GannAngles

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 andwave 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" thatwas 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 daleprojection 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 divided by 2 = 180360 divided by 3 = 120, 240,360360 divided by 4 = 90, 180, 270360 divided by 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. Themoredates 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 countsgenerated 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 adaily chart from a quote machine. The charts are needed to follow the many markets that will betracked, and to lransfer the projected cluster dates lor the month listed in GANN ANGLES into luturetime with a highlighter.

There is one judgement call that is required, regarding the overall market Trend PBECEDING thecluster 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'sthree months. Once that decision has been made, entry is 100% mechancial. GANN ANGLES willoften give Trend lndication lor each market but il the trend is not crystal clear to the Trader, the tradeshould NOT be laken, period. There will be far more trades available than a single trader can takeanyway, 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 stop40 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. lfno rcversal occurs, continue to trail the market down, lowering the entry Buy Stops each day. TheTime "window of opportunity" is open lor 6 trading days. Two days before, the day of the cluster, and3 days alter the date.

The same rules apply when the trend is clearly UP. Place entry SELL stops BELOW each day'slow 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 dayon a sell trade. The immediate availability ol a related, non arbitrary stop combined with its limited riskstop aspect, makes GANNTIMEB unique compared to other trading systems. When the trade hasbeen profitable for 3 days, stops are raised, trailing the market with stops 40 points below (above) thelow (high) lrom previous two davs. That's all there is to it; for short term trades, the "2 day stop" ruleis 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 ofGann angles or whalever a favorite trading method for exit may be. GANNTIMER is complementaryto 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 firstreversal day ol a MAJOR TREND CHANGE.

Stock lndex futures have been outstanding examples of this. ln 1990, every maior high and lowwas 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 2months. (The 2-day Exit rule held the trade until Feb 15, 1 991 with 6400 pts.) The next high after Jan14 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 3000point S&P move.

These are dramatic examples in one market, but there are outstanding trades available in the antirecommodity spectrum occurring every month. They will all be listed in this new and exciting leature inGANN ANGLES.

TRADING TIPS

Trades can be taken using the GANNTIMER cluster entry system on any single 90 or 180CALENDAR day count. (90CD or 180CD) These two time periods are so strong that they don't needthe reinforcment of other time periods to bring in a successful trade. But when more than TWO datcscluster, 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 rareoccasions when these stellar opportunities appear, the number ol units normally traded can beincreased and/or diflerent trading strategies can be employed such as positioning in distant futurescontracts 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 shortterm profit center. Don't hesitate to trade in a commodity group that you haven't traded before, iustuse the 40 point two-day exit rule. Remember that no system is loss proot. Winning trades take careof themselves, it's how LOSING trades are handled that separates consistent winners from consistentlosers.

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 periodsfrom highs and lows, marking the counts on the chart but keeping them in continuity. Here is aschematic that can get you started:

lf High or Low is in month of:

MONTH 90 CALENDAR 90 TRADING 180 CALENDAR 180 TRADING

DAYS DAYS DAYS DAYS

January

February

March

April

May

June

July

Aug ust

September

October

November

December

3MO(64 TD)

April

May

June

July

Aug ust

Sept

October

November

December

January

February

March

4MO

May

June

July

Aug ust

Sept

October

November

December

January

February

March

April

6MO(131 TD)

July

August

Sept

October

November

December

January

February

March

April

May

June

8 MON

sep

Oct

Nov

December

January

February

March

April

May

June

July

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 gainfromtoday' s high-tech markets

Logic and reason would tell y'ou other-wise. yet 25 years later. the July 4ll highhelped identifv the 1913 high. Ofcourse. other Cann techniques must be

used to confirm such calculations but itbegins with information from a con-tinuation of the same contract month.

November sovbeans have their ownunique signature that differs widelyfrom the July contract. The all time lowof November beans was made inFebuary. 1940 at l9l l14. In 197-1. 34years later. this contract rnade new his-toric high at 956. an "exact" five-timemultiple of l9 I I11.

In 1983. November beans made a newhistoric high at 968 but even then. nineyears later. that five-time multiple stillheld its ground as re.sistance. AlthoughNovember. 1983 soybeans made threeattempts. there was not one close at orabove 956 and the third high was $e topof the market. Also coming into play atthat top is Principle number two:

When two contracts (or more) of thesame month but different yf.an are trad-ing simultaneously. all the angles. Mid-points. support and resistance applyequally to both contracts.

In August. 1983. while the powerfulbull market was in progress, theNovember, 1984 contract began trad-ing. It opened $2.50 below the Novem-ber. 1983 contract. Plotting it on theweekly Novemberchart showed that thedistant contract was far below all theangles supporting the front month and

Char:ing it Gann's Way

Phvllis Kahn

requently. new' students of theGann methods become mired incomplexities even when several

of the most simple and powerful Gannconcepts are so easy to understand andapply. For example. no market masterbefore or after Gann has recognized theimportance of treating each commoditycontract month as a separate and com-plete entity. Gann's remarkable prin-ciple (an observation made over 50years ago) that a mathematical relation-ship and a continuity in price extendingover years of time exists in the samecontract month is a tribr.rte to Gann'sgenius that proves itself over and overagain even in today's high-techmarkets. The rule. requiring weekly andmonthly charts of an individualcontractmonth to be plotted in continuity fromyear to year applies to all futuresmarkets. Since soybeans were one ofGann's favorite markets, we'll use it toillustrate how relevant the principle is(combined with otherGann methods) tomarket analysis that leads to low risk.profitable trading. There are severalreasons why Cann insisted that this wasthe only way to chart commodities.Principle number one being the follow-ing:

To retain mathematical purity for priceprojections. Gann taught that significanthighs were mathematically related tohistoric lows and/or historic highs.

