User [gary fullett /172.143.199.39] joined forum on Thu May 18 20:59:36 EDT 2000
User [mrj /209.16.79.196] joined forum on Thu May 18 20:59:56 EDT 2000
<mrj> hi Gary
<gary fullett> hey mr j
<mrj> made it in
<gary fullett> still having some problems with the chat
<gary fullett> but I think it should be okay by tomorow
<mrj> we're patient
<gary fullett> I looked into several other chats
<mrj> anything intteresting
<gary fullett> amos cant still get in
<gary fullett> and several others
<mrj> he was on forunms a lot
<gary fullett> nothing really
<gary fullett> yes I know
<gary fullett> he is adding his 2 cents
<mrj> lol
<gary fullett> grains were interesting
<gary fullett> went to resisatnce and fail
<mrj> yes they were
<gary fullett> though I was able to come in long today and get out with profits at resisatnce
<gary fullett> since the market did some tech damage
<gary fullett> it will be in a range for a bit
<gary fullett> it will sake more than "news: anfd weather to move up now
<mrj> seems like all the "bad" news should be factored in
<gary fullett> u mena like rain?
<gary fullett> mean
<mrj> yes and fundamental stuff I read on forums
<gary fullett> just got a bunch of emails
<gary fullett> with the storms in the midwest many cant make it tonight
User [lmarsh /12.14.197.164] joined forum on Thu May 18 21:04:49 EDT 2000
<gary fullett> what fundamnetal stuff?
<mrj> Hey lmarsh
<gary fullett> hey lmarsh
<lmarsh> hello mr J, gary
<mrj> amount of grains in supply
<gary fullett> they have had lots of grains for a long time
<gary fullett> they never changes
<mrj> k
User [amos /62.0.147.156] joined forum on Thu May 18 21:05:58 EDT 2000
<gary fullett> farmers like to grow grains
<gary fullett> that is what they do :)
<amos> no not again!!!!!
<mrj> I just read don't pay attention except what I see on charts based on my understanding of Wyckoff
<gary fullett> it is interesting stuff the forum huh
<gary fullett> i think it is imossible to follow all the news
<gary fullett> too much to digest
<mrj> It's addictive
<gary fullett> the charts are hard enough
<gary fullett> I know I know of several forums
<gary fullett> just the ones I occasionally post on
<lmarsh> & the more you read, you get conflicting storys
<mrj> I don't like the bashing
<gary fullett> for every bullish story there is a bearish one
<gary fullett> either do I
<gary fullett> I never bash
<mrj> that's what makes markets, huh
<gary fullett> it is very unprofessional
<lmarsh> ditto
<gary fullett> I try to read between the lines
<gary fullett> and pick out what I think is useful
<mrj> so many different opinions based on so many different indicators or systems
<gary fullett> as u get more exp with markets u can elimante most of the BS
<mrj> I think Wyckoff best
<gary fullett> all systems are based on hindsight
<gary fullett> that is why they dont work
<gary fullett> they make the ystem to fit
<gary fullett> the past
<gary fullett> not the future
<gary fullett> with wyckoff
<gary fullett> u just look at what the market says to u
<gary fullett> I think it is
<mrj> exactly
<gary fullett> if I didnt I wouldnt use it
<gary fullett> wyckoff estate doesnt give me residuals :)
<mrj> :)
<gary fullett> to do class
<gary fullett> I am wrking on someintersting things
<gary fullett> to get Point and figure to peole
<gary fullett> and past data
<gary fullett> I am trying to get some info from SMI
<gary fullett> of past charts and dats
<mrj> great
<lmarsh> when Argentinis devalued their currency, was the only Good news(as far as trading goes, this was last year)that I used in trading. I was short soybeans
<lmarsh> yeah, that sounds good
<gary fullett> u must have done well lmarsh then
<lmarsh> best trade yet, need another like it! :^ )
<gary fullett> my best trade was chenoblyl
<gary fullett> I was long grains
<lmarsh> : )
<gary fullett> seriously
<lmarsh> funny, things like that the CM does not have time to manipulate?
<gary fullett> yes I think they do
<gary fullett> to me the grains were bullish then
<gary fullett> the market had accumalted
<gary fullett> generally aftter accumaultiuon
<gary fullett> u will get bullish news
<gary fullett> like stocks
<gary fullett> in an uptrend
<gary fullett> bad news rallies a stocks
<gary fullett> today
<gary fullett> good news earnings
<lmarsh> yeah!?!
