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 and
wave 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" that
was 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 dale
projection 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 = 180

360 divided by 3 = 120, 240,360
360 divided by 4 = 90, 180, 270
360 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. Themore
dates 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 counts
generated 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 a
daily chart from a quote machine. The charts are needed to follow the many markets that will be
tracked, and to lransfer the projected cluster dates lor the month listed in GANN ANGLES into luture
time with a highlighter.

There is one judgement call that is required, regarding the overall market Trend PBECEDING the
cluster 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's
three months. Once that decision has been made, entry is 100% mechancial. GANN ANGLES will
often give Trend lndication lor each market but il the trend is not crystal clear to the Trader, the trade
should NOT be laken, period. There will be far more trades available than a single trader can take
anyway, 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 stop
40 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. lf
no rcversal occurs, continue to trail the market down, lowering the entry Buy Stops each day. The
Time "window of opportunity" is open lor 6 trading days. Two days before, the day of the cluster, and
3 days alter the date.

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

Stock lndex futures have been outstanding examples of this. ln 1990, every maior high and low
was 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 2
months. (The 2-day Exit rule held the trade until Feb 15, 1 991 with 6400 pts.) The next high after Jan
14 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 3000
point S&P move.

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

TRADING TIPS

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

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 periods
from highs and lows, marking the counts on the chart but keeping them in continuity. Here is a
schematic 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
3MO 4MO 6MO 8 MON
(64 TD) (131 TD)

January April May July sep

February May June August Oct

March June July Sept Nov

April July Aug ust October December

May Aug ust Sept November January

June Sept October December February

July October November January March

Aug ust November December February April

September December January March May

October January February April June

November February March May July

December March April June 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
today' s high-tech markets
Char:ing it Gann's Way
Phvllis Kahn
requently. new' students of the
Gann methods become mired in
complexities even when several
of the most simple and powerful Gann
concepts are so easy to understand and
apply. For example. no market master
before or after Gann has recognized the
importance of treating each commodity
contract month as a separate and com-
plete entity. Gann's remarkable prin-
ciple (an observation made over 50
years ago) that a mathematical relation-
ship and a continuity in price extending
over years of time exists in the same
contract month is a tribr.rte to Gann's
genius that proves itself over and over
again even in today's high-tech
markets. The rule. requiring weekly and
monthly charts of an individualcontract
month to be plotted in continuity from
year to year applies to all futures
markets. Since soybeans were one of
Gann's favorite markets, we'll use it to
illustrate how relevant the principle is
(combined with otherGann methods) to
market analysis that leads to low risk.
profitable trading. There are several
reasons why Cann insisted that this was
the only way to chart commodities.
Principle number one being the follow-
ing:
To retain mathematical purity for price
projections. Gann taught that significant
highs were mathematically related to
historic lows and/or historic highs.
If one uses weekly and monthly com-
mercial charts utilizing "nearby futures"
updating. lows and highs of price
swings from different contracts. they
will produce erroneous results for range
calculations and price projections.
t2
gainfrom
Mathematically, it's like mixin_e apples
and bananas. "Nearby" charts can also
show double or triple tops or bottoms
that 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 time
high in soybeans. The current historic
high in soybeans was made in June.
1973 in the July contract. In 1972. the
July contract took out its own historic
high from 1948 entering new uncharted
price territory. A Gann analyst would
take the old high. 433, multiply it by
two. and then by three (three is impor-
tant in Gann methods). When prices
sailed through 866. it was clear they
were headed for higher levels. Multi-
plying 433 x 3 = 1296: this calculation
missed the I 290 high by only nine cents.
JUL SOYBEANS
I 970 l97l t972
Gann & Elliott Wave . FebruarvlMarch, /,989
Logic and reason would tell y'ou other-
wise. yet 25 years later. the July 4ll high
helped identifv the 1913 high. Of
course. other Cann techniques must be
used to confirm such calculations but it
begins with information from a con-
tinuation of the same contract month.
November sovbeans have their own
unique signature that differs widely
from the July contract. The all time low
of November beans was made in
Febuary. 1940 at l9l l14. In 197-1. 34
years later. this contract rnade new his-
toric high at 956. an "exact" five-time
multiple of l9 I I11.
In
1983. November beans made a new
historic high at 968 but even then. nine
years later. that five-time multiple still
held its ground as re.sistance. Although
November. 1983 soybeans made three
attempts. there was not one close at or
above 956 and the third high was $e top
of the market. Also coming into play at
that top is Principle number two:
When two contracts (or more) of the
same month but different yf.an are trad-
ing simultaneously. all the angles. Mid-
points. support and resistance apply
equally to both contracts.
In August. 1983. while the powerful
bull market was in progress, the
November, 1984 contract began trad-
ing. It opened $2.50 below the Novem-
ber. 1983 contract. Plotting it on the
weekly Novemberchart showed that the
distant contract was far below all the
angles supporting the front month and
i
l 200
I 100
illl I 000
,"1 900
rilii 800
jlliltl
700
' 'il,t,*/h/qpnn,;' 600
l,t/ 500
400
300
I 973 I 974 l 975
ct.rtP.rtxi t2.o. xAtLllCl 3. txc J.o. Il. l9co !.la:Jt
bearish in a bull marker. ln August rhrough earl.v September.
1983. while the front month Novemher. l9tt3 made a rop ar
968. the distant November. l9t{-1. on rhe same charr. macle a
triple top at 721 . Few traders. other than a Gann trader with a
November continuation chart up to date. coulcl have had the
foreknowledge to anticipate and rrade the top (orher Gann
methods were used fclr confirmation). Incredibre as it may
seem, history repeated itself five years later in lgllli. When
November, 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- THE
ness seen at the 1983 high. another illustration of the value of POSITION TRADER'S NEWSLETTER
keeping continuation charts was occurring simurtaneousry.
Most Gann traders keep at least three separate soybean con- I I I ere you on the right side of "Black Mon-
tract charts: November. Ma1' (Gann's favorite contract) and YY day?" Were you ready for the March '87 top
July (it contains the historic high f or all conrracts ). During the in Bonds? Gann Angles subscrlberc wetel And they
vertical bull move in June. 1988, as November. 1988 beans continue to receive Phyllis Kahn's valuable insight
were making new historic highs daily, a rrader following (often months in advance) about the price and time
May, 1989 soybeans on a May monthly "Gannstyle" chart. when market swings should occur! Gann Angles fea-
would have been alerted to strong divergence occurring at the tures integrated yearly, monthly, and weekly analysis,
time. The monthly showed tops in 1983 at 996,and 1980 at cycle summations, and squaring of price & time for
1006 in the May conrracr. On the high day in June, 1988, major stock indices and futures markets. Other ex-
amidst wild talk of "beans in the teens," the May. 1989 con- clusive features:
tract struggled up to 1003, a triple top with the 1980 and 1983 . ll x 17 updatable weekly/monthly Gann charts with
highs and made the top. This obvious nonconfirmation (in a
predrawn angles
supposedly unstoppable bull marker) gave rhe Gann trader the .
foreknowledge,the confidence and the low risk opportunity to
The '180 Degree Turn" column projecting nrajor
do what few could do, follow Gann's rule. "sell against old market reversals
Helpful introductory material included with new
I subscriptions.
l 000

