanks. If I had to guess the ewave count -doesn't mean much to me- I would say we're in wave 3 of major wave 1, off the 12/98 lows. This can be seen here digisys.net 97-12/98 represented a 5 wave decline 12/98-1/98 is wave one of 1 1/98-2/98 is wave two of 1 2/98 to now is wave 3 of 1 this is my guess.... don't take it too seriously. <ggg> funny thing with M-3 declining and m-2 rising did you see a Abelson's column in Barrons in the 4-26-99 issue, he showed M-3 contracting over the past 6 months. i did not see the column.... very interesting. Is there any way to read that online? All this talk about the money supply makes me think of my econ classes a few years ago. <g> Talk to you later, take care Regards, Frank p.s. I bought back a few beans today, and am looking to possibly buy july cotton tomorrow.... we'll see.
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