<gary fullett> makes a stock go down
<mrj>
<gary fullett> that is why grains that have rain dont break real hard
<gary fullett> they break back to support
<gary fullett> that to me
<lmarsh> Just looked @ wheat,......down , outside day,....close to support
<gary fullett> is why u must think the grains are bullish and in an uptrend
<gary fullett> they react to bullish news b
<gary fullett> more than they break on neg news
<lmarsh> good point
<gary fullett> wheat is still the weakest
<gary fullett> even though it appeared to be the strongest
<gary fullett> but in the long run wheat may be very bullish
<gary fullett> that is how u judge markets
<gary fullett> if bullish news makes them rally
<gary fullett> more than it should that is bullish
<gary fullett> and bearish news doesnt break them as hard as u think it would
<gary fullett> do u remeber last night
<gary fullett> fibo wanted and fran
<gary fullett> wanted to buy grains lower
<mrj> y
<gary fullett> never got the chance today
<lmarsh> yeah
<gary fullett> they gapped higher
<lmarsh> corn & beans both,....
<gary fullett> if u watch other poele thoughts
<gary fullett> when they want to buy a bull market lower it never gets there
<gary fullett> orit id the nature of people
<gary fullett> I have been there
<gary fullett> and I will be there again
<gary fullett> that is why I say buy support
<mrj> 232 in corn seems pretty forminable
<gary fullett> if wrong u get stopped out
<gary fullett> and buy at the next support
<gary fullett> in a bull market u never know
<gary fullett> what
<gary fullett> support will hold
<gary fullett> so buy them all
<gary fullett> with risk control
<gary fullett> yes it is
<gary fullett> and if 232 is taken out 226 nest i think
<mrj> 228 1/4 good support too I believe
<lmarsh> yeah
<gary fullett> right
<gary fullett> 228 is important as well
<gary fullett> I think they over did the grains on the break today
<gary fullett> should be higher tomorrow
<mrj> have you looked at weeekly on July corn
<lmarsh> why do you think that,..gary?
<mrj> did we lose gary
<lmarsh> ?
<gary fullett> yes I have
<gary fullett> I think weekly corn is still bullish
<gary fullett> I think that the market went to resisatnce today lamarsh
<gary fullett> but they hit sell stops
User [fran /209.100.190.160] joined forum on Thu May 18 21:28:13 EDT 2000
<gary fullett> and knocked popel out
<mrj> Notice how volume has shrunk since 258 high
<fran> hi room
<lmarsh> ok!
<gary fullett> when they bough the opening
<lmarsh> hello fran
<mrj> hi fran
<gary fullett> yes it has that is why it is bullish
<gary fullett> fran did u get lots of rain
<fran> yes
<lmarsh> i see that mrj
<fran> and hail
<mrj> just wanted to confirm with you
<fran> and wind
<fran> what chart?
<gary fullett> yes Mr j agree
<mrj> corn
<gary fullett> no charts just chatting
<fran> thx
<gary fullett> on grains
<gary fullett> rained here for about 45 minutes
<gary fullett> wind and rain then sopped
<mrj> anybody notice anything unusual about Gold
<fran> we got corn uner water...and you are frustrated?
<gary fullett> your prob are more important
<fran> haven't looked mrj...what is it?
<gary fullett> gold filled a gap here
<mrj> look at yesterday's volume and compareto previous day
<lmarsh> looking.....
<gary fullett> if it holds todays lows i think it can rally
<mrj> compare
<mrj> notice price stayed narrow
<fran> selling climax?
<mrj> no
<gary fullett> I think stopping action
<mrj> no selling pressure
<gary fullett> not a sc
<fran> has to have wide range for SC?
<gary fullett> i think CM absorbing sellers by funds
<fran> I see
<mrj> someone bought what wwas available
<fran> SC has to have wide trading range right?
<gary fullett> correct
<mrj> without chasing price upward
<fran> great
<gary fullett> I think mr j is coreect
<fran> stopping volume?
<gary fullett> good observation
<mrj> I'm learning Gary thanks to you and amos
<gary fullett> yes when the volume comes in and the price really doesnt come in
<fran> mrj...you are way ahead of me
<gary fullett> someone is buying the supply
<gary fullett> u will catch up fran
<gary fullett> with our chat
<gary fullett> even chats klike tghis with no formal discussion is useful
<mrj> one more observation Gary then I'll sit quietly
<fran> don't sit quietly mrj...TALK
<mrj> :)
<lmarsh> YES
<mrj> Canadian Dollar
<gary fullett> yes Mr j I took a postion in this today
<gary fullett> but go ahead
<mrj> looks like a "spring'
<mrj> but price closed just above yesterday's close
<mrj> would you call it a "spring"
<gary fullett> yes I think so
<gary fullett> it may oullback a bit in the am but yes i think
<gary fullett> so
<gary fullett> I am long
<gary fullett> stop should be under todays lows
<fran> could be making a weekly low here?