If one uses weekly and monthly com-mercial charts utilizing "nearby futures"updating. lows and highs of priceswings from different contracts. theywill produce erroneous results for rangecalculations and price projections.

t2

Mathematically, it's like mixin_e applesand bananas. "Nearby" charts can alsoshow double or triple tops or bottomsthat when compared to "same month"charts. they do not. in fact exist.' A powerl'ul example of how impor-tant this occurrence is, is at the all timehigh in soybeans. The current historichigh in soybeans was made in June.1973 in the July contract. In 1972. theJuly contract took out its own historichigh from 1948 entering new unchartedprice territory. A Gann analyst wouldtake the old high. 433, multiply it bytwo. and then by three (three is impor-tant in Gann methods). When pricessailed through 866. it was clear theywere headed for higher levels. Multi-plying 433 x 3 = 1296: this calculationmissed the I 290 high by only nine cents.

JUL SOYBEANS

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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 ar968. the distant November. l9t{-1. on rhe same charr. macle atriple top at 721 . Few traders. other than a Gann trader with aNovember continuation chart up to date. coulcl have had theforeknowledge to anticipate and rrade the top (orher Gannmethods were used fclr confirmation). Incredibre as it mayseem, history repeated itself five years later in lgllli. WhenNovember, 1988 beans hir 1046 in June. l98tJ. the November.1989 contract made high at 793. 52.-5-3 below,the l9tj3 con-tract!

While the November. l9tl9 contracr was duplicatins weak-ness seen at the 1983 high. another illustration of the value ofkeeping continuation charts was occurring simurtaneousry.Most Gann traders keep at least three separate soybean con-tract charts: November. Ma1' (Gann's favorite contract) andJuly (it contains the historic high f or all conrracts ). During thevertical bull move in June. 1988, as November. 1988 beanswere making new historic highs daily, a rrader followingMay, 1989 soybeans on a May monthly "Gannstyle" chart.would have been alerted to strong divergence occurring at thetime. The monthly showed tops in 1983 at 996,and 1980 at1006 in the May conrracr. On the high day in June, 1988,amidst wild talk of "beans in the teens," the May. 1989 con-tract struggled up to 1003, a triple top with the 1980 and 1983highs and made the top. This obvious nonconfirmation (in asupposedly unstoppable bull marker) gave rhe Gann trader theforeknowledge,the confidence and the low risk opportunity todo what few could do, follow Gann's rule. "sell against old

THEPOSITION TRADER'S NEWSLETTER

I I I ere you on the right side of "Black Mon-YY day?" Were you ready for the March '87 topin Bonds? Gann Angles subscrlberc wetel And theycontinue to receive Phyllis Kahn's valuable insight(often months in advance) about the price and timewhen market swings should occur! Gann Angles fea-tures integrated yearly, monthly, and weekly analysis,cycle summations, and squaring of price & time formajor stock indices and futures markets. Other ex-clusive features:. ll x 17 updatable weekly/monthly Gann charts with

predrawn angles. The '180 Degree Turn" column projecting nrajor

market reversals

Helpful introductory material included with newsubscriptions.

Phyllis Kahn app€ars weekly onFinancial News Network featur-ing Gann market forecasts. Shehas published Gann Anglessince1982 to provide Gann analysis forthe position trader. She is alsocurrently managing a popular op-tions fund.

If you missed the big trades in 1988, subscrlbcto Gann Angles to be ready for the big trades lnf989! Our December issue features the Gann out.look for the stockmarket in 1989. Don't mlcg tf,lsopportuntty to subscrlbe todayl

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:

Address:

City/State/Zip:(hst ptformance des not guatantec future succcss.) GA E9

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900

750

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650

During the decline that followed the June. 1988 high, diver-gence again developed between the November, 1988, May.1989 and November. 1989 contracts. This time. is was a bul-lish divergence as the two distant months strengthened on thedecline relative to November, 1988. And so it goes.a con-tinuous monitoring of these separate contract month chartswill always bring information into the light rhat's availablenowhere else. These "Gann style" charts are the foundation,the base upon which the whole of Gann's analytic methods areapplied. No one before or after Gann has perceived quite soclearly how the world of the market really works.

Phyllis Kahn is the editor of Gann Angles,

NOV SOYBEANS

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Gann & Elliott Wav,e . FebruarvlMarch. 1989 Fo. mo't inlonnallon circb llo. l0 t3

PHYLLIS KAHN, EDITOR August Le87

THE POSITION TRADER'S NEWSLETTER

sF0ruGer o[ TEE smcf, rrxrF

The reluctance shown by the StockArket to go down during July has

:rtainly been apparent yet the internalshave not confirmed nor is the overallevaluation of a top in this time framebeen invalidated. In fact prices couldmove somewhat higher without changing theoutlook. Let I s look at some of the Gannreasons why this is so.

