Copyright 1 991 Kahn
TO TRADE WITH GANNTIMER A REVERSAL SYSTEM BASED SOLELY ON TIME GANN ANGLES, a monthly newlelter using the technical meihods of W. D. Gann since 1983, recently introduced GANNTIMER, a mechanical trading system utilizing TIME rather than price. We are all lamiliar with trend lollowing and mechanical lrading systems that include traditional cycles and wave analyis as intregral components but this is an innovative use ol TIME as a stand-alone reversal system. GANNTIMER evolved from a monthly feature in GANN ANGLES called "180 Degree Dates" that was based on a simple Gann principle, that a change of trend occurs at the "Midpoint in Time" from a major high or low. Gann postulated that changes in trend occur on the one year Anniversary from a major high or low. lt's become almost a given that 507" retracements in PRICE are important stopping places but Gann believed that TIME also has support and resistance at the 50% level. He called it the Midpoint in Time, or "180 degrees" or Days lrom a signilicant high or low- That's 26 weeks,6 months from a maior high or low and research, application and experience have proved -that Gann's principle is correct. Trend changes really do occur at this pivotal time period. Eight years ol tracking and trading "180 Degree Dates" in GANN ANGLES has proven it's worth. GANNTIMER began with 180 calendar day projections and grew into a computetized dale projection program that generates twenty daily dates and ten Weekly dates from each major high and low in 25 commodities. lt's a reversal trading system based solely on TIME. lt applies the broader Gann geometric Time Principle which states that trend changes lrom extreme highs and lows occur at Divisions of 360 degrees. 360 360 360 360
divided divided divided divided
by by by by
2 = 180 3 = 120, 240,360 4 = 90, 180, 270 5 = 72, 144, (288)
The GANNTIMER Trading System utilizes DAILY Time divisions of 360, with tabulated counts from highs and lows in both Calendar AND Tradino davs. For example, 180 trading days (TD'S) is 2SZ calenda( days (or CD's). Eightyearsof experiencce with the "180 Calendar Day" feature shows that at swing highs and lows, both 1 80 CD's AND 180 TD'S can "cluster" at one moment in Time. Of course, it can be ANY combination of divisionsof 360, such as 90 TD, 180 CD and 144 TD. Themore dates that coincide or "cluster" on a singe date, the stronger the ensuing reversal will be. ln a , using both calendar and trading day counts, there will be a total ol 20 Dailv Time counts generated lrom each swing High and Low date. But that's not all. WEEKLY 360 division date projections will be overlayed on the daily projections. Because weekly clusters occur infrequently, when they do, they add a third dimension to the already dynamic Daily clusters.
THE GANNTIMER TRADING PLAN The beauty of this system is its simplicity. The only requirement is a daily commercial chart or a daily chart from a quote machine. The charts are needed to follow the many markets that will be tracked, and to lransfer the projected cluster dates lor the month listed in GANN ANGLES into luture time with a highlighter. There is one judgement call that is required, regarding the overall market Trend PBECEDING the cluster date. The trader must decide whether the Trend, the current "swing" or "leg" -- is up or down. This is not difficult, even for a novice, as the shortest daily date projection is 90 calendar days; that's three months. Once that decision has been made, entry is 100% mechancial. GANN ANGLES will often give Trend lndication lor each market but il the trend is not crystal clear to the Trader, the trade should NOT be laken, period. There will be far more trades available than a single trader can take anyway, so the best advice about the Trend iudgement call is -- WHEN lN DOUBT, STAY OUT. ENTRY RULES
1. When the Trend is clearly DOWN, 2 trading days prior to the cluster date place an entry BUY stop 40 points above each trading day's High. The 40 point rule includes Stock lndices, Pork Bellies, Cattle, l-logs, Cotton; Bonds 8 ticks; Gold.40; Silver, Soybeans, Grains,4 cents; Currencies.25 points. lf no rcversal occurs, continue to trail the market down, lowering the entry Buy Stops each day. The Time "window of opportunity" is open lor 6 trading days. Two days before, the day of the cluster, and 3 days alter the date.
The same rules apply when the trend is clearly UP. Place entry SELL stops BELOW each day's low starting 2 trading days BEFORE lhe cluster date, the day of the cluster and 3 days after the date.
2 DAY EXIT RULt
2.
When the reversal occurs and the entry stop has been executed, an open protective stop is entered 40 points below the low of entrv dav on a Buy trade, or 40 points above the hioh of entrv day on a sell trade. The immediate availability ol a related, non arbitrary stop combined with its limited risk stop aspect, makes GANNTIMEB unique compared to other trading systems. When the trade has been profitable for 3 days, stops are raised, trailing the market with stops 40 points below (above) the low (high) lrom previous two davs. That's all there is to it; for short term trades, the "2 day stop" rule is simplicity itself . The lrade is held until it's stopped out. EXIT VARIATIONS
Or, if a trade has been held for 5 days without being stopped out and another cluster date is due, profits can be taken on the next key date on strength, without waiting to be slopped out. Or, traders can use momentum oscillators, moving averages, attained price obiectives, breaks of Gann angles or whalever a favorite trading method for exit may be. GANNTIMER is complementary to any trading system.
EXAMPLES OF MOMENTUM MOVES Often, these trades are so powerful, that traders may tind that they have bought or sold on the first reversal day ol a MAJOR TREND CHANGE. Stock lndex futures have been outstanding examples of this. ln 1990, every maior high and low was a multiple GANNTIMER cluster. On Jan 14, 1991 , Stock lndices had a quadruple cluster: 90 CD, 90 TD, 143 CD, and 180 CD. That move was a rocket launch of 7000 S&P points in less than 2 months. (The 2-day Exit rule held the trade until Feb 15, 1 991 with 6400 pts.) The next high after Jan 14 low was on Mar 6, 1991 which was another quadruple cluster: 90 CD, 91 TD, 72 TD & 180 TD. That swing was 1400 S&P points. Again on Dec 2 1991, a 90CD, 180CD & 144TD brought in a 3000 point S&P move. These are dramatic examples in one market, but there are outstanding trades available in the antire commodity spectrum occurring every month. They will all be listed in this new and exciting leature in GANN ANGLES.