<gary fullett> the cd is interesting
<mrj> ok thanks
<fran>
<lmarsh> close to weekly support too
<fran> where is everyone?
<mrj> fran check monthly continuation chart
<mrj> and weekly
<fran> ok mrj...got to go pull it up
<mrj> looks like it might be going to 6650
User [gary /172.144.97.80] joined forum on Thu May 18 21:44:15 EDT 2000
<gary> darn aol
<mrj> wb
<gary> did u get that cd talk
<gary> can u see me
<lmarsh> yes
<mrj> monthly and weekly have broken downtrend from 8=98
<mrj> we see you Gary
<gary> that is correct trend is down
<fran> monthly doesn't look good to me
<fran> weekly looks better
<gary> but I think it can spring here
<fran> don't see a SC
<gary> into resisatnce
<gary> not yet
<gary> short term could rally
<fran> true
<gary> but still neg
<fran> when the currencies turn...I think gold will be a super buy
<gary> I am glad u look at charts everyone I like that
<mrj> to about 6720 Gary
<gary> I agree
<gary> right mr j
<gary> no prep yet
<mrj> ok
<fran> but not sure when the timing will be
<gary> I think the curriencies will have a sharp rally soon
<gary> within 2 weeeks
<mrj> It's fran and marsh' turn now :)
<gary> that is just my feelingd
<fran> I talk all the time mrj
<gary> I like the fact that u r observing
<fran> hubby says I will talk someone to death some day...:-)
<gary> market s
<gary> :)
<gary> but he loves u fran
<fran> after 39 years I hope so
<mrj> lol @ fran
<gary> who else will do the farming
<fran> RIGHT!!!!!
<lmarsh> soaking this stuff up folks,.....if I see somthing good,..I'll shout!
<gary> soaking is good
<gary> coca
<fran> I think gold will surprise everyone one of these days
<mrj> Australian Dollar is interesting too
<fran> just like coffee
<gary> is slowly accumalting as well
<gary> I think the key to gold is silver
<gary> if siver can get above 523 in july the markets will run
<gary> I have been trying to buy coffee spreads
<gary> all week and cant get them
<gary> to me this means that the options calls
<fran> too far out?
<fran> sept?
<gary> are nt gettig cheaper and the pit thinks they will rally
<gary> sept
<gary> even when the market breaks the options dont go lower
<gary> could be close to a sc in the aussie
<fran> last year you couldn't limit your spread...had to go market
<mrj> touched low of 5655 i 9-98
<fran> those guys are master crooks
<gary> I know fran I have lots of exp with them in ny
<gary> true fran I was there then too
<mrj> on the monthly continuation chart looks like we had an Sc in 8-98
<fran> have to be careful with gold calls too
<mrj> automatic rally in 5-99
<gary> which market mr j
<mrj> and now our secondary test of SC
<mrj> AD
<fran> aussie gary
<gary> okay
<mrj> Looks like a good Wyckoff example
<fran> do you like to trade currencies mrj?
<mrj> no just following charts trying to learn how to read
<fran> good
<gary> I agree with the aussie chart
<gary> I just was peaking ;)
<gary> brb
<gary> in a minute
<lmarsh> k
<fran> the cash crb is really a good example of wyckoff
<mrj> fran did you get a chance to look at gold analysis (amateur) I sent you
<mrj> yes it seems to be fran
<fran> only briefly mrj...when we get done in the field maybe I can study...just haven't had much time
<mrj> k
<fran> I am very bullish gold
<gary> back
<gary> why fran
<mrj> you must be tried at the end of the day
<gary> it was a good example mr j
<fran> but I don't think it has accumulated enough yet
<mrj> thanks Gary
<fran> mrj....just want to get my life back :-)
<mrj> :)
<gary> hard working gal
User [fibo /206.104.30.57] joined forum on Thu May 18 22:01:12 EDT 2000
<fran> stupid farm wife really gary
<fran> hi fibo
<mrj> Hi fibo
<fibo> hi everyone
<lmarsh> hi fibo
<fran> have trouble getting on fibo?
<fibo> no just late tonite
<gary> hi fibo right on time :)
<fibo> for what?
<gary> not true fran u r smart
<fibo> :-)
<gary> just small talk
<mrj> Really sorry I have to leave early but granddaughter needs puter May see some of you tomorrow If not, You'll have a great week-end
<fran> put that in caps gary
<gary> u said 9 and u were right on time
<fran> nite mrj...thx
<fibo> nite mrj
<gary> U R SMART
<mrj> thanks to all of you
<fibo> oh o.k. ic
User [mrj] left forum on Thu May 18 22:03:21 EDT 2000
<gary> night mr j
<gary> grains wee interesting today fibo
<fibo> yes..sure were
<gary> those who bought on the opening got stopped out
<fibo> anytime it gaps up to resistance and stalls it isn't good
<gary> I sold beans at 560
<gary> prev highs
<gary> corn wne to resisatnce too up there
<gary> though i think they over did it to the dwnside
<gary> but it prob rallied more than it should toook out buy stops and sell stops today
<fran> exactly
<gary> should trade sideways here for awhile
<gary> I think more "news" than weather will be the rreason for another leg up
<fibo> on the 15 min. corn chart it gapped up on high volume..the volume was high until 10:30 but the price didn't go anywhere
<gary> fibo do u know wheat was so weak?