In a stock forecasting course, Gannsaid ttln extreme markets , ( no one candeny that we t re i-n one) prices may run upfor 5 years without a major correction,but watch for a change in the 59thmonth.rf Ju1y87 was the 59th nonth fromthe L982 low, so coming up on August 9 isthe 5 year, 60 month Anniversary date ofthe last major low. This month is alsothe 154th month up from the Oct 1974 low,

.=he price and cycle low of this almost 13

- ear old bull market. Incidentally, Ganihad the same admonition for YEARS as hedid f or months. ttAt the end of ma jorcycles, like in 1869 and 1929, look for achange in the 59th YEAR. rr That, friendsis 1988, the 59ttr YEAR in Gann's major 60YEAR CYCLE.

Sixty years ago in L927 prices didnot take any big corrections ' just aIdaing pattern and then up .and ahtayagain. Thirty years ago in 1957 pricestopped in July and bottomed in Novenberwhich is the exact pattern the monthlyCash S&P500 is showing for time turningpoints on the Master Price & TimeCalculator. Dail-y and weekly cycles in

the S&P500 that have worked since L982are for the first tine late and pricesare trading up into the next higher (3rd)price square on the weekly, bothpositives for the bullish side. Thi.s canmake futures traders and nearby optionplayers very unhappy but nothing hasreally changed except all the Averagesbut the Dow, have gone sideways to up athigh levels with non-confirnationsabounding.

While mentioning the Dow, you shouldknow an important resistance number thatis in play right now -- 2520. This isone of the most potent Gann rrnaturalrtnumbers because it t s 360x7. (Naturalnumbers apply to everything as opposed tocalculations based on previous highs,lows, ranges, tine. ) The Dow overcamethe square of 49 (the strongest naturalnumber) so of course, this one will beovertaken too but noL without backing,filling and strong resistance. 0n thehigher side for the Dow is a really bigbarrier at 27OO. There are at least halfa dozen Gann type calculations based onlows, highs, squares etc. that convergeat 27OO suggesting that MAJOR }|AJ0RRESISTANCE waits there. Among others, theL929 hl-, 386 x 7 == 2702.

AI{NIVERSARY DATES FOR

2234

HiLoHiLo

AugAugAugAug

1956I 96319591986

31 years24 years**28 yearsI year'Contt On Page 2

puBLrsHED By GANNWoRLD, rNc., 3315 Martin Rd Carmel Ca 93923REPRODUCTION IN WHOLE OR PART NOT PEFMITTED WITHOUT PUBLISHER'S PFIIOR WRITTEN CONSENT

ALL RIGHTS RESERVEO.

August 1987

Lo AngLo A,rgLo Aug

8 18969 L9829 1983

Con tt From Page I

ANNIVERSARY DATES FOR

the Gann Master Price & Time Calculators,its price and time symetry is asbeautiful in its own way as a rose.

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*lTrlow as did the Midpoint in Time, whichthen led to a fantastic run up to thehigh at 76.10 exactly 76 months from thelow. The price high on the chart wasmade on Oct 10 1978 but it hras in the Dec1979 sengr'6g-t -:Es distant month of twoGE-ing at the timil--Tne nearby monthhigh was 6951 (L/8 inro a new.square).The higher price was used because it wasa square of the Time period in monthr.-.from the low.

If you study the Chart you'll seethat both angles and Time turns weresuperb. Notice that the Midpoint in Timein the 2nd square of 76 was only onemonth late and a few points from the topof a ral1y that led to further declines.This Midpoint rally high was followed byanother perfect high at the 2/3 divisionin Time also exactly at a Price Divisionon the Square. The Square ended at price35.35 on Feb 25 1985 at exact End of rheSquare 76 months from the Oct 78 high!

Since ther85 low, prices have beenrising at a sharp angle of ascent for 2I/2 years, holding completely above thetwo 2xL angles drawn up f rom the Feb an/--May 85 lows, seen infrequently on amonthly chart. And very bullish. Noticethat the highs in Jan 87 and M"J.87 eachhit into the triple ttchannelrf of Ix2angles rising from the major lows in1972 , L97 4 and 1977. As classic Gannwould suggest, the channel of angles hasacted as resistance, holding prices for acorrection. 0f special interest also isthat the M.y 87 price hieh aL 7075 isdouble the Feb 85 price low of 3525.

A11 pullbacks and corrections shouldbe supporLed by the two sharply rising2xI angles from the low. Currently Dec87Swiss has made low at the 6508 level,above t,he monthly angles and also holdingabove the monthly low rnade in March at

91 years5 Years****4 years

66 years*Lo Aug 24 L92I

This is a month that has seen somevery significant time turns in the stockmarket. The historic low in Lhe DowJones Industrials lras in 1896 (28.5) 91years ago. The L92l low was an importantone also while the most recent is the 5year Anniversay of our current BullMarket , a potentially key date this yearbecause it can be a culmination. Asdiscussed earlier a high made now canlead us into a major low in November.This timing would be in completeagreement with the timing already inplace for TBonds. (36 weeks from high isweek Nov.13).