TRADING TIPS
Trades can be taken using the GANNTIMER cluster entry system on any single 90 or 180 CALENDAR day count. (90CD or 180CD) These two time periods are so strong that they don't need the reinforcment of other time periods to bring in a successful trade. But when more than TWO datcs cluster, it olten brings a sustained reversal move. Clusters can be any combination; all trading days, all calendar days or mixed. When FOUR or more dates converge, the reversal will be sustaincd in time, with powerful momentum in the direction of the new trend. When Weekly counts cluster, they are so significant, it can change the YEARLY trend. On the rare occasions when these stellar opportunities appear, the number ol units normally traded can be increased and/or diflerent trading strategies can be employed such as positioning in distant futures contracts or buying out of the money call or put commodity options. COPING WITH RISK When you begin "Trading with Time", lrade conservatively, ALWAYS WITH PROTECTIVE STOPS. Take as many of the trades as possible, within account limits, and tollow the rules. Use it as a short term profit center. Don't hesitate to trade in a commodity group that you haven't traded before, iust use the 40 point two-day exit rule. Remember that no system is loss proot. Winning trades take care of themselves, it's how LOSING trades are handled that separates consistent winners from consistent losers.
DOING IT YOURSELF It's a great convenience to have a computer program that projects the Divisions of 360 loMard in time but it is not a necessity. Anyone can use commercial charts to simply count out the time periods from highs and lows, marking the counts on the chart but keeping them in continuity. Here is a schematic that can get you started:
lf High or Low is in month of:
MONTH
90
CALENDAR 90 TRADING DAYS
DAYS
3MO
4MO
180 CALENDAR 180 TRADING DAYS DAYS
6MO
8 MON
(131 TD)
(64 TD)
January
April
May
July
sep
February
May
June
August
Oct
March
June
July
Sept
Nov
April
July
Aug ust
October
December
May
Aug ust
Sept
November
January
June
Sept
October
December
February
July
October
November
January
March
Aug ust
November
December
February
April
September
December
January
March
May
October
January
February
April
June
November
February
March
May
July
December
March
April
June
Aug ust
The Schematic is designed lor DAILY Charts, with both Calendar and Trading days counted. Adding counts of 144 calenda( and 144 trading days will increase power of the clusters. ln addition, Weekly and Monthly 90, 180 and 144 counts should be added "clustering" with daily counts. Count Calendar and Trading Days from all MAJOR Highs and MAJOR Lows. Carry the Time counts across your chart, marking future dates with colored highlighters. These become your trading "windows ol opportunity."
GANNTIMER has two characteristics that make it the ideal trading vehicle. First, the entry stops require the MARKET ITSELF to act by reversing the prevailing Trend, rather than the Trader making assumptions about price or time, that may or may not be colrect. It the reversal does NOT occur within ihe 6 day "Time Window", no Vade takes place and therefore, no loss is incurred. The second leature, equally important, is the very low risk stop that is immediately available when the reversal does lake plac-e. These two elements make GANNTIMER -- the ultirnate low risk Trading System.
Use Gann's charting methods to today' s high-tech markets
gainfrom
Logic and reason would tell y'ou otherwise. yet 25 years later. the July 4ll high
helped identifv the 1913 high. Of course. other Cann techniques must be used to confirm such calculations but it begins with information from a continuation of the same contract month. November sovbeans have their own
unique signature that differs widely from the July contract. The all time low
Char:ing it Gann's Way
of November beans was made in Febuary. 1940 at l9l l14. In 197-1. 34 years later. this contract rnade new his-
toric high at 956. an "exact" five-time multiple of l9
I
I11.
In
1983. November beans made a new historic high at 968 but even then. nine
Phvllis Kahn requently. new' students of the Gann methods become mired in complexities even when several of the most simple and powerful Gann concepts are so easy to understand and apply. For example. no market master before or after Gann has recognized the importance of treating each commodity contract month as a separate and com-
plete entity. Gann's remarkable principle (an observation made over 50 years ago) that a mathematical relationship and a continuity in price extending
over years of time exists in the same contract month is a tribr.rte to Gann's genius that proves itself over and over
again even in today's high-tech
markets. The rule. requiring weekly and monthly charts of an individualcontract month to be plotted in continuity from
years later. that five-time multiple still held its ground as re.sistance. Although November. 1983 soybeans made three attempts. there was not one close at or above 956 and the third high was $e top of the market. Also coming into play at that top is Principle number two:
Mathematically, it's like mixin_e apples and bananas. "Nearby" charts can also show double or triple tops or bottoms
that when compared to "same month" charts. they do not. in fact exist. ' A powerl'ul example of how important this occurrence is, is at the all time
When two contracts (or more) of the same month but different yf.an are trading simultaneously. all the angles. Mid-
high in soybeans. The current historic high in soybeans was made in June. 1973 in the July contract. In 1972. the July contract took out its own historic high from 1948 entering new uncharted
points. support and resistance apply equally to both contracts. In August. 1983. while the powerful
bull market was in progress,
price territory. A Gann analyst would take the old high. 433, multiply it by two. and then by three (three is important in Gann methods). When prices sailed through 866. it was clear they were headed for higher levels. Multiplying 433 x 3 = 1296: this calculation missed the I 290 high by only nine cents.
ing. It opened $2.50 below the November. 1983 contract. Plotting it on the weekly Novemberchart showed that the distant contract was far below all the angles supporting the front month and
year to year applies to all futures markets. Since soybeans were one of Gann's favorite markets, we'll use it to
i
l 200
I 100
illustrate how relevant the principle is (combined with otherGann methods) to market analysis that leads to low risk. profitable trading. There are several
JUL
reasons why Cann insisted that this was
SOYBEANS
illl
I 000
,"1
900
rilii
800
jlliltl
the only way to chart commodities.
700
Principle number one being the following: To retain mathematical purity for price projections. Gann taught that significant highs were mathematically related to historic lows and/or historic highs. If one uses weekly and monthly commercial charts utilizing "nearby futures"
updating. lows and highs of price swings from different contracts. they will produce erroneous results for range calculations and price projections.
t2
the
November, 1984 contract began trad-
' 'il,t,*/h/qpnn,;'
600
l,t/
500 400 300
I
970
l97l
t972
l 975
I 974
I 973 ct.rtP.rtxi
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xAtLllCl
3. txc
J.o.
