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MARGRAF ON THE MARKETS TECHNICAL ANALYSIS
Intermediate Trends
Unless specified otherwise, futures are: June '97 meats; currencies, interest rates; indexes; July '97 grains, oilseeds, foods, metals, misc; August '97 energies.
Strong Up: Aug. feeder cattle, COB electricity, Nikkei 225. Erratic/Early Up: Soybeans, soy-meal, coffee, crude oil, gasoline, natural gas, copper, Canadian Dollar, Mexican Peso, May Goldman Sachs Index, 2-year/5-year/10-year U.S. T-notes, U.S. T-bond, Muni Bond Index, Dow Jones Industrial Average, Major Market, S&P 500 Index, NYSE Composite Index, Value Line Index, NASDAQ 100 Index, Russell 2000 Index.
Sideways/Erratic: Canole/rapeseed, live cattle, hogs, July pork bellies, sugar 11, sugar 14, heating oil, June gold, silver, June gold, silver, platinum, June palladium, lumber, British Pound, German D-mark, Swiss Franc, Japanese Yen, Australian Dollar, U.S. Dollar Index, CRB Index, 30-day Fed Funds, 30-day LIBOR, 3-month Eurodollar.
Erratic/Early Down: Wheat (CBT/KC/MGE), corn, oats, soy-oil, rice, cotton, cocoa, orange juice.
Strong Down: None!
(Repeating from last 2 weeks.) It should be emphasized that the current situation is unique--there are no strong downtrending commodities and only 3 with strong uptrends (the same count as last week) and these 3 are not actively traded commodities! The current rarity of tight trending chart patterns suggests that speculators consider this as a fine time to vacation from trading.
Dew Alert Signals
This week's new trend highs, lows, breakouts, reversals, violations of 50-day moving average, parabolic, etc. (Both up and down Dew signals are indicated by *.)
Strength: Soybeans, soy-meal, feeder cattle, natural gas, COB Electricity, silver, platinum, copper, Japanese Yen, Canadian Dollar, Mexican Peso, 2-year/5-year/10-year U.S. T-notes, U.S. T- bond, Muni Bond Index, all interest rates except 30-day Fed Funds, LIBOR, 90-day Eurodollars, all stock indexes.
Weakness: Wheat (CBT/KC/MGE), corn, oats, soy-oil, rice, cotton, cocoa.
May 8, 1997 Ernest Margraf Margraf On The Markets 27253 Timberlane, Monee, Illinois
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