lh
950 Phyllis Kahn app€ars weekly on
900
Financial News Network featur-
llliqr ing Gann market forecasts. She
has published Gann Anglessince
NOV SOYBEANS
tl'I1l 1982 to provide Gann analysis for
the position trader. She is also
ll
lll
750

?00 currently managing a popular op-

Phylllc Kahn tions fund.
650

'^u{nrrd!r,rrr^i,[/''*l' fl If you missed the big trades in 1988, subscrlbc

to Gann Angles to be ready for the big trades ln
f989! Our December issue features the Gann out.
look for the stockmarket in 1989. Don't mlcg tf,ls
opportuntty to subscrlbe todayl
During the decline that followed the June. 1988 high, diver- RETURN THIS COUPON OR PHONE
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 the
decline relative to November, 1988. And so it goes.a con-
tinuous monitoring of these separate contract month charts
will always bring information into the light rhat's available
nowhere else. These "Gann style" charts are the foundation, YES! Please enter my subscription as indlcated.
the base upon which the whole of Gann's analytic methods are ! 6-Months (6 issues) $180. a BEST UALUE!
applied. No one before or after Gann has perceived quite so D Sample issue only. l-Year (12 lssues) t295.
clearly how the world of the market really works.
Name:
Phyllis Kahn is the editor of Gann Angles,
Address:

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

Gann & Elliott Wav,e . FebruarvlMarch. 1989 Fo. mo't inlonnallon circb llo. l0 t3
 THE POSITION TRADER'S NEWSLETTER
PHYLLIS KAHN, EDITOR August Le87
sF0ruGer
The reluctance shown by the Stock
Arket to go down during July has
:rtainly been apparent yet the internals
have not confirmed nor is the overall
evaluation of a top in this time frame
been invalidated. In fact prices could
move somewhat higher without changing the
outlook. Let I s look at some of the Gann
reasons why this is so.
In a stock forecasting course, Gann
said ttln extreme markets , ( no one can
deny that we t re i-n one) prices may run up
for 5 years without a major correction,
but watch for a change in the 59th
month.rf Ju1y87 was the 59th nonth from
the L982 low, so coming up on August 9 is
the 5 year, 60 month Anniversary date of
the last major low. This month is also
the 154th month up from the Oct 1974 low,
.=he price and cycle low of this almost 13
- ear old bull market. Incidentally, Gani
had the same admonition for YEARS as he
did f or months. ttAt the end of ma jor
cycles, like in 1869 and 1929, look for a
change in the 59th YEAR. rr That, friends
is 1988, the 59ttr YEAR in Gann's major 60
YEAR CYCLE.
Sixty years ago in L927 prices did
not take any big corrections ' just a
Idaing pattern and then up .and ahtay
again. Thirty years ago in 1957 prices
topped in July and bottomed in Novenber
which is the exact pattern the monthly
Cash S&P500 is showing for time turning
points on the Master Price & Time
Calculator. Dail-y and weekly cycles in
puBLrsHED By GANNWoRLD, rNc., 3315 Martin Rd Carmel Ca 93923
REPRODUCTION IN WHOLE OR PART NOT PEFMITTED WITHOUT PUBLISHER'S PFIIOR WRITTEN CONSENT
o[ TEE smcf, rrxrF
the S&P500 that have worked since L982
are for the first tine late and prices
are trading up into the next higher (3rd)
price square on the weekly, both
positives for the bullish side. Thi.s can
make futures traders and nearby option
players very unhappy but nothing has
really changed except all the Averages
but the Dow, have gone sideways to up at
high levels with non-confirnations
abounding.
While mentioning the Dow, you should
know an important resistance number that
is in play right now -- 2520. This is
one of the most potent Gann rrnaturalrt
numbers because it s 360x7. (Natural
t
numbers apply to everything as opposed to
calculations based on previous highs,
lows, ranges, tine. ) The Dow overcame
the square of 49 (the strongest natural
number) so of course, this one will be
overtaken too but noL without backing,
filling and strong resistance. 0n the
higher side for the Dow is a really big
barrier at 27OO. There are at least half
a dozen Gann type calculations based on
lows, highs, squares etc. that converge
at 27OO suggesting that MAJOR }|AJ0R
RESISTANCE waits there. Among others, the
L929 hl-, 386 x 7 == 2702.
AI{NIVERSARY DATES FOR
Hi Aug 2 1956 31 years
Lo Aug 2 I 963 24 years**
Hi Aug 3 1959 28 years
Lo Aug 4 1986 I year
'Contt On Page 2
ALL RIGHTS RESERVEO.

Con tt From Page I the
ANNIVERSARY DATES FOR
Lo 8
Ang 1896 91 years
Lo 9
A,rg L982 5 Years****
Lo 9
Aug 1983 4 years
Lo Aug 24 L92I 66 years*
This is a month that has seen some
very significant time turns in the stock
market. The historic low in Lhe Dow
Jones Industrials lras in 1896 (28.5) 91
years ago. The L92l low was an important
one also while the most recent is the 5
year Anniversay of our current Bull
Market , a potentially key date this year
because it can be a culmination. As
discussed earlier a high made now can
lead us into a major low in November.
This timing would be in complete
agreement with the timing already in
place for TBonds. (36 weeks from high is
week Nov.13).
STRAGTEGIES & PRICE LEVELS
The Cash S/P500 has a price division
at 320 that could be hit. This of course
rouTt bring the Sep S/P up into the 322
to 324 area if prices were to surge into
the August Anniversary date. IF that
occurs, Bo short Dec S/P or use Dec out
of Lhe money options. The next important
time turn is the end of September
AFTER expirations. If you have lost
money in options because of time runni-ng
out, dontt be afraid to reinstate same
positions in Dec contractsrFutures or
0ptions, BUT deeply out of the money is
where the leverage is. Then all vou need
is patience, dontt be short of that.
-,+ t$ * tt * r$ ls lr tt Jt lT * t+ lt
CIART OF THE I'O}rnI
DEC SWISS FRAI{C I.ONIIILT
This is the enti.re history of the
Suiss Franc froo the beginnlng of
Currency trading in 1972. Like rany of
August 1987
Gann Master Price & Time Calculators,
its price and time symetry is as
beautiful 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*lTr
low as did the Midpoint in Time, which
then led to a fantastic run up to the
high at 76.10 exactly 76 months from the
low. The price high on the chart was
made on Oct 10 1978 but it hras in the Dec
1979 sengr'6g-t -:Es distant month of two
GE-ing at the timil--Tne nearby month
high was 6951 (L/8 inro a new.square).
The higher price was used because it was
a square of the Time period in monthr.-.
from the low.
If you study the Chart you'll see
that both angles and Time turns were
superb. Notice that the Midpoint in Time
in the 2nd square of 76 was only one
month late and a few points from the top
of a ral1y that led to further declines.
This Midpoint rally high was followed by
another perfect high at the 2/3 division
in Time also exactly at a Price Division
on the Square. The Square ended at price
35.35 on Feb 25 1985 at exact End of rhe
Square 76 months from the Oct 78 high!
Since ther85 low, prices have been
rising at a sharp angle of ascent for 2
I/2 years, holding completely above the
two 2xL angles drawn up f rom the Feb an/--
May 85 lows, seen infrequently on a
monthly chart. And very bullish. Notice
that the highs in Jan 87 and M"J.87 each
hit into the triple ttchannelrf of Ix2
angles rising from the major lows in
1972 , L97 4 and 1977. As classic Gann
would suggest, the channel of angles has
acted as resistance, holding prices for a
correction. 0f special interest also is
that the M.y 87 price hieh aL 7075 is
double the Feb 85 price low of 3525.
l+ A11 pullbacks and corrections should
be supporLed by the two sharply rising
2xI angles from the low. Currently Dec87
Swiss has made low at the 6508 level,
above t,he monthly angles and also holding
above the monthly low rnade in March at
Conft On Page 3