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Gann & Elliott Wave . FebruarvlMarch, /,989
bearish in a bull marker. ln August rhrough earl.v September. 1983. while the front month Novemher. l9tt3 made a rop ar 968. the distant November. l9t{-1. on rhe same charr. macle a triple top at 721 . Few traders. other than a Gann trader with a November continuation chart up to date. coulcl have had the foreknowledge to anticipate and rrade the top (orher Gann methods were used fclr confirmation). Incredibre as it may seem, history repeated itself five years later in lgllli. When November, 1988 beans hir 1046 in June. l98tJ. the November. 1989 contract made high at 793. 52.-5-3 below,the l9tj3 contract! While the November. l9tl9 contracr was duplicatins weakness seen at the 1983 high. another illustration of the value of keeping continuation charts was occurring simurtaneousry. Most Gann traders keep at least three separate soybean contract charts: November. Ma1' (Gann's favorite contract) and July (it contains the historic high f or all conrracts ). During the vertical bull move in June. 1988, as November. 1988 beans
were making new historic highs daily, a rrader following May, 1989 soybeans on a May monthly "Gannstyle" chart. would have been alerted to strong divergence occurring at the
time. The monthly showed tops in 1983 at 996,and 1980 at 1006 in the May conrracr. On the high day in June, 1988, amidst wild talk of "beans in the teens," the May. 1989 contract struggled up to 1003, a triple top with the 1980 and 1983 highs and made the top. This obvious nonconfirmation (in a supposedly unstoppable bull marker) gave rhe Gann trader the foreknowledge,the confidence and the low risk opportunity to do what few could do, follow Gann's rule. "sell against old
THE POSITION TRADER'S NEWSLETTER
I I I ere you on the right side of "Black MonYY day?" Were you ready for the March '87 top in Bonds? Gann Angles subscrlberc wetel And they continue to receive Phyllis Kahn's valuable insight (often months in advance) about the price and time when market swings should occur! Gann Angles features integrated yearly, monthly, and weekly analysis, cycle summations, and squaring of price & time for major stock indices and futures markets. Other exclusive features: x 17 updatable weekly/monthly Gann charts with predrawn angles
. ll .
The '180 Degree Turn" column projecting nrajor market reversals
Helpful introductory material included with l lh
000
Phyllis Kahn app€ars weekly on Financial News Network featuring Gann market forecasts. She has published Gann Anglessince 1982 to provide Gann analysis for the position trader. She is also currently managing a popular op-
950 900
llliqr NOV SOYBEANS
tl'I1l
ll
lll
'^u{nrrd!r,rrr^i,[/''*l'
fl
new
subscriptions.
I
750 ?00
Phylllc Kahn
650
tions fund.
If you missed the big trades in 1988, subscrlbc Gann Angles to be ready for the big trades ln f989! Our December issue features the Gann out. look for the stockmarket in 1989. Don't mlcg tf,ls opportuntty to subscrlbe todayl
to
During the decline that followed the June. 1988 high, divergence again developed between the November, 1988, May. 1989 and November. 1989 contracts. This time. is was a bullish divergence as the two distant months strengthened on the decline relative to November, 1988. And so it goes.a continuous monitoring of these separate contract month charts will always bring information into the light rhat's available nowhere else. These "Gann style" charts are the foundation, the base upon which the whole of Gann's analytic methods are applied. No one before or after Gann has perceived quite so clearly how the world of the market really works.
RETURN THIS COUPON OR PHONE
YES! Please enter my subscription as indlcated. ! 6-Months (6 issues) $180. a BEST UALUE! D Sample issue only.
l-Year (12 lssues) t295.
Name:
Phyllis Kahn is the editor of Gann Angles,
Address:
City/State/Zip: (hst ptformance des Gann & Elliott Wav,e . FebruarvlMarch. 1989
not guatantec future succcss.)
Fo. mo't inlonnallon circb llo.
l0
GA E9
t3
THE POSITION TRADER'S NEWSLETTER PHYLLIS KAHN, EDITOR August Le87 sF0ruGer
The reluctance shown by the Stock Arket to go down during July has :rtainly been apparent yet the internals have not confirmed nor is the overall evaluation of a top in this time frame been invalidated. In fact prices could
move somewhat higher without changing the outlook. Let I s look at some of the Gann
reasons why
this is
so.
o[ TEE smcf, rrxrF the S&P500 that have worked since L982 are for the first tine late and prices are trading up into the next higher (3rd) price square on the weekly, both positives for the bullish side. Thi.s can make futures traders and nearby option players very unhappy but nothing has really changed except all the Averages but the Dow, have gone sideways to up at high levels with non-confirnations abounding.
In a stock forecasting course, Gann markets , ( no one can said ttln extreme deny that we t re i-n one) prices may run up for 5 years without a major correction, but watch for a change in the 59th month.rf Ju1y87 was the 59th nonth from the L982 low, so coming up on August 9 is the 5 year, 60 month Anniversary date of the last major low. This month is also the 154th month up from the Oct 1974 low, .=he price and cycle low of this almost 13 - ear old bull market. Incidentally, Gani had the same admonition for YEARS as he did f or months. ttAt the end of ma jor look for a cycles, like in 1869 and 1929, change in the 59th YEAR. rr That, friends is 1988, the 59ttr YEAR in Gann's major 60 YEAR CYCLE.
Sixty years ago in L927 prices did not take any big corrections ' just a Idaing pattern and then up .and ahtay again. Thirty years ago in 1957 prices topped in July and bottomed in Novenber which is the exact pattern the monthly Cash S&P500 is showing for time turning points on the Master Price & Time Calculator. Dail-y and weekly cycles in
While mentioning the Dow, you should know an important resistance number that is in play right now -- 2520. This is one of the most potent Gann rrnaturalrt t numbers because it s 360x7. (Natural numbers apply to everything as opposed to calculations based on previous highs, lows, ranges, tine. ) The Dow overcame the square of 49 (the strongest natural number) so of course, this one will be overtaken too but noL without backing,
filling and strong resistance. 0n the higher side for the Dow is a really big barrier at 27OO. There are at least half a dozen Gann type calculations based on lows, highs, squares etc. that converge at 27OO suggesting that MAJOR }|AJ0R RESISTANCE waits there. Among others, the L929 hl-, 386 x 7 == 2702. AI{NIVERSARY DATES FOR
Hi Lo
Hi Lo
Aug Aug Aug Aug
2 2
3
4
1956 I 963 1959 1986
31 years 24 years** 28 years
I
year
'Contt On Page puBLrsHED By GANNWoRLD,
rNc., 3315
Martin Rd Carmel Ca 93923
REPRODUCTION IN WHOLE OR PART NOT PEFMITTED WITHOUT PUBLISHER'S PFIIOR WRITTEN CONSENT
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ALL RIGHTS RESERVEO.
