After touching the lowest level in almost two weeks earlyMonday, the June futures market was bid higher throughout the restof the session as traders took profits from last week’s sell-off.June finished up 5.8 cents for the day at $2.311, just off its$2.32 high.

Some were surprised by the market’s ability to trend higherafter last week’s meltdown, but Sandy Trot of Trot TradingCorporation admitted to being an aggressive buyer Monday morningwith his sights on filling in the chart gap created between $2.31and $2.33 last week. “Once the momentum died, everyone was a buyerout there [Monday],” he said. He regretted dumping his longpositions late yesterday, however, after seeing the price strengthcontinue into last night’s Access trading session. “Once the gap isfilled, the $2.375 becomes the next target. I am a buyer if themarket can move above that level. However, if the market isn’t ableto hold onto Access gains tomorrow I am a seller below $2.33 with atight stop-loss order at $2.375 to limit the [upside] risk.” Accesstrading finished last night with June up an additional 0.8 cents to$2.319.

The Pegasus Econometric group agrees the market could bepositioning itself for a move higher and feels that if the Junecontract is able to climb above $2.33, it would signal an upwardreversal on the daily chart, which would expose $2.36-41.5 as thenext level of resistance.

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