Con t t Fron Page 2
6477. If prices take out the high at
m. going above the triple ttchannel of
angles, tt this market will be in an
exceedingly strong position certainly
headed for a test of the old high 9
years ago at 76LO.
Buying Dec Swiss, 6500 to 6600,
should see move into 70ts within next 12
weeks. l.{inimum objective 7100 to 7300
with potential to try for the old high
later oD r perhaps reaching 7600 bY
Midpoint in Time in April 88.
rs * lr lr * * * * * lt lt lt * * *
FWI'S OI{ HTNAITCIAI,S
No market has behaved better on the
Gann analysis than TBonds over a long
period of time. While the stock market
goes its wilsy ways, Bonds have done
everything expected of them. Letrs
recap: In March 87 , Weekly Sep TBonds
made a 144 week high from the Jun 84 low
and fell down hard into the May low at
-8603.
(Objective 8600) The ral1y took
rices a few 32nds above I/2 way back and
now another decline has begun.
The weekly objective is at the 8150
to 8000 level. At the first 1/88
reektnto the new square, prices had
already begun their decline, breaking
angles as they go. For those who
understand it, a weekly rrgtr angle drawn
up from the Apr 86 high was broken on the
downside when prices fell below 9LI6
basis Sep contract. What this teattE-fi
plain English is that a very significant
weekly support angle has been taken out
in a meaningful manner. Price lows in
May87 hit the angle, but did not close
below it. I,le have already had a whole
weekly range and close below it. It sets
an objective for the next lower angle
below currenL pri-ce ob jective at 8000.
August L987
TRADING STRATEGY
The out of the money put options on
TBonds are too overpriced to buy now; not
like they were back in March 87 . So
trading in futures is desirable under
those circumstances but don t t trade in
the front. Move out to the MarchSS
contract; sbtt on rallies and hold until
objectives are met. 0n my weekly Sep
Bond chart, I plot the Sep88 AND Sep89
contracts with the current 87 and to my
surprise, on the week ending 7/24/87, the
Sep89 contract was almost back to the
price level it reached on the 1or.r t'lay
22nd at 82L6! If anyone doubts rhar
we t re in a bear narket in Bonds just look
at the back months; they are falling at
an accelerated rate. Also look at other
financials. The weakest of the spectrun
of financial futures are the Muni-Bonds.
0n down days, they really fall but you
dare not go out any further than Dec87,
the volume isn I t there the way it is with
TBonds, the highest volume of all
futures. Remember that the next
important ti-me division on the weekly
square is not until the L/4 point, 36
weeks, due the week of Nov 13 87 . Don I t
buy Dec TBond put optionilo6-expensive.
Look at deeply out of the rnoney Dec Euro$
put options, 9050 and 9000; contract low
is 9013, they are still bargains.
ANNIVERSARY DAIES FOR
AUGUST IN TSmS-
Hi Aug 12 1954 33 years
Lo Aug 20 I97O 17 years
Hi Aug 23 1932 55 Y€ars****
Hi Aug 26 1977 10 Years#*
Hi Aug 27 1987 1 year
As you see, these Anniversaries
really reach back in ti-me. Ihe L932 high
was in the Dow Bond Average and that
makes it a Fibanocchi 55 time cycle. The
L977 high was the opening week of TBond
futures and they nade a 5 year high at
that time so it is an inportant tining
date. If prices have been falling hard
all nonth, and or/ price objectives are
Conft Page 6
 4 August 1987