August Con
tt
From Page
I
the
8 9 9 Lo Aug 24 Ang
1896
A,rg Aug
L982 1983
L92I
91 years 5 Years****
4
years
66 years*
This is a month that has seen some very significant time turns in the stock market. The historic low in Lhe Dow Jones Industrials lras in 1896 (28.5) 91 years ago. The L92l low was an important one also while the most recent is the 5 year Anniversay of our current Bull Market , a potentially key date this year because it can be a culmination. As discussed earlier a high made now can lead us into a major low in November. This timing would be in complete agreement with the timing already in place for TBonds. (36 weeks from high is week Nov.13). STRAGTEGIES
& PRICE
LEVELS
The Cash S/P500 has a price division at 320 that could be hit. This of course rouTt bring the Sep S/P up into the 322 to 324 area if prices were to surge into the August Anniversary date. IF that occurs, Bo short Dec S/P or use Dec out of Lhe money options. The next important time turn is the end of September AFTER expirations. If you have lost money in options because of time runni-ng out, dontt be afraid to reinstate same positions in Dec contractsrFutures or 0ptions, BUT deeply out of the money is where the leverage is. Then all vou need is patience, dontt be short of that. -,+
t$ * tt * r$ ls lr tt Jt lT * t+ lt
l+
CIART OF THE I'O}rnI DEC SWISS FRAI{C
Price & Time Calculators,
its price and time symetry is beautiful in its own way as a rose.
ANNIVERSARY DATES FOR
Lo Lo Lo
Gann Master
1987
I.ONIIILT
This is the enti.re history of the Suiss Franc froo the beginnlng of Currency trading in 1972. Like rany of
as
The square is 38 (price) x 76 (time). It begins in Jun 1972 at the low at 26. The first L/4 point came in at the e*lTr low as did the Midpoint in Time, which then led to a fantastic run up to the high at 76.10 exactly 76 months from the low. The price high on the chart was made on Oct 10 1978 but it hras in the Dec 1979 sengr'6g-t -:Es distant month of two GE-ing at the timil--Tne nearby month high was 6951 (L/8 inro a new.square). The higher price was used because it was a square of the Time period in monthr.-.
from the low.
If you study the Chart you'll see that both angles and Time turns were superb. Notice that the Midpoint in Time in the 2nd square of 76 was only one month late and a few points from the top of a ral1y that led to further declines. This Midpoint rally high was followed by another perfect high at the 2/3 division in Time also exactly at a Price Division on the Square. The Square ended at price 35.35 on Feb 25 1985 at exact End of rhe Square 76 months from the Oct 78 high! Since ther85 low, prices have been rising at a sharp angle of ascent for 2 I/2 years, holding completely above the two 2xL angles drawn up f rom the Feb an/-May 85 lows, seen infrequently on a monthly chart. And very bullish. Notice that the highs in Jan 87 and M"J.87 each hit into the triple ttchannelrf of Ix2 angles rising from the major lows in 1972 , L97 4 and 1977. As classic Gann would suggest, the channel of angles has acted as resistance, holding prices for a correction. 0f special interest also is that the M.y 87 price hieh aL 7075 is double the Feb 85 price low of 3525. A11 pullbacks and corrections should be supporLed by the two sharply rising 2xI angles from the low. Currently Dec87 Swiss has made low at the 6508 level, above t,he monthly angles and also holding
above the monthly low
rnade
in
March
Conft On Page
3
at
August
Con t t
Fron Page 2 high at 6477. If prices take out the going above the triple ttchannel of m. angles, tt this market will be in an strong position certainly exceedingly test of the old high 9 for a headed years ago at
76LO.
Buying Dec Swiss, 6500 to 6600, should see move into 70ts within next 12 weeks. l.{inimum objective 7100 to 7300 with potential to try for the old high later oD r perhaps reaching 7600 bY Midpoint in Time in April 88. rs * lr lr * * * * * lt lt lt * * *
FWI'S OI{
HTNAITCIAI,S
No market has behaved better on the Gann analysis than TBonds over a long period of time. While the stock market goes its wilsy ways, Bonds have done everything expected of them. Letrs recap:
In
March
87
,
Weekly Sep TBonds
made a 144 week high from the Jun 84 low and fell down hard into the May low at
TRADING STRATEGY
The out of the money put options on are too overpriced to buy now; not like they were back in March 87 . So trading in futures is desirable under those circumstances but don t t trade in the front. Move out to the MarchSS contract; sbtt on rallies and hold until objectives are met. 0n my weekly Sep Bond chart, I plot the Sep88 AND Sep89 contracts with the current 87 and to my surprise, on the week ending 7/24/87, the Sep89 contract was almost back to the price level it reached on the 1or.r t'lay 22nd at 82L6! If anyone doubts rhar we t re in a bear narket in Bonds just look at the back months; they are falling at an accelerated rate. Also look at other financials. The weakest of the spectrun of financial futures are the Muni-Bonds. 0n down days, they really fall but you dare not go out any further than Dec87, the volume isn I t there the way it is with TBonds, the highest volume of all futures. Remember that the next important ti-me division on the weekly square is not until the L/4 point, 36 weeks, due the week of Nov 13 87 . Don I t buy Dec TBond put optionilo6-expensive. Look at deeply out of the rnoney Dec Euro$ put options, 9050 and 9000; contract low is 9013, they are still bargains. TBonds
(Objective 8600) The ral1y took a few 32nds above I/2 way back and
-8603. rices
now another
L987
ANNIVERSARY DAIES FOR
decline has begun.
AUGUST IN
TSmS-
The weekly objective is at the 8150 At the first 1/88 to 8000 level. reektnto the new square, prices had already begun their decline, breaking those who angles as they go. For understand it, a weekly rrgtr angle drawn
Hi Lo Hi Hi Hi
basis Sep contract. What this teattE-fi plain English is that a very significant weekly support angle has been taken out in a meaningful manner. Price lows in May87 hit the angle, but did not close I,le have already had a whole below it. weekly range and close below it. It sets an objective for the next lower angle below currenL pri-ce ob jective at 8000.
