BOTTOM

Last updated 8-5-04
SYM	TECH - LT	TECH - ST	SEAS	POWER	OI	VOLAT
SB:	LT more upside likely	Very toppy ST	Jul/A often bearish	Very bearish	Very high	Very low, asleep
	Keep extremely tight stops or hedges on longs. Sugar bulls have become very complacent with the rally and are likely to be confronted with a violent selloff near term. Speculators consider bear plays with cheap options
KC:	Mixed picture	ST Bearish	NA	Bullish for at least a pop	Avg or higher	Very low
	Keep tight stops or hedge shorts. After any rally here lower lows are still the most likely outcome.
CC:	Major upside breakout in June	Ready for a pause in uptrend ST	CC often peaks Aug/S. Then bearish Oct/N	Becoming ST bearish	Rising	Rising, confirming the June bottom
	ST keep very tight stops on any longs as a retracement is imminent. Thereafter the longer-term uptrend is likely to resume, taking cocoa to new post-June highs. Look to trade this market mainly to the upside over the next year or so.
CT:	Downtrend	Ready for a downtrend rally	ST rally then selloff to bearish Oct/N	Very bullish	Avg	Sky high
	Keep very tight stops on shorts. Expect a rally followed by further downside.
LB:	Very toppy	Final rally pattern	Aug/S often bearish	Very bearish	Sky high	Very low
	Complacent bullish market is setup for a rude awakening to the downside, unwinding the vulnerable high open interest. Both longs and speculative shorts should consider use of very cheap options.
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