Prepared by Steven R. Myers

Palladium is still certainly the strongest metal. This should continue. It is best to play the real movers and not waste your time with the dead markets. This is even true if it means waiting for weeks between trades. Most people trade too often out of boredom while they are waiting for the big movers. Most big movers will already be in a strengthening trend before it explodes. Waiting for these good movers and forgetting the sideways markets will make your life a lot simpler. Small and choppy movers should not be messed with until they start to move. The real movers will be enough of a challenge, but they are the ones that can make the big money moves.

Gold and silver have proved that they are not the leaders of the metals. They can not even follow very well. This means that we should leave them alone. We can glance at them again down the road. Platinum is following the palladium move to a degree. It may be worth playing, but it is not the leader at this point. Palladium should still give us some more opportunities as it soars for the moon.

The grain bull market is already underway. We are in some very interesting times. Trends move much quicker and sooner than in the old days. This is most likely because of all of the large and bright fund managers trading today. The futures markets are notorious for moving in advance of the news. The bull markets of old in the futures markets are also notorious for topping out the week that the most bullish fundamentals become obvious and the crowd jumps in. The main rule of old to keep in mind is that the potential at any time is to the downside in most markets. This will be true for the ones that are in sideways or down trends. Uptrends are a different story. This is because trends tend to trend. That is why they are called trends. Consider being long the new uptrend in corn and beans.

October 17, 1997Steven R. Myers

Myers On Futures Co.

P.O. Box 777, Summerfield, Florida

Financial Commentary

COMMODITY FUTURES FORECAST WEEKLY REPORT | DEAN WITTER FUTURES COMMENTARY
THE LATEST COMMITMENT OF TRADERS ANALYSIS FOR CURRENCY CONTRACTS
MYERS ON FUTURES | NIKKO MARKET COMMENTS
SCHAEFFER'S RESEARCH REVIEW
FED PRICES SLIDE BACK TO $65
MONEY VERSUS DEBT TWO AGGREGATES DIVERGED
STOCKMARKET CYCLES | WEEKLY OUTLOOK
INTEREST RATE WATCH | THE ALLENDALE ADVISORY REPORT
NIKKO MARKET COMMENTS | THE REAPER

Consensus National Futures and Financial On Line Index

Copyright 1997, by Consensus Inc.  All American and Pan American rights Reserved. editor@consensus-inc.com

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