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(March 20, 2002) COFFEE: The gap higher trade confirmed what the dip to the 20-day average and subsequent bounce implied: Plenty of buyers down there. Strength in London led New York higher. Trade remains technically dominated, and implies a low may have been formed. The bears have been in control of this market for some time now, and a short-covering rally is well-overdue. Still, back in the real world, Brazil's crop is expected to grow by 40%. There is no shortage of coffee. Don't assume too much and use stops. Coffee remains an excellent option trade if you are considering calling a low in this market.

M. Steven Morgan
www.commodityreview.com

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