2008-11-28

TRADE UPDATE: COFFEE ROBUSTA 2008-09-23

My Development as a Commodities Trader: COFFEE ROBUSTA 2008-09-23

DF9 (LIFEE ROBUSTA COFFEE)
Sell 1980 - 2080 STOP 2200 Target 1580 - 1450 - 1050

I am back in this trade today with a short initiated at 1980. I am looking to sell up to 2080 level. Break below 1580 will be first target. I am looking that this down leg could go well up to 1050 level in 2 - 3 months.

Coffee has climbed lately (fortunately since I came out of my earlier short) but now I feel that up move is completed. The futures have just touched 200 EMA and dropped from that point. In addition the general climate for coffee producers is not great. Producers have faced "credit crunch" and therefore rallies could meet with fresh selling.

Remember we are now trading Jan 2009 contract DF9.

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-VS