STRAGTEGIES & PRICE LEVELS

The Cash S/P500 has a price divisionat 320 that could be hit. This of courserouTt bring the Sep S/P up into the 322to 324 area if prices were to surge intothe August Anniversary date. IF thatoccurs, Bo short Dec S/P or use Dec outof Lhe money options. The next importanttime turn is the end of SeptemberAFTER expirations. If you have lostmoney in options because of time runni-ngout, dontt be afraid to reinstate samepositions in Dec contractsrFutures or0ptions, BUT deeply out of the money iswhere the leverage is. Then all vou needis patience, dontt be short of that.

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CIART OF THE I'O}rnI

DEC SWISS FRAI{C I.ONIIILT

This is the enti.reSuiss Franc froo theCurrency trading in 1972.

history of thebeginnlng ofLike rany of Conft On Page 3

August L987

6477. If prices take outm. going above the tripleangles, tt this market willexceedinglyheaded foryears ago at

Con t t Fron Page 2

strong positiona test of the76LO.

the high atttchannel ofbe in ancertainly

old high 9

Buying Dec Swiss, 6500 to 6600,should see move into 70ts within next 12weeks. l.{inimum objective 7100 to 7300with potential to try for the old highlater oD r perhaps reaching 7600 bY

Midpoint in Time in April 88.

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FWI'S OI{ HTNAITCIAI,S

No market has behaved better on theGann analysis than TBonds over a longperiod of time. While the stock marketgoes its wilsy ways, Bonds have doneeverything expected of them. Letrsrecap: In March 87 , Weekly Sep TBondsmade a 144 week high from the Jun 84 lowand fell down hard into the May low at

-8603. (Objective 8600) The ral1y took

rices a few 32nds above I/2 way back andnow another decline has begun.

The weekly objective is at the 8150to 8000 level. At the first 1/88reektnto the new square, prices hadalready begun their decline, breakingangles as they go. For those whounderstand it, a weekly rrgtr angle drawnup from the Apr 86 high was broken on thedownside when prices fell below 9LI6basis Sep contract. What this teattE-fiplain English is that a very significantweekly support angle has been taken outin a meaningful manner. Price lows inMay87 hit the angle, but did not closebelow it. I,le have already had a wholeweekly range and close below it. It setsan objective for the next lower anglebelow currenL pri-ce ob jective at 8000.

TRADING STRATEGY

The out of the money put options onTBonds are too overpriced to buy now; notlike they were back in March 87 . Sotrading in futures is desirable underthose circumstances but don t t trade inthe front. Move out to the MarchSScontract; sbtt on rallies and hold untilobjectives are met. 0n my weekly SepBond chart, I plot the Sep88 AND Sep89contracts with the current 87 and to mysurprise, on the week ending 7/24/87, theSep89 contract was almost back to theprice level it reached on the 1or.r t'lay22nd at 82L6! If anyone doubts rharwe t re in a bear narket in Bonds just lookat the back months; they are falling atan accelerated rate. Also look at otherfinancials. The weakest of the spectrunof financial futures are the Muni-Bonds.0n down days, they really fall but youdare not go out any further than Dec87,the volume isn I t there the way it is withTBonds, the highest volume of allfutures. Remember that the nextimportant ti-me division on the weeklysquare is not until the L/4 point, 36weeks, due the week of Nov 13 87 . Don I tbuy Dec TBond put optionilo6-expensive.Look at deeply out of the rnoney Dec Euro$put options, 9050 and 9000; contract lowis 9013, they are still bargains.

ANNIVERSARYAUGUST IN

Hi Aug 12 1954

Lo Aug 20 I97OHi Aug 23 1932Hi Aug 26 1977Hi Aug 27 1987

DAIES FOR

TSmS-33 years

17 years55 Y€ars****10 Years#*1 year

As you see, these Anniversariesreally reach back in ti-me. Ihe L932 highwas in the Dow Bond Average and thatmakes it a Fibanocchi 55 time cycle. TheL977 high was the opening week of TBondfutures and they nade a 5 year high atthat time so it is an inportant tiningdate. If prices have been falling hardall nonth, and or/ price objectives are

Conft Page 6

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ANNIVERSARY DATES FOR

hit, this would be a time to cover. Ifprices are rallying into the end of thenonth, another selling opportunity ispresented. Other than the dates above,there are no kqv dates in August.

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FOCUS ON SOYBEAI.IS

Since the high in June, the Pricepattern on the weekly November Soybeanchart is not typical of Soybeans comingout of a major bottom. The lst 12 weeksleading into the double top were typical.A vertical ascent , a pullback into ahigher high that hit an angle from a higha year earlier, right on course. Andthen prices broke the 45 degree anglefrom the weekly low in Feb87. That isnot typical. It places the entire doublebottom on the weekly in jeopardy. Eventhe high at 625 rnissed the I /3 rangedivision from the 83 high to 87 1ow by 4

cents, not a good sign. Here are therange divisions for the Nov87 contractfrom 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 howstrong or weak this market will be whenit starts up to test the high. Noticethat there were several closes below L/3as prices dropped to 508. This also isnot favorable. If you bot the low (asthe time was right), trail the trade witha stop below weekly lows, moving it up asprice moves up. As it gets closer totiming below, pull stops under DAILYlows.