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 5 August I987

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 6 August 1987

ANNIVERSARY DATES FOR

hit, this would be a time to cover. If

prices are rallying into the end of the Hi Aug 2 197 4 13 years
nonth, another selling opportunity is Lo Aug 4 197 2 15 years
presented. Other than the dates above, Lo Aug 6 L976 11 years*
there are no kqv dates in August.
Lo Aug 11 t978 9 years**

r**tF***l+13******* Lo Aug 16 L977 10 years**

FOCUS ON SOYBEAI.IS
Since the high in June, the Price
pattern on the weekly November Soybean
chart is not typical of Soybeans coming
out of a major bottom. The lst 12 weeks
leading into the double top were typical.
A vertical ascent , a pullback into a
higher high that hit an angle from a high
a year earlier, right on course. And
then prices broke the 45 degree angle
from the weekly low in Feb87. That is
not typical. It places the entire double
bottom on the weekly in jeopardy. Even
the high at 625 rnissed the I /3 range
division from the 83 high to 87 1ow by 4
cents, not a good sign. Here are the
range divisions for the Nov87 contract
from 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 how
strong or weak this market will be when
it starts up to test the high. Notice
that there were several closes below L/3
as prices dropped to 508. This also is
not favorable. If you bot the low (as
the time was right), trail the trade with
a stop below weekly lows, moving it up as
price moves up. As it gets closer to
timing below, pull stops under DAILY
lows.
Hi Aug 17 Lg;,n L4 years
Hi Aug 21 1970 L7 years
Hi Aug 22 1975 L2 years**
Lo Aug 23 1965 22 years
In the seventies, August was a key
month in Beans but it has not been
prominent at all in the eighties.
However, this August may be the
exception. There are two key
Anniversaries that frclusterfr with this
yearts contract low 180 degree date on
Agg L7 so let's look at the two dates
above from 1977 (Gannts 10 year cycle)
and hi from L973 on 4ug 16 & J7. This
may be the major turn of the month in all
the grains. If prices are rising into
that Monday, take profits and go short.
If prices are falling into the date, Bo
long and buy options. The most likely
scenario is that prices will ral1y to one
of the range divisions above and make an
important top on that date. The Aug 22
date is 144 months ago and a very
important Lirne cycle in Beans. I have a
study on the history of beans from I92O
showing I-{AJOR turning points L43 to L47
months apart. (one of these months, Itll
put it in GA.)
If Midmonth is a high, expect the Beans
to enter a final downward thrust that
will take out current contract lows
making new final lows in Dec87 to Feb88
tj-me slot. Short Jan or Mar88 & buy
deeply out of theI money Jan88 options
that week. There s plenty to be made
whichever r.ray this market goes. Stay on
your toes.

tttltltft*tl*t*
 August L987

GOLD UPDATE

While the Bears are still predicting

$100 Gold, futures quietly made price
lows in the 8th week down from the high
on June 22 then traded sideways to up
during July. That June low was also L'}I
weeks from the Feb 1985 low, the pti."
low of this decade. Other important
weekly lows from the t 85 low were at 4L
weeks, 57 wee-s, !Q weeks and 103 week{
all harmonics of the same LzO week cycle.
So the agenda from here shows the weekly
and nonthly charts looking very positive
and ready to ro11.
been soaring, profit taking may be in
order then. If prices are falling sharply
on the lst trading day in August, grab up
those out of the money October options at
firesale prices. Dec Comex Gold has
weekly objectives at 527 and 555 with key
weeklv dates Sep 11 aitNou {
It * * .tt tE .,s J* Jt tt * * lf * * rf

ANNIVERSARY DATES FOR

ffi ANNIVERSARY DATES FOR
I
Hi Aug I 1975 L2 years*#
Hi A,rg 2 L97 4 13 years Hi Aug 2 1974 13 y€ars*xx
Hi Aug 4 L972 15 years Lo A,rg 2 1979 8 years
Hi Aug 4 1981 6 years Lo Aug 5 L977 10 years
Lo Aug 6 L979 8 years
Hi A,rg 11 L978 9 years
Lo Aug L7 1973 L4 years Lo Aug L4 1970 L7 years
Lo A,rg 16 1968 L9 years
Lo Aug 25 1978 9 years Lo Aug L7 L982 5 years
Lo Aug 25 L97 6 1 1 years***r+ Lo Aug 18 l97I 16 years
Hi Aug 27 I97I 16 years Hi Aug 18 L97 5 L2 years
Hi Aug 18 1966 2I years
FIREWORKS IN AUGUST Hi Aug 24 1973 14 years
Hi Aug 24 L976 11 Years***
The Aug I Anniversary above is not Hi Aug 25 1972 15 years
-^rnly 144 months ago but this year, that Hi Aug 26 1977 10 years
date (weekend) is a planetary occcurence Lo Arg 29 1975 L2 years
that corresponded to the Jun 16 low last Lo Aug 30 L967 20 years
year that produced a $100 upmove! In
other years, for example in L982, 5 August is THE month in Pork Bellies
years ago (a good Gann timer) gold as you can see. In previous years the
futures made a pullback low on the exact Great Discrepancy between Aug & Feb
date when this planetary effect began and contracts offered a great spreading
made a running, gapping upmove of $180, opportunity into the August expiration
also in August. Anything can happen this i.e. selling Arlg and buying Feb at around
year as two other planets are involved in 1700. If you put on the spread, use a
the same configuration which I haven t t standard 200 point stop from your entry
seen before. It could mean lots of point and let the chips fall where Lhey
excitement with limit up moves until the may. If youtre stopped out, watch Febs
24Lh of August when the planetary effect for test of 6400 level in first 3 trading
expires aE once for ALL THREE PLANETS ! days of August. If they are a breakout,
Are ttthe starstt telling us there will be go with it on long side until inportant
problems in the Mid East? I think so. dates Midmonth. Notice how the dates are
bunched; first two days, nidmonth and
Notice the Anniversaries at the end last days of month.
of Ehe mnth that also correspond to the
change. fire alltilne lor ln futures uas * * * * tt tt lt l3 lt ts tt tt * * tt
made on the 1976 date so if prices have
 8 August 1987