<gary> i saw that at resistance
<fibo> no just know it went up to ice on 15 min. and failed
<fran> could that be distribution fibo?
<fran> in corn
<gary> i dont think so
<fibo> it was for a while on the 15 min. chart anyway
<fran> why gary?>
<gary> because i feel the trend is up
<gary> so I dont think it distributed after a 25 cent brwak
<gary> break
<lmarsh>
<gary> what do u think fibo
<fibo> on a 15 min. corn chart the volume & price action didn't agree
<fran> big volume...no price action+?
<fran> =?
<fibo> to me the cluster of high volume starting at 1:15 on 17th and continuing
<fibo> until 10:30 today..said the volume was stopping. Prices also went to fib. targets on the upside
<fibo> yes fran
<fibo> with the high volume prices should have gone on up but didn't
<fibo> does that make sense?
<fran> yes
<fran> but I would like to see a washout so I am biased
<fibo> gary why was the wheat weak today?
<gary> the market overreated to the up so it came back
<gary> I asked u that about wheat
<fran> the news was exports fibo
<fran> but don't know real reason
<gary> forget export news
<fibo> Long term i am biased to upside too. but i still like to trade short term signals also
<gary> I think wheat is still the weakest though it has shown strehghth
<gary> and will eventaully be strong but now it is still the wekest
<fran> hard to get wheat to rally right now gary
<gary> so it reacted the most
<gary> I know but
<fran> not far from harvest
<gary> I think wheat
<gary> has accumalted and has shown strenghth
<gary> so it wont break tomthe los again I think
<fibo> prices went up to ice line and also .618 retracement of last leg.
<gary> wheat has a strong sesoanal according to amos in july
<gary> laste june
<fibo> it had a sow at 10:30 then it broke the big ice line at276 level
<fibo> that sure stopped some people out
<gary> yes the longs over the last few days
<gary> but tomorrow will be intersting
<gary> to see how the week closes
<fibo> wheat also came down and closed it's gap on the weekly chart today. up till today there was a gap
<fibo> weekly resistance at 286.75 and 290
<fran> we have accomplished one thing in beans...got rid of the huge carry we have seen for a year
<fibo> it better hurry up or it won't look good on weekly
<fibo> that's good fran
<fran> yes...very good
<fran> long term
<gary> that is true
<gary> weekly is important now
<gary> when there is strenghth
<gary> higher highs should be mde as well as higher lows
<fibo> weekly creek line at 273.50 and 273. It fell back into creek today closed at 272
<gary> that is true
<gary> that is why tomorrow I think is key
<gary> to see if the market can finish well for the week
<fibo> yes
<lmarsh>
<gary> I think oif the grains can fishs toward the highs near today
<gary> it will be very bullish
<fibo> that's the frustrating thing about markets..they don't go straight up or straight down. :-)
<fibo> just go back & forth :-)
<fran>
<fibo> a year of good grain prices will get lots of farmers well in a hurry
<lmarsh> no doubt,.....lets' hope
<gary> thats true
<fran> sure would be nice after two years of very poor prices
<gary> I dont know how farmers make money
<gary> at these low prices.
<fran> we were lucky...had good crops last year, some people didn't
<fibo> only if they know how to market correctly
<gary> very few do fibo
<fibo> yes most have already cash contracted this years probably too early based on last 2 poor years..
<fibo> which is o.k. if the use the board so as not to miss the upmove
<fran> we have corn under water fibo
<fibo> oh dear fran how much more did you get?
<fran> 1/12 inches in about 15 minutes...with hail
<fran> 1 1/2
<fran> no drought here
<fibo> oh no. fran in all the years you have farmed how many have you lost because of rain?
<fran> had a bad year in 1993 because of too much rain....lost all the nitrogen
<fibo> is that just one year fran out of all the years?
<fran> two farms we farm have pretty good wet spots on them but usually don't lose from too much rain
User [lmarsh] left forum on Thu May 18 22:38:24 EDT 2000
<fibo> grain just sitting tonite..not doing much of anything
<gary> little higher
<gary> thank u both
<gary> night
User [gary] left forum on Thu May 18 23:12:53 EDT 2000