Hi AugLo AugLo Aug

Lo Aug

197 4197 2L976

246

11 t978

13 years15 years11 years*

9 years**

10 years**L4 years

L7 yearsL2 years**22 years

Lo Aug 16 L977Hi Aug 17 Lg;,n

Hi Aug 21 1970Hi Aug 22 1975Lo Aug 23 1965

In the seventies, August was a keymonth in Beans but it has not beenprominent at all in the eighties.However, this August may be theexception. There are two key

Anniversaries that frclusterfr with thisyearts contract low 180 degree date on

Agg L7 so let's look at the two datesabove from 1977 (Gannts 10 year cycle)and hi from L973 on 4ug 16 & J7. Thismay be the major turn of the month in allthe grains. If prices are rising intothat Monday, take profits and go short.If prices are falling into the date, Bolong and buy options. The most likelyscenario is that prices will ral1y to oneof the range divisions above and make animportant top on that date. The Aug 22

date is 144 months ago and a veryimportant Lirne cycle in Beans. I have astudy on the history of beans from I92Oshowing I-{AJOR turning points L43 to L47months apart. (one of these months, Itllput it in GA.)

If Midmonth is a high, expect the Beansto enter a final downward thrust thatwill take out current contract lowsmaking new final lows in Dec87 to Feb88tj-me slot. Short Jan or Mar88 & buydeeply out of the money Jan88 optionsthat week. There I s plenty to be madewhichever r.ray this market goes. Stay onyour toes.

tttltltft*tl*t*

August L987

GOLD UPDATE

While the Bears are still predicting$100 Gold, futures quietly made pricelows in the 8th week down from the highon June 22 then traded sideways to upduring July. That June low was also L'}Iweeks from the Feb 1985 low, the pti."low of this decade. Other importantweekly lows from the t 85 low were at 4Lweeks, 57 wee-s, !Q weeks and 103 week{all harmonics of the same LzO week cycle.So the agenda from here shows the weeklyand nonthly charts looking very positiveand ready to ro11.

ANNIVERSARY DATESffi FOR

been soaring, profit taking may be inorder then. If prices are falling sharplyon the lst trading day in August, grab upthose out of the money October options atfiresale prices. Dec Comex Gold hasweekly objectives at 527 and 555 with keyweeklv dates Sep 11 aitNou {

It * * .tt tE .,s J* Jt tt * * lf * * rf

ANNIVERSARY DATES FOR

IHi Aug I 1975Hi A,rg 2 L97 4Hi Aug 4 L972Hi Aug 4 1981Lo Aug 6 L979

L2 years*#13 years15 years6 years8 years

Hi AugLo A,rgLo Aug

Hi A,rg 11 L978Lo Aug L4 1970Lo A,rg 16 1968Lo Aug L7 L982Lo Aug 18 l97IHi Aug 18 L97 5Hi Aug 18 1966

Hi Aug 24 1973Hi Aug 24 L976Hi Aug 25 1972Hi Aug 26 1977Lo Arg 29 1975Lo Aug 30 L967

2 1974 13 y€ars*xx2 1979 8 years5 L977 10 years

Lo Aug L7 1973 L4 years

Lo Aug 25 1978 9 yearsLo Aug 25 L97 6 1 1 years***r+Hi Aug 27 I97I 16 years

FIREWORKS IN AUGUST

The Aug I Anniversary above is not-^ rnly 144 months ago but this year, thatdate (weekend) is a planetary occcurencethat corresponded to the Jun 16 low lastyear that produced a $100 upmove! Inother years, for example in L982, 5years ago (a good Gann timer) goldfutures made a pullback low on the exactdate when this planetary effect began andmade a running, gapping upmove of $180,also in August. Anything can happen thisyear as two other planets are involved inthe same configuration which I haven t tseen before. It could mean lots ofexcitement with limit up moves until the24Lh of August when the planetary effectexpires aE once for ALL THREE PLANETS !

Are ttthe starstt telling us there will beproblems in the Mid East? I think so.

Notice the Anniversaries at the endof Ehe mnth that also correspond to thechange. fire alltilne lor ln futures uasmade on the 1976 date so if prices have

August is THE month in Pork Belliesas you can see. In previous years theGreat Discrepancy between Aug & Febcontracts offered a great spreadingopportunity into the August expirationi.e. selling Arlg and buying Feb at around1700. If you put on the spread, use astandard 200 point stop from your entrypoint and let the chips fall where Lheymay. If youtre stopped out, watch Febsfor test of 6400 level in first 3 tradingdays of August. If they are a breakout,go with it on long side until inportantdates Midmonth. Notice how the dates arebunched; first two days, nidmonth andlast days of month.