180 DEGRBE TURNS 0f the many futures groups that have

FOR AUGUST 1987 no listings this month, financials and
stock Indices had very strong trends in
DATE 180 DEGREES COMI'ODITY February that were continuations of
FR0[[- earlier turn points
Aug 4rr t'lin Hi CATTLE Listings for first days of September
Aug 5rr Hi LU},IBER are included to make sure you have them
in case GA is late. The Stock }larket has
Aug L7 n
Maj Lo WHEAT an astro date for _$S!, I that has been
Aug L7 ll Contr Lo** CORN present at major turns in the past and
Aug L7 il Contr Lo** SOYBEANS that signature could also affect the
Aug L7 ll Contr Lo** BEAN l'tEAL energy futures in a big way r so be ready
Aug 18 ll Min Hi Feeder Cattle for it.
It
Aug 18 It
Maj Lo Gold
Aug 18 Maj Lo Silver
il
Aug 18 ll
Maj Lo Platinum
Aug 19 Maj Lo Palladiun
Aug 19 n Maj Lo Cotton Ir**ttrT*******tglr*
il Contr Lo Aug Bellies
Aug 19
It
Aug 25 Contr Lo*** CRB flITIRES
AND CASH INDEX Your response to the GAI{N AI{GLES
Aug 25 il Contr Lo** Unleaded Gas FUTURES n I{D has been so terrif ic that
Aug 26 ll Hi COFFEE the Pool will probably close by the end
Aug 29 ll Contr Lo Hogs of August. If you do have an interest in
it, please let us know quickly so you
sep 2
ll Contr Lo** Lt Crude 0i1 can receive the 0ffering Memorandum.
sep 2
ll Contr Lo** Heating 0i1 Minimum investment $15r000.
lt
sep 2 Hi SUGAR

August 9 F'I]LL MOON

August 24 NEW MOON, MondaY
BTTLLETIN BOARD
This month is a strange 1ist. There
are few groups and theytre all bunched The Gann Seminar Season ended on a high
within 3 daYs in the third week of note with a great New York group in July.
August. This tells us that week is key & My thanks to everyone who attended all
highlighted during the month. August three Seminars in Chicago, LA and the Big
also has several multiple planetary Apple. ILts always a stimulating &
angles that can affect all the gratifying experience for me to get out
commodities (separate and apart from what there and meet all of you personally.
was discussed solelY for the Gold
market). The l9ttr is one of the dates, * .t+ t+ li tt lt * * lt lt * * l+ * *
with the others falling on that weekend
prior to the new moon. Notice every
commodity in the CRB Index has a turn
during that 3rd week and Grains are
coming from contract lows that were major
on weekly and monthlY charts.

