wmeubank@ocp.kcmo.com
THE WINDY CITY TRADER
P.O. Box 1673, Chicago, Illinois
(September 30, 1997) METALS: We did see a slight increase in silver stock recently at the COMEX. This was mildly bullish. Monday's rally however, was probably more the result of technical factors. Number one was the December contract holding above support at $4.56 last week. Second was the push through $4.86 which we've been waiting for, for a while now. The move through $4.86 caused funds to desert this market like rats deserting a sinking ship. It also triggered buy stops above the market for shorts who were covering positions and new longs as well. Our next objective is $5.35 basis December where stiff resistance should be seen. December gold needs to break through $334.50. If this happens, our feeling is that you could see a move similar to silver where the gold may rally $10-$12 in one day.
Stephen Connell and William Frejlich
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