9 yearsL7 yearsL9 years5 years

16 yearsL2 years2I years

14 years11 Years***15 years10 yearsL2 years20 years

* * * * tt tt lt l3 lt ts tt tt * * tt

8 August 1987

DATE 180 DEGREES

180 DEGRBE TURNS

FOR AUGUST 1987

COMI'ODITYFR0[[-

t'lin Hi CATTLEHi LU},IBER

Maj Lo WHEAT

Contr Lo** CORN

Contr Lo** SOYBEANS

Contr Lo** BEAN l'tEALMin Hi Feeder CattleMaj Lo GoldMaj Lo SilverMaj Lo PlatinumMaj Lo PalladiunMaj Lo CottonContr Lo Aug Bellies

Contr Lo*** CRB flITIRESAND CASH INDEX

Contr Lo** Unleaded GasHi COFFEEContr Lo Hogs

Contr Lo** Lt Crude 0i1Contr Lo** Heating 0i1Hi SUGAR

F'I]LL MOON

NEW MOON, MondaY

0f the many futures groups that haveno listings this month, financials andstock Indices had very strong trends inFebruary that were continuations ofearlier turn points

Listings for first days of Septemberare included to make sure you have themin case GA is late. The Stock }larket hasan astro date for _$S!, I that has beenpresent at major turns in the past andthat signature could also affect theenergy futures in a big way r so be readyfor it.

Ir**ttrT*******tglr*

AugAug

Aug L7Aug L7Aug L7Aug L7Aug 18Aug 18Aug 18Aug 18Aug 19Aug 19Aug 19

Aug

AugAugAug

sepsepsep

AugustAugust

4rr5rr

25

252629

222

nllilllllItItillln

il

It

illlll

lllllt

This month is a strange 1ist. Thereare few groups and theytre all bunchedwithin 3 daYs in the third week ofAugust. This tells us that week is key &

highlighted during the month. Augustalso has several multiple planetaryangles that can affect all thecommodities (separate and apart from whatwas discussed solelY for the Goldmarket). The l9ttr is one of the dates,with the others falling on that weekendprior to the new moon. Notice everycommodity in the CRB Index has a turnduring that 3rd week and Grains arecoming from contract lows that were majoron weekly and monthlY charts.

Your response to the GAI{N AI{GLESFUTURES n I{D has been so terrif ic thatthe Pool will probably close by the endof August. If you do have an interest init, please let us know quickly so youcan receive the 0ffering Memorandum.Minimum investment $15r000.

BTTLLETIN BOARD

The Gann Seminar Season ended on a highnote with a great New York group in July.My thanks to everyone who attended allthree Seminars in Chicago, LA and the BigApple. ILts always a stimulating &

gratifying experience for me to get outthere and meet all of you personally.

* .t+ t+ li tt lt * * lt lt * * l+ * *

924

GANN ANGLES i3 pobtilhed monthty and ia mada ev.rlablg lo lubacribors lor inloflnelioa purpoao3 only. lnlormstion ia obtaingd hom aources deom6d to be rolieble but

; ;;i;;";L; ;; r";ccuracy or comptere-niis.'njiceri ,ring ilr. intormalion contaimd hotein ata sobly rerpon3ible lor lhoir oltn actiona No r€pres6nlalion can

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 PHYLL IS KAH N , ED ITO R JULY 1997

THE POSITION TRADER'S NEWSLETTER

$TOCKTAR'GT HIGH1TGHTS

June was a powerful month ln the stock market, makingnew highs for 11 trading days lrom June 6 to June 20, an

excitlng new record for the books. Many pros and the publicallke are convlnced that this ls now normal stock marketbehavior and will (and should) contlnue lndelinitely lnto theluture. But those ol us who were trading in 1973 rememberwhat it was like to have a Dow 5O% retracement in less thantwo years. Not pretty.

When a Stock Market as strong as this prevalls, many olour trled and true lndlcators fall us as well as several Gann

technlques that have been lnfallible until recently. Butdesplte all the fallures, momentum oscillators stlll work.l.Jslng 14 and 2E trading day slow stochastics, when theyreach up into the 9O's and down lnto single diglts, they stlllremaln unbeatable. And so it was that during the week endingJune 20th that we had several days readlngs at the 96 & 94

levets on the two osclllators, so lt was no surprlse that we hada Monday close down 194 polnts on the Dow. Yes, werecovered lrom it, but be warned that lt's the llrst of manysuch record down days ahead ol us ln 1997.

It's been diflicult to almost impossible to identify thetimlngfor THE top but l'm still trying. lf we have not made top by theend of June, there are some powerhouse dates ln July. Let'slook at the Anniversarles:

DOW JONES IN JULY

Ht JULY 21986 -- 11 YEARS***Hl JULY 6 1988 -- 9 Yf[p5****LO JULY 7 1993 4 YEARS****LO JULY S 1932 67 YEARS**Hl JULY 16 1957 - 40 ff,[ps*****LO JULY 16 1996 - 1 YEAR**"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 havebeen in a malor bull market lor 23 years so that's noteworthy.

