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RIORDAN FUTURES, LLC.
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(March 25, 2002) CORN: The daily trend in Corn is still bearish and all rallies to resistance are met with heavy selling. In my last letter I wrote " ...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." Following this writing Corn has subsequently tested and failed at the $2.12-1/2 area and now is at new contract lows. Furthermore, there is now a new confluence resistance area at $2.09. I have no recommendations in Corn at this time.

Kevin Riordan and Danielle Bourbeau
www.riordanfutures.com

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