As you see, these Anniversaries really reach back in ti-me. Ihe L932 high was in the Dow Bond Average and that makes it a Fibanocchi 55 time cycle. The L977 high was the opening week of TBond futures and they nade a 5 year high at that time so it is an inportant tining date. If prices have been falling hard all nonth, and or/ price objectives are
up from the Apr 86 high was broken on the downside when prices fell below 9LI6
Aug 12
1954
33 years
Aug 20 Aug 23 Aug 26 Aug 27
I97O 1932 1977 1987
55 Y€ars**** 10 Years#* 1 year
Conft
17 years
Page 6
August
4
1987
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August
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ANNIVERSARY DATES FOR
hit, this would be a time to cover. If prices are rallying into the end of the nonth, another selling opportunity is presented. Other than the dates above, there are no kqv dates in August. r**tF***l+13******* FOCUS ON SOYBEAI.IS
Since the high in June, the Price pattern on the weekly November Soybean chart is not typical of Soybeans coming out of a major bottom. The lst 12 weeks leading into the double top were typical. A vertical ascent , a pullback into a higher high that hit an angle from a high a year earlier, right on course. And then prices broke the 45 degree angle from the weekly low in Feb87. That is not typical. It places the entire double bottom on the weekly in jeopardy. Even the high at 625 rnissed the I /3 range division from the 83 high to 87 1ow by 4 cents, not a good sign. Here are the range divisions for the Nov87 contract from the low: | / 8=48O .7
I / 4=5OI
.4
1/3s515 . 3
3/8--522 W=542.6 5/8=563 .2 213
570.6
3/ 4=583
.8 7 /8=604.4
These divisions should tell you how strong or weak this market will be when it starts up to test the high. Notice that there were several closes below L/3 as prices dropped to 508. This also is If you bot the low (as not favorable. the time was right), trail the trade with a stop below weekly lows, moving it up as price moves up. As it gets closer to timing below, pull stops under DAILY lows.
Hi Lo Lo Lo
Aug
2
Aug
Aug
4 6
Aug
11 t978
9 years**
Lo Hi Hi Hi Lo
Aug 16 L977 Aug 17 Lg;,n
10 years** L4 years
Aug 21 1970 Aug 22 1975 Aug 23 1965
L7 years L2 years** 22 years
197 4 197 2
L976
13 years 15 years 11 years*
In the seventies, August was a key month in Beans but it has not been prominent at all in the eighties. However, this August may be the exception. There are two key Anniversaries that frclusterfr with this yearts contract low 180 degree date on Agg L7 so let's look at the two dates above from 1977 (Gannts 10 year cycle) and hi from L973 on 4ug 16 & J7. This may be the major turn of the month in all If prices are rising into the grains. that Monday, take profits and go short. If prices are falling into the date, Bo long and buy options. The most likely scenario is that prices will ral1y to one of the range divisions above and make an important top on that date. The Aug 22 date is 144 months ago and a very important Lirne cycle in Beans. I have a study on the history of beans from I92O showing I-{AJOR turning points L43 to L47 months apart. (one of these months, Itll put it in GA.) If Midmonth is a high, expect the Beans to enter a final downward thrust that will take out current contract lows making new final lows in Dec87 to Feb88 Short Jan or Mar88 & buy tj-me slot. deeply out of theI money Jan88 options that week. There s plenty to be made whichever r.ray this market goes. Stay on your toes.
tttltltft*tl*t*
August
L987
GOLD UPDATE
While the Bears are still predicting $100 Gold, futures quietly made price lows in the 8th week down from the high on June 22 then traded sideways to up during July. That June low was also L'}I weeks from the Feb 1985 low, the pti." low of this decade. Other important weekly lows from the t 85 low were at 4L weeks, 57 wee-s, !Q weeks and 103 week{ all harmonics of the same LzO week cycle. So the agenda from here shows the weekly and nonthly charts looking very positive and ready
to
been soaring, profit taking may be in order then. If prices are falling sharply on the lst trading day in August, grab up those out of the money October options at
firesale prices. Dec Comex Gold has weekly objectives at 527 and 555 with key weeklv dates Sep 11 aitNou { It * * .tt tE .,s J* Jt tt * * lf * *
rf
ro11.
ANNIVERSARY DATES FOR
ffi Hi Hi Hi Hi Lo
Aug I A,rg 2 Aug 4 Aug 4 Aug 6
1975 L97 4
L972 1981
L979
Lo Aug L7 1973 Lo Aug 25 1978 Lo Aug 25 L97 6 Hi Aug 27 I97I FIREWORKS
I
L2 years*# 13 years 15 years 6 years 8 years
L4 years
9
years 1 1 years***r+ 16 years
IN
AUGUST
The Aug I Anniversary above is not rnly 144 months ago but this year, that date (weekend) is a planetary occcurence that corresponded to the Jun 16 low last year that produced a $100 upmove! In other years, for example in L982, 5 years ago (a good Gann timer) gold futures made a pullback low on the exact date when this planetary effect began and made a running, gapping upmove of $180, also in August. Anything can happen this
-^
year as two other planets are involved in
the same configuration which I haven t t seen before. It could mean lots of excitement with limit up moves until the 24Lh of August when the planetary effect expires aE once for ALL THREE PLANETS Are ttthe starstt telling us there will be problems in the Mid East? I think so. !
Notice the Anniversaries at the end of Ehe mnth that also correspond to the change. fire alltilne lor ln futures uas made on the 1976 date so if prices have
ANNIVERSARY DATES FOR
2 1974 2 1979 5 L977
Hi Lo Lo
Aug A,rg Aug
Hi Lo Lo Lo Lo Hi Hi
A,rg Aug A,rg Aug Aug Aug Aug
Hi Hi Hi Hi Lo Lo
Aug 24 Aug 24 Aug 25 Aug 26 Arg 29 Aug 30
11 L978 L4 1970 16 1968 L7 L982 18 l97I 18 L97 5 18 1966 1973 L976 1972 1977 1975 L967
13 y€ars*xx
8
years
10 years
9 years L7 years L9 years 5 years 16 years L2 years 2I years 14 years 11 Years*** 15 years 10 years L2 years 20 years
August is THE month in Pork Bellies as you can see. In previous years the Great Discrepancy between Aug & Feb contracts offered a great spreading opportunity into the August expiration i.e. selling Arlg and buying Feb at around 1700. If you put on the spread, use a standard 200 point stop from your entry point and let the chips fall where Lhey may. If youtre stopped out, watch Febs for test of 6400 level in first 3 trading days of August. If they are a breakout, go with it on long side until inportant dates Midmonth. Notice how the dates are bunched; first two days, nidmonth and last days of month. * * * * tt tt lt l3 lt ts tt tt * * tt
August
8
180
0f the many futures groups that have no listings this month, financials and stock Indices had very strong trends in February that were continuations of earlier turn points
DEGRBE TURNS
FOR AUGUST 1987
DATE 180 Aug Aug
DEGREES
COMI'ODITY
FR0[[-
t'lin Hi
4rr 5rr
Listings for first days of September are included to make sure you have them in case GA is late. The Stock }larket has an astro date for _$S!, I that has been present at major turns in the past and that signature could also affect the energy futures in a big way r so be ready for it.