Also notice that last year's low of the year was on Jul 16 aswell as this year's 40 year Annlversary, plus 2 hlghs ln 1985

and 1990 on July 17. Very compelllng dates for week'endlngJuly 18. We may have already aeen the high by the time yourecelve this but ll we should make new hlghs, Lagt monthI gave you a Dow price prolectlon for a potential high al772Owhlch was exceeded in June by more than 20O points. Wetrled. lt was a2Ox multiple of the 386 hlgh lrom 1929. lf, blglf, we make new hlghs ln July, let's shoot lor El(Xl whlch lsFlbonaccl 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. Anycloses below these key levels are SELL SIGNALS. Utilitiesand Transports are closest. TRADING STRATEGY: I urge younot to buy nearby puts but to go all the way to Dec97 so yougive yourself max TIME for your money. Yes, they areoverpriced but with the momentum in thls market you will berepald handsomely for the extra premium. Remember thatGann's most important'prlnciple is that price is a lunction ofTIME, so buy yoursell l'lME; price will come to you ln the next

:"Hln:**** **** **** ** ** ** *

FOCUS ON RNANCIALS!

Whlle the Stock Market has been breaklng records on theupslde, Bonds have reluctantly sustalned a mild rally thatbegan ln April at the same tlme as the Stock Market low.While in a rising trend, the price actlon has been llke dragginga 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 isablt ol dela vu lrom the 1987 market where Bonds topped inearly March as the Stock Market went wild on the upside untilAugust. But thls tlme around, at least so far, Bonds have notbeen as weak as they were in 'E7.

But that can change quickly too as thls ls also the 4th yearslnce the Bonds made malor hlgh ln Oct '93 and the 4th yearfrom the high lollowlng a 12 year bull market cycle'should'

puBl-tSHED By cANNwoRLD. tNc., 4$i Trinity Are- Suilc A Scddc' Cr 9J9li5 nery FAX 40t{!llL9f 12

REPRODUCTION tN WHOLE OR PART NOT PERMITTED WITHOUT PUBLISHER'S PRIOR wRITTEN CONSENT. phonc 4{FJ)}2(m

e-mail: gannangles@redshift'com

ALL RIGHTS RESERVED

2 JULY 1997

be a heavy down year to complete the down phase. so far ithas 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 blgbreakdown. on June 25, hourly bonds closed below theirbreakpoint, giving an hourly sell signal. But the key level iea eell slgnal on the daily chart. A close ln sep Tbonds below11O.1O will be a malor sell signal. At that tlme you can go

short lutures and/or buy Dec Bond puts lor a positlon holdlnto Oct/Nov.

ANNIVERSARY DATES FORTBONDS & 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 theJune 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 Soybeancontracts 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 theircurrent closlng prlces 668 and 655 respectlvely. The Nor€E

contract is 637. 20 cents below the '97 contract. Withwldespread announcements on nightly TV newa about theexpected etfects of a new El Nino forming worldwide, lt'sstrange that these Bearish relatlonships still prevall in theSoybean complex. Or is it?

On my weekly July contlnuatlon chart, I have plotted theJuly98 contract ln red below the current July whlch is holdingabove 8fl) and expires on the 21st. This week the Jul'98contract broke below 66E the Nov 12 '96 key low. The Jul99contract at 655 ls lust that much lower. After July 21, Jul '98wlll be the lead conlract on thls chart, looklng for the nextmalor support level on the downslde whlch goes back toFeb/May' 95 at 560/570. Gann's genius wlth thesecontinuatlon charts ol the same contract month, year atteryear, can be trusted to show the truth of the market.

ANNIVERSARY DATES FORSOYBEANS IN JULY

HI JULHI JULHI JULHI JULHI JULLO JULLO JUL

2 1990 -- 7 YEARS****6 1gE9 -- E lf4p5***7 1972 - 25 YEARS****9 1976 -- 21 YEARS**i12 1985 - 12 YEARS*****12 1996 -- 2 YEARS*I*13 1973 ..24 YEARS*****

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 inthese 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 Aprillow, dlverglng bullishly from the metal itself. we need to

conilnue to be on the sidellnes untll we have somo

confirmatlons, so lust be Patlent-ANNIVERSARY DATES FOR GOLD

IN JULY

LO JULY 2 1985 - 12 YEARS*****LO JULY 5 1974 - 23 YEARS"**HI JULY 6 1973 - 24 YEARS****LO JULY 11 1975 -- 22 YEARS****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 reinforceGANNTIMER 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*********

New SubscriPlion HotlineFor access: cirll 8fit 6s8 7312 0r GANN AI{GLES

JULY 1997

JUL 1 STOCK INDX l8oCD FRM JAN 2 LO; 120CD FRM MAR 3 MAJ LO.

JUL 112 SWISS FR 180CD FRM JAN 2 Hl; 90CD FRM APR 3 Hl; 240TD FRM

JUL 31 '96 MAJ HI.

JUL 2 SUGAR 18OCD FRM JAN 3 HI.

JUL 2 IBM l8oCD FRM JAN 2 LO; 90CD FRM APR 4 MAJ LO.

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 LO; 144CD FRM FEB 11 LO; 288CDFRM SEP 20 '96 MAJ LO.

