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CORE FUTURES
101 First Avenue, Sand Point, Idaho

(March 25, 2002) COCOA: Cocoa did indeed stall out at weekly resistance and the previous week saw prices easing a bit. We are now range bound in the cocoa and should see mostly sideways price activity with a weaker bias. I expect the range to be below 1600 and 1450 longer term. It is possible to see prices decline below the sub 1300 level longer term.

CCK 1450 & 1600

Previous recommended trade management:

Hold short May Cocoa (1545) risk close above 1610 target 1350.

J. Mark Kinoff
www.corefutures.com
email: kinoff@corefutures.com

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