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(March 26, 2002) WHEAT: We were looking for May wheat to hold at 2.77 and develop into a small rally in March. Except for a one-day raiding party, WK was respectful of that support and the ensuing recovery has been even smaller than expected...so far. It is approaching the 2.87 level for the fourth time so I want to leave room for one more push up to the fifty percent resistance at 2.90. There is a good chance it will fail on the next splash to new rally highs because April is three down "but" and that calls for a bearish outcome. The seasonal perspective is also less than friendly, so be wary of early strength.


 
Dave Norton

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