CATTLE
Hi LU},IBER
Aug L7 Aug L7 Aug L7 Aug L7 Aug 18 Aug 18 Aug 18 Aug 18 Aug 19 Aug 19 Aug 19
n
Aug
25
It
Contr Lo***
Aug
il ll ll
Contr Lo** Unleaded
Aug Aug
25 26 29
sep sep sep
2 2 2
ll ll lt
Contr Lo** Lt Crude 0i1 Contr Lo** Heating 0i1
August 9 August 24
ll il ll ll It It il ll n
il
Maj Lo WHEAT Contr Lo** CORN Contr Lo** SOYBEANS Contr Lo** BEAN l'tEAL Min Hi Feeder Cattle Maj Lo Gold Maj Lo Silver Maj Lo Platinum Maj Lo Palladiun Maj Lo Cotton Contr Lo Aug Bellies
Ir**ttrT*******tglr*
CRB flITIRES AND CASH INDEX
Hi
Hi
Gas
COFFEE
Contr Lo
1987
Hogs
Your response to the GAI{N AI{GLES n I{D has been so terrif ic that the Pool will probably close by the end of August. If you do have an interest in please let us know quickly so you it, can receive the 0ffering Memorandum.
FUTURES
Minimum investment $15r000.
SUGAR
F'I]LL MOON NEW MOON, MondaY BTTLLETIN BOARD
This month is a strange 1ist. There are few groups and theytre all bunched within 3 daYs in the third week of August. This tells us that week is key & highlighted during the month. August also has several multiple planetary angles that can affect all the commodities (separate and apart from what was discussed solelY for the Gold market). The l9ttr is one of the dates, with the others falling on that weekend prior to the new moon. Notice every commodity in the CRB Index has a turn during that 3rd week and Grains are coming from contract lows that were major
The Gann Seminar Season ended on a high note with a great New York group in July. My thanks to everyone who attended all three Seminars in Chicago, LA and the Big Apple. ILts always a stimulating & gratifying experience for me to get out there and meet all of you personally. *
.t+
t+
li tt lt * * lt lt * * l+ * *
on weekly and monthlY charts.
purpoao3 only. lnlormstion ia obtaingd hom aources deom6d to be rolieble but GANN ANGLES i3 pobtilhed monthty and ia mada ev.rlablg lo lubacribors lor inloflnelioa ;; r";ccuracy or comptere-niis.'njiceri ,ring ilr. intormalion contaimd hotein ata sobly rerpon3ible lor lhoir oltn actiona No r€pres6nlalion can
; ;;i;;";L; ieteireJro
treretrr.
fne editor, associaies, cireciors, or e.p'toyees and clients may purchase and/or sell commoditi€s relerred lo h'rain
suBScRtpTloN BATES: Annuat subscription (12 monlhly issues) $360. sample copies and beck issues.veilable al sl0 6ech
voLUME
Xnt
rssuE 11
THE POSITION TRADER'S NEWSLETTER PHYLL IS KAH N , ED ITO R JULY 1997 $TOCKTAR'GT HIGH1TGHTS
June was a powerful month ln the stock market, making new highs for 11 trading days lrom June 6 to June 20, an excitlng new record for the books. Many pros and the public
allke are convlnced that this ls now normal stock market behavior and will (and should) contlnue lndelinitely lnto the
luture. But those ol us who were trading in 1973 remember what it was like to have a Dow 5O% retracement in less than two years. Not pretty.
When a Stock Market as strong as this prevalls, many ol our trled and true lndlcators fall us as well as several Gann
technlques that have been lnfallible until recently. But desplte all the fallures, momentum oscillators stlll work. l.Jslng 14 and 2E trading day slow stochastics, when they reach up into the 9O's and down lnto single diglts, they stlll
remaln unbeatable. And so it was that during the week ending June 20th that we had several days readlngs at the 96 & 94 levets on the two osclllators, so lt was no surprlse that we had a Monday close down 194 polnts on the Dow. Yes, we recovered lrom it, but be warned that lt's the llrst of many such record down days ahead ol us ln 1997.
It's been diflicult to almost impossible to identify thetimlng for THE top but l'm still trying. lf we have not made top by the end of June, there are some powerhouse dates ln July. Let's look at the Anniversarles:
Also notice that last year's low of the year was on Jul 16 as well as this year's 40 year Annlversary, plus 2 hlghs ln 1985 and 1990 on July 17. Very compelllng dates for week'endlng July 18. We may have already aeen the high by the time you recelve this but ll we should make new hlghs, Lagt month I gave you a Dow price prolectlon for a potential high al772O whlch was exceeded in June by more than 20O points. We trled. lt was a2Ox multiple of the 386 hlgh lrom 1929. lf, blg lf, we make new hlghs ln July, let's shoot lor El(Xl whlch ls Flbonaccl 21 tlmes 386 (actually El06) plus the Square ol 90, whlch Gann hlmself would crow about. Buy Dec putslll Here are MAJOR breakpoint prices: Dow close below 7397: Cash S&P close below SE!; Sep97 S&P50O close below E6f: OEX close below &It Nasdaq close below 13&* Dow Utlllty
close below ZE2; Dow Transports close below 2tr57. Any closes below these key levels are SELL SIGNALS. Utilities and Transports are
give yourself max TIME for your money. Yes, they are overpriced but with the momentum in thls market you will be repald handsomely for the extra premium. Remember that Gann's most important'prlnciple is that price is a lunction of TIME, so buy yoursell l'lME; price will come to you ln the next
:"Hln:****
**** **** ** ** ** * FOCUS ON RNANCIALS!
DOW JONES IN JULY
Ht JULY 21986 -- 11 YEARS*** Hl JULY 6 1988 -- 9 Yf[p5**** LO
LO
JULY 7 1993 JULY S 1932
4 YEARS**** 67 YEARS** 40 ff,[ps*****
Hl JULY 16 1957 1 YEAR**" LO JULY 16 1996 HI JULY 17 1985 12 YEARS*** HI JULY 17 1990 - 7 YEARS***** LO JULY 25 1984 13 YEARS**** Hl JULY 31 1992 5 fl[s15***** Notice flrst that out ol 10 dates, 6 were highs & we have been in a malor bull market lor 23 years so that's noteworthy. puBl-tSHED By cANNwoRLD.
