The futures market roared back to life on Monday, nearlyrecouping losses registered on Friday by trading 6.7 cents higherto settle at $1.945. Traders continued to cite a strong technicaloutlook coupled with increasingly bullish fundamental factors as areason for the advances.

What we saw today was an attempt by sellers trying to influencea settle below the 40-day moving average at $1.90. That could haveturned the market in the bulls favor. however, the selling dried uparound midday, and everyone became a buyer, a source said.

A California marketer feels the short-term direction is stillup, but warns which each advance, it becomes harder and harder tobe an aggressive buyer. “This market will probably not see the$1.63 basis October again anytime soon, but a period ofconsolidation between $1.75-$2.00 levels is not out of thequestion. However, tomorrow could be a big day for the market. Ahigher open would attract more buying. Then it would become anumbers game with people looking to take out resistance levels at$2.00, 2.07, and possibly $2.16,” he warned.

He may have a point. As of 6 PM yesterday, October had alreadytacked on 3 cents to trade up to $1.975 in the evening tradingsession.

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