JUL 4N LIVE CATTLE 90CD FRM APR I MAJ LO; 90TD FRM FEB 28 Hl; 144CD

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 Hl; 90TD FRM MAR 10 Hl.

JUL 6 JYEN 180CD FRM JAN 7 Hl; 432CD FRM APR 29'96 Hl-

JUL 8 CORN 18OCD FRM JAN 9 LO; 90CD FRM APR 11 Hl; 144TD

FRM DEC 18 HI.

JUL 8 SWISS FR 9OCD FRM APR 3 Hl; 288CD FRM SEP 23'96 Hl.

JUL 9/10 EURO$ 18OCD FRM JAN 10 LO; 90CD FRM APR 11 MAJ LO-

JUL 1o/11 TBONDS goCD FRM APR 11 MAJ LO; 90TD FRM MAR 7 Hl.

JUL 1 1114 STOCK INDX 9OCD FRM APR 1a MM LO; 144CD FRM FEB 19 MAJ Hl.

JUL 1 1114 SILVER 180CD FRM JAN 15 LO; 120CD FRM MAR 14 Hl.

JUL 1 1114 COPPER 90CD FRM APR 14 MMLO; 90TD FRM MAR 7 Hl;

JUL 1 1114 LIVE CATTLE 180CD FRM JAN 15 Hl; 24OCD FRM NOV 14 '96 Hl.

JUL 11114 DMARK 9OCD FRM APR 15 LO; 90TD FRM MAR 7 LO; 27OCD

FRM OCT 17 '96 LO.

JUL 15 GOLD goCD FRM APR 16 LO; 120TD FRM JAN 27H1.

JUL 15 TBONDS 18OCD FRM JAN 16 Hl; 120TD FRM JAN 29 LO.

JUL 16 PBELLIES 18OCD FRM JAN 17 LO; 12oCD FRM MAR 19 MMTM LO.

4 JULY 1997

JUL 18/21 IBM 180CD FRM JAN 21 FRM MAJ Hl; 90CD FRM APR 22 LO1.

36OCD FRM JLIL 24 '96 LO.

JUL 18/21 SUGAR 180CD FRM JAN 21 KEY LO; 90CD FRM APR 17 LO;gOCD FRM APR 23 HI.

JUL 18/21 SOYBEANS 180CD FRM JAN 20 Hl; 90CD FRM APR 18 LO; 240CDFRM NOv 21 MAJ LO; 240TD FRM AUG 19 LO.

JUL 18/21 SWISS FR 90CD FRM APR 21 Hl; 27OTD FRM JUL s '96 LO.

JUL 21 WHEAT 180CD FRM JAN 22 Hl; 90CD FRM APR 22 MAJ Hl;144TD FRM DEC 31 LO; 120TD FRM FEB 3 LO.

JUL 25t28 EURO$ 90CD FRM APR 28 LO; 360CD FRM JUL 30'96 LO.

JUL 25128 STOCK INDX 180CD FRM JAN 28 LO; 90CD FRM APR 28 LO; 144CDFRM MAR 3 MAJ LO; 27OCD FRM OCT 29 MAJ LO.

JUL 2s128 GOLD 180CD FRM JAN 27 Ht; 90TD FRM MAR 21 Hl; 133CDFRM MAR 3 MAJ Hl; 288CD FRM OCT 10 Hl.

JUL 25128 SILVER 90CD FRM APR 28 LO; 144CD FRM MAR 3 MAJ Hl;144TD FRM JAN 6 LO; 288CD FRM OCT 10'96 Hl.

JUL 25128 COTTON 180CD FRM JAN 28 Hl; 27OCD FRM OCT 31'96 Hl.

JUL 25128 LIVE CAfiLE 90CD FRM APR 28 LO; 120TD FRM FEB 10 LO.

JUL 25128 PBELLIES 180CD FRM JAN 27 Hl; 90CD FRM APR 30 Hl; 144CDFRM MAR 3 Hl; 120CD FRM MAR 28 MAJ LO.

JUL 25128 HOMESTAKE 90CD FRM APR 28 LAST LO; 144TD FRM JAN 6 LO.

JUL 28 CORN 180CD FRM JAN 29 Hl. No cluster but strong astros.

JUL 28129 TBONDS 180CD FRM JAN 29 LO; 90CD FRM APR 28 LO; 90TDFRM MAR 25 Hl; 144CD FRM MAR 7 Hl.

JUL 29 COPPER 180CD FRM JAN 30 LO; 144CD FRM MAR 7 Hl; 120CDFRM MAR 31 HI.

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 90CD FRM MAY 1 MAJ LO; 90TD FRM MAR 26 LO;12OCD FRM APR 1 HI.

JUL 30 WHEAT 90CD FRM MAY 1 Hl; 120CD FRM MAR 31 Hl.

JUL 30/31 SUGAR 90CD FRM MAY 2 LO; 288CD FRM OCT 15'96 Hl.

AUG 1/4 BRITISH PD gOCD FRM MAY 5 LO36OCD FRM AUG 6 '96 LO.

AUG 1/4 CORN 180CD FRM FEB 3 LO; 180TD FRM NOV 25 Hl; 27OCDFRM NOV 5 LO;

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