purpoao3 only. lnlormstion ia obtaingd hom aources deom6d to be rolieble but

GANN ANGLES i3 pobtilhed monthty and ia mada ev.rlablg lo lubacribors lor inloflnelioa
; ;;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
 THE POSITION TRADER'S NEWSLETTER
voLUME Xnt rssuE 11 PHYLL IS KAH N , ED ITO R JULY 1997
$TOCKTAR'GT HIGH1TGHTS
June was a powerful month ln the stock market, making
new highs for 11 trading days lrom June 6 to June 20, an
excitlng new record for the books. Many pros and the public
allke are convlnced that this ls now normal stock market
behavior and will (and should) contlnue lndelinitely lnto the
luture. But those ol us who were trading in 1973 remember
what it was like to have a Dow 5O% retracement in less than
two years. Not pretty.
When a Stock Market as strong as this prevalls, many ol
our trled and true lndlcators fall us as well as several Gann
technlques that have been lnfallible until recently. But
desplte all the fallures, momentum oscillators stlll work.
l.Jslng 14 and 2E trading day slow stochastics, when they
reach up into the 9O's and down lnto single diglts, they stlll
remaln unbeatable. And so it was that during the week ending
June 20th that we had several days readlngs at the 96 & 94
levets on the two osclllators, so lt was no surprlse that we had
a Monday close down 194 polnts on the Dow. Yes, we
recovered lrom it, but be warned that lt's the llrst of many
such record down days ahead ol us ln 1997.
It's been diflicult to almost impossible to identify thetimlng
for THE top but l'm still trying. lf we have not made top by the
end of June, there are some powerhouse dates ln July. Let's
look at the Anniversarles:
DOW JONES IN JULY
Ht JULY 21986 -- 11 YEARS***
Hl JULY 6 1988 -- 9 Yf[p5****
LO JULY 7 1993 4 YEARS****
LO JULY S 1932 67 YEARS**
Hl JULY 16 1957 - 40 ff,[ps*****
LO JULY 16 1996 - 1 YEAR**"
HI JULY 17 1985 12 YEARS***
HI JULY 17 1990 - 7 YEARS*****
LO JULY 25 1984 13 YEARS****
Hl JULY 31 1992 5 fl[s15*****
Notice flrst that out ol 10 dates, 6 were highs & we have
been in a malor bull market lor 23 years so that's noteworthy.
puBl-tSHED By cANNwoRLD. tNc., 4$i Trinity Are- Suilc A Scddc' Cr 9J9li5
REPRODUCTION tN WHOLE OR PART NOT PERMITTED WITHOUT PUBLISHER'S PRIOR wRITTEN CONSENT. phonc 4{FJ)}2(m
e-mail: gannangles@redshift'com
Also notice that last year's low of the year was on Jul 16 as
well as this year's 40 year Annlversary, plus 2 hlghs ln 1985
and 1990 on July 17. Very compelllng dates for week'endlng
July 18. We may have already aeen the high by the time you
recelve this but ll we should make new hlghs, Lagt month
I gave you a Dow price prolectlon for a potential high al772O
whlch was exceeded in June by more than 20O points. We
trled. lt was a2Ox multiple of the 386 hlgh lrom 1929. lf, blg
lf, we make new hlghs ln July, let's shoot lor El(Xl whlch ls
Flbonaccl 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. Any
closes below these key levels are SELL SIGNALS. Utilities
and Transports are closest. TRADING STRATEGY: I urge you
not to buy nearby puts but to go all the way to Dec97 so you
give yourself max TIME for your money. Yes, they are
overpriced but with the momentum in thls market you will be
repald handsomely for the extra premium. Remember that
Gann's most important'prlnciple is that price is a lunction of
TIME, 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 the
upslde, Bonds have reluctantly sustalned a mild rally that
began ln April at the same tlme as the Stock Market low.
While in a rising trend, the price actlon has been llke dragging
a 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 is
ablt ol dela vu lrom the 1987 market where Bonds topped in
early March as the Stock Market went wild on the upside until
August. But thls tlme around, at least so far, Bonds have not
been as weak as they were in 'E7.
But that can change quickly too as thls ls also the 4th year
slnce the Bonds made malor hlgh ln Oct '93 and the 4th year
from the high lollowlng a 12 year bull market cycle'should'
nery FAX 40t{!llL9f 12 ALL RIGHTS RESERVED
 2 JULY 1997

Hl JUL 13 1981 - 16 YEARS**'

