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RIORDAN FUTURES, LLC.
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(March 11, 2002) CORN: This is the beginning of a seasonally bullish period for corn prices and the commercials are holding a net long position in this market. Traders wishing to trade corn should approach it with a bullish condition and consider entering long on a technical buy signal. However, as of this writing, Corn has not issued a buy signal yet. A look at the daily chart shows that corn will face two confluence resistance areas ($2.12-1/2 and $2.16-1/2 basis the May contract) on any rally. Most often prices will retreat on the initial test of confluence resistance. In light of this, I would prefer to wait and let corn test these confluence resistance areas first and then consider a long on the retracement. I have no recommendations in corn at this time.

Kevin Riordan and Danielle Bourbeau
www.riordanfutures.com

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