closest. TRADING STRATEGY: I urge you
not to buy nearby puts but to go all the way to Dec97 so you
tNc.,
Whlle the Stock Market has been breaklng records on the
upslde, Bonds have reluctantly sustalned a mild rally that began ln April at the same tlme as the Stock Market low. While in a rising trend, the price actlon has been llke dragging a tree up a steep mountaln. Bonds made their last hlgh in Feb '97 and have not been able to regain that high. All of this is ablt ol dela vu lrom the 1987 market where Bonds topped in early March as the Stock Market went wild on the upside until August. But thls tlme around, at least so far, Bonds have not been as weak as they were in 'E7. But that can change quickly too as thls ls also the 4th year slnce the Bonds made malor hlgh ln Oct '93 and the 4th year from the high lollowlng a 12 year bull market cycle'should'
4$i Trinity Are- Suilc A Scddc' Cr 9J9li5
nery FAX 40t{!llL9f 12 phonc 4{FJ)}2(m
REPRODUCTION tN WHOLE OR PART NOT PERMITTED WITHOUT PUBLISHER'S PRIOR wRITTEN CONSENT.
e-mail: gannangles@redshift'com
ALL RIGHTS RESERVED
2
be a heavy down year to complete the down phase. so far it has not lollowed the expected scenarlo but could change as we move into the last 2 quartere ol thls year.
Right now we should focus on posltlonlng lor the blg breakdown. on June 25, hourly bonds closed below their breakpoint, giving an hourly sell signal. But the key level ie a eell slgnal on the daily chart. A close ln sep Tbonds below 11O.1O will be a malor sell signal. At that tlme you can go short lutures and/or buy Dec Bond puts lor a positlon hold lnto Oct/Nov. ANNIVERSARY DATES FOR TBONDS & DOW BONTXi IN JULY LO JULY 2 1984 -- 13 YEARS**** LO JULY 7 1995 -. 2 YEARS*** LO JULY 11 1994 3 YEARS*T* LO JULY 13 1978 19 YEARS*T* Hl JULY 14 1934 63 YEARST*** Hl JULY 18 1933 64 ff[p5**** There are not many malor turns ln July suggesting that the
June hlghs may hold but use the dates to coincide with our
sli:xT.ll.':.:""::r"131T1... SOYBEAN UPDATE
The contlnulng weakness ln the new dlstant Soybean
contracts as they come on the board ls both disturbing and Bearlsh. They have brought on both July 98 and July 99 contracts, (to whlch Gann traders pay attentlon) wlth their current closlng prlces 668 and 655 respectlvely. The Nor€E
contract is 637. 20 cents below the '97 contract. With wldespread announcements on nightly TV newa about the expected etfects of a new El Nino forming worldwide, lt's strange that these Bearish relatlonships still prevall in the Soybean complex. Or is it? On my weekly July contlnuatlon chart, I have plotted the July98 contract ln red below the current July whlch is holding above 8fl) and expires on the 21st. This week the Jul'98 contract broke below 66E the Nov 12 '96 key low. The Jul99 contract at 655 ls lust that much lower. After July 21, Jul '98
wlll be the lead conlract on thls chart, looklng for the next malor support level on the downslde whlch goes back to Feb/May' 95 at 560/570. Gann's genius wlth these continuatlon charts ol the same contract month, year atter
JULY 1997
Hl JUL 13 1981 - 16 YEARS**' Hl JUL 15 1986 - 11 YEARS**** HI JUL 19 1993 -- 4 YEARS**" LO JUL 21 1978 -- 19 YEARS** LO JUL 23 1964 -- 33 YEARS*** LO JUL 26 1969 - 28 YEARS**** LO JUL 26 1988 -- I YEARS**** It'g a very long llst but you can use lt to back up the
GANNTIMER reversals. Use any rally during the month to get short for a run down to the weekly support levels glven above. July and August are both good months for declines that make maior lows so don't be afraid to short into strength. Right now Dec Wheat looks good for a rally back to movlng average reslstance at 383. Use GANNTIMERS to enter. Wheat daily oscillators at 8 & 9, so don't mlss lt. Plus July is seasonal low after long decllne. Call the Hotllne ll you need help.
**********************************
PRECNOUS ilETAI.JS UPDATE
It's doubtful that the preclous metals will bottom until the stock market tops so there's nothing yet that we can do in these markets except wait lor them to come to life. Silver has been tradlng sldeways, popplng up over daily moving averages & then dropping back agaln but looking like it may be ready any day. Platlnum had the quick runup, then down but trying on the upslde again. Gold is lust maklng new lows by a dollar or two but Homeetake Minlng has held the April low, dlverglng bullishly from the metal itself. we need to conilnue to be on the sidellnes untll we have somo confirmatlons, so lust be PatlentANNIVERSARY DATES FOR GOLD
IN JULY
JULY 2 JULY 5 HI JULY 6 LO JULY 11 LO LO
1973 -
1985
12 YEARS*****
1974
23 YEARS"** 24 YEARS**** 22 YEARS****
1975 -Hl JULY 21 1988 - I YEARS**** Hl JULY 24 1992 - 5 YEARS****
It's a short list lor thls month but you can use it to reinforce GANNTIMER reversals. we did make a low last year in Gold ln June, so perhaps the new lows last month can generate some prlce action. Othenrlse, stand aside. **********************l*********
year, can be trusted to show the truth of the market. ANNIVERSARY DATES FOR SOYBEANS IN JULY
HI JUL HI JUL HI JUL HI JUL HI JUL LO JUL LO JUL
2 1990 -- 7 YEARS**** 6 1gE9 -- E lf4p5*** 7 1972 - 25 YEARS**** 9 1976 -- 21 YEARS**i 12 1985 - 12 YEARS***** 12 1996 -- 2 YEARS*I* 13
1973
..24 YEARS*****
New SubscriPlion Hotline For access: cirll 8fit 6s8 7312 0r GANN AI{GLES
JULY 1997
JUL
1
JUL 112
STOCK INDX SWISS FR
l8oCD FRM JAN 2 LO; 120CD FRM MAR 3 MAJ LO.
Hl;
180CD FRM JAN 2
90CD FRM APR 3
Hl;
240TD FRM
JUL 31 '96 MAJ HI. 18OCD FRM JAN 3 HI.