be a heavy down year to complete the down phase. so far it Hl JUL 15 1986 - 11 YEARS****
has not lollowed the expected scenarlo but could change as HI JUL 19 1993 -- 4 YEARS**"
we move into the last 2 quartere ol thls year. LO JUL 21 1978 -- 19 YEARS**
LO JUL 23 1964 -- 33 YEARS***
Right now we should focus on posltlonlng lor the blg LO JUL 26 1969 - 28 YEARS****
breakdown. on June 25, hourly bonds closed below their LO JUL 26 1988 -- I YEARS****
breakpoint, giving an hourly sell signal. But the key level ie
a eell slgnal on the daily chart. A close ln sep Tbonds below It'g a very long llst but you can use lt to back up the
11O.1O will be a malor sell signal. At that tlme you can go GANNTIMER reversals. Use any rally during the month to get
short lutures and/or buy Dec Bond puts lor a positlon hold short for a run down to the weekly support levels glven above.
lnto Oct/Nov. July and August are both good months for declines that make
maior lows so don't be afraid to short into strength. Right now
ANNIVERSARY DATES FOR Dec Wheat looks good for a rally back to movlng average
TBONDS & DOW BONTXi IN JULY reslstance at 383. Use GANNTIMERS to enter. Wheat daily
oscillators at 8 & 9, so don't mlss lt. Plus July is seasonal low
LO JULY 2 1984 -- 13 YEARS**** after long decllne. Call the Hotllne ll you need help.
**********************************
LO JULY 7 1995 -. 2 YEARS***
LO JULY 11 1994 3 YEARS*T* PRECNOUS ilETAI.JS UPDATE
LO JULY 13 1978 19 YEARS*T*
Hl JULY 14 1934 63 YEARST*** It's doubtful that the preclous metals will bottom until the
Hl JULY 18 1933 64 ff[p5**** stock market tops so there's nothing yet that we can do in
There are not many malor turns ln July suggesting that the these markets except wait lor them to come to life. Silver has
June hlghs may hold but use the dates to coincide with our been tradlng sldeways, popplng up over daily moving
averages & then dropping back agaln but looking like it may
sli:xT.ll.':.:""::r"131T1... be ready any day. Platlnum had the quick runup, then down
but trying on the upslde again. Gold is lust maklng new lows
SOYBEAN UPDATE by a dollar or two but Homeetake Minlng has held the April
low, dlverglng bullishly from the metal itself. we need to
The contlnulng weakness ln the new dlstant Soybean conilnue to be on the sidellnes untll we have somo
contracts as they come on the board ls both disturbing and confirmatlons, so lust be Patlent-
Bearlsh. They have brought on both July 98 and July 99 ANNIVERSARY DATES FOR GOLD
contracts, (to whlch Gann traders pay attentlon) wlth their
current closlng prlces 668 and 655 respectlvely. The Nor€E
IN JULY
contract is 637. 20 cents below the '97 contract. With
wldespread announcements on nightly TV newa about the JULY 2
expected etfects of a new El Nino forming worldwide, lt's
LO 1985 - 12 YEARS*****
LO JULY 5 1974 - 23 YEARS"**
strange that these Bearish relatlonships still prevall in the HI JULY 6 1973 - 24 YEARS****
Soybean complex. Or is it? LO JULY 11 1975 -- 22 YEARS****
Hl JULY 21 1988 - I YEARS****
On my weekly July contlnuatlon chart, I have plotted the Hl JULY 24 1992 - 5 YEARS****
July98 contract ln red below the current July whlch is holding
above 8fl) and expires on the 21st. This week the Jul'98 It's a short list lor thls month but you can use it to reinforce
contract broke below 66E the Nov 12 '96 key low. The Jul99 GANNTIMER reversals. we did make a low last year in Gold
contract at 655 ls lust that much lower. After July 21, Jul '98 ln June, so perhaps the new lows last month can generate
wlll be the lead conlract on thls chart, looklng for the next some prlce action. Othenrlse, stand aside.
malor support level on the downslde whlch goes back to **********************l*********
Feb/May' 95 at 560/570. Gann's genius wlth these
continuatlon charts ol the same contract month, year atter
year, can be trusted to show the truth of the market.

ANNIVERSARY DATES FOR

SOYBEANS IN JULY

HI JUL 2 1990 -- 7 YEARS**** New SubscriPlion Hotline

HI JUL 6 1gE9 -- E lf4p5*** For access: cirll 8fit 6s8 7312 0r GANN AI{GLES
HI JUL 7 1972 - 25 YEARS****
HI JUL 9 1976 -- 21 YEARS**i
HI JUL 12 1985 - 12 YEARS*****
LO JUL 12 1996 -- 2 YEARS*I*
LO JUL 13 1973 ..24 YEARS*****
 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; 288CD
FRM 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; 240CD
FRM 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; 144CD
FRM MAR 3 MAJ LO; 27OCD FRM OCT 29 MAJ LO.
JUL 2s128 GOLD 180CD FRM JAN 27 Ht; 90TD FRM MAR 21 Hl; 133CD
FRM 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; 144CD
FRM 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; 90TD
FRM MAR 25 Hl; 144CD FRM MAR 7 Hl.

JUL 29 COPPER 180CD FRM JAN 30 LO; 144CD FRM MAR 7 Hl; 120CD
FRM 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; 27OCD
FRM NOV 5 LO;

GANN ANGLES rs publrshed monthly and rs made available to subscnbers lor rnlormalron purposes onty. lnlormalion i9 oblarned lrom soutces deemed lo be relrable bul
rs nol gugranleed as lo accu,acy orcomplelen€ss fileaders usrng lhe rnlormalron conlaned horern are solely responsrble lorlhsrr own aclrons No represe nlalron can
be m3d€ lhal recommendelrons wrll be proftlabls. or thal th€y will nol resull rn losses. This leller rs nol an oll€r ro sell o. a $ohcilatron lo buy any commodrty tlures
r€l€.red lo horein, The Edilor. assocralos, drreclors, or €mploye6s and clients may purchase and/or sell commodilros telerred lo herarn.
SUASCRIPTION AATESi Annual Subscfiorron (r2 monlhly rssuss) 3360 Sample copres and bach rssues available al S1O each

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