JUL 2
SUGAR
JUL 2
IBM
JUL 2/3
LUMBER
180CD FRM JAN 3 Hl; 144CD FRM FEB 7 Hl; 120CD FRM MAR 5 Hl; 12OTD FRM JAN 16 LO; 240 CD FRM NOV 5 Hl
JUL 3
WHEAT
goCD FRM APR 4 MAJ LO; 120CD FRM MAR 5 LO; 24OCD FRM NOV 5 LO.
JUL 4lZ
SILVER
18OCD FRM JAN 6
l8oCD FRM JAN 2 LO; 90CD FRM APR 4 MAJ
LO; 144CD FRM FEB 11 FRM SEP 20 '96 MAJ LO.
LO.
LO; 288CD
Hl; 144CD
LIVE CATTLE
90CD FRM APR I MAJ LO; 90TD FRM FEB 28 FRM FEB 10 LO.
JUL 5
HOMESTAKE
l8OCD FRM JAN 6 LO; 360CD FRM JUL 10'96 Hl..
JUL 6
COFFEE
180CD FRM JAN 6 MMTM LO; 90CD FRM APR 4 MMTM LO; 120CD FRM MAR 5 Hl.
JUL 6
COTTON
18OCD FRM JAN 15
JUL 6
JYEN
180CD FRM JAN 7
Hl; 432CD FRM APR 29'96
JUL 8
CORN
18OCD FRM JAN 9 FRM DEC 18 HI.
LO; 90CD FRM APR 11 Hl;
JUL 8
SWISS FR
9OCD FRM APR 3
JUL 9/10
EURO$
JUL 1o/11
TBONDS
JUL 1 1114
STOCK INDX
JUL 1 1114
SILVER
JUL 1 1114
COPPER
JUL 1 1114
LIVE CATTLE
180CD FRM JAN 15
JUL 11114
DMARK
9OCD FRM APR 15
JUL 15
GOLD
JUL 15
TBONDS
JUL
4N
JUL 16
Hl;
90TD FRM MAR 10 Hl.
Hl; 288CD FRM SEP 23'96
18OCD FRM JAN 10
Hl-
144TD
Hl.
LO; 90CD FRM APR 11 MAJ LO-
goCD FRM APR 11 MAJ LO; 90TD FRM MAR 7 Hl. 9OCD FRM APR 1a MM
180CD FRM JAN 15
LO; 144CD FRM FEB 19 MAJ Hl.
LO; 120CD FRM MAR 14 Hl.
90CD FRM APR 14 MMLO; 90TD FRM MAR 7 Hl;
Hl;
24OCD FRM NOV 14 '96 Hl.
LO; 90TD FRM MAR 7 LO;
27OCD
FRM OCT 17 '96 LO.
PBELLIES
goCD FRM APR 16 LO; 120TD FRM JAN 27H1. 18OCD FRM JAN 16
Hl;
18OCD FRM JAN 17
LO; 12oCD FRM MAR 19 MMTM
120TD FRM JAN 29 LO. LO.
JULY 1997
4
JUL 18/21
IBM
JUL 18/21
SUGAR
180CD FRM JAN 21 FRM MAJ 36OCD FRM JLIL 24 '96 LO.
Hl;
90CD FRM APR 22
LO1.
180CD FRM JAN 21 KEY LO; 90CD FRM APR 17 LO;
gOCD FRM APR 23 HI.
JUL 18/21
SOYBEANS
JUL 18/21
SWISS FR
JUL 21
WHEAT
180CD FRM JAN 20 Hl; 90CD FRM APR 18 LO; 240CD FRM NOv 21 MAJ LO; 240TD FRM AUG 19 LO.
Hl; 27OTD FRM JUL s '96 LO. 180CD FRM JAN 22 Hl; 90CD FRM APR 22 MAJ Hl;
90CD FRM APR 21
144TD FRM DEC 31 EURO$
JUL 25128
STOCK INDX
JUL 2s128
GOLD
JUL 25128
SILVER
JUL 25128
COTTON LIVE
120TD FRM FEB 3 LO.
90CD FRM APR 28 LO; 360CD FRM JUL 30'96 LO.
JUL 25t28
JUL 25128
LO;
180CD FRM JAN 28 LO; 90CD FRM APR 28 LO; 144CD FRM MAR 3 MAJ LO; 27OCD FRM OCT 29 MAJ LO. 180CD FRM JAN 27 Ht; 90TD FRM MAR 21 Hl; 133CD FRM MAR 3 MAJ Hl; 288CD FRM OCT 10 Hl. 90CD FRM APR 28 LO; 144CD FRM MAR 3 MAJ Hl; 144TD FRM JAN 6 LO; 288CD FRM OCT 10'96 Hl. 180CD FRM JAN 28
CAfiLE
90CD FRM APR 28
Hl;
27OCD FRM OCT 31'96 Hl.
LO; 120TD FRM FEB 10 LO.
180CD FRM JAN 27 Hl; 90CD FRM APR 30 Hl; 144CD FRM MAR 3 Hl; 120CD FRM MAR 28 MAJ LO.
JUL 25128
PBELLIES
JUL 25128
HOMESTAKE
JUL 28
CORN
JUL 28129
TBONDS
180CD FRM JAN 29 LO; 90CD FRM APR 28 LO; 90TD FRM MAR 25 Hl; 144CD FRM MAR 7 Hl.
JUL 29
COPPER
180CD FRM JAN 30 FRM MAR 31 HI.
LO; 144CD FRM MAR 7 Hl;
JUL 29/30
IBM
180CD FRM JAN 30
Hl;
90TD
JUL 30
BRITISH PD
180CD FRM JAN 31
Hl;
120CD FRM APR 1 Hl.
JUL 30
JYEN
JUL 30
WHEAT
90CD FRM MAY 1
JUL 30/31
SUGAR
90CD FRM MAY 2 LO; 288CD FRM OCT 15'96 Hl.
AUG 1/4
BRITISH PD
AUG 1/4
CORN
90CD FRM APR 28 LAST 180CD FRM JAN 29
Hl.
LO;
144TD FRM JAN 6 LO.
No cluster but strong astros.
120CD
90CD FRM MAY 1 MAJ LO; 90TD FRM MAR 26 LO; 12OCD FRM APR 1 HI.
Hl;
120CD FRM MAR 31 Hl.
gOCD FRM MAY 5 LO36OCD FRM AUG 6 '96 LO.
180CD FRM FEB 3 FRM NOV 5 LO;
LO; 180TD FRM
NOV 25
Hl;
27OCD
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