SUGAR

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GENERAL OVERVIEW OF SUGAR MAR D MARKET

ISSUE DATE: MAY 10, 2006

What a great top we got from sugar (SB) – right on the upside limit at HEC. Sugar should fall to target 1, however, the two M lines are very powerful and they will be forcing sugar up just as soon as it comes near these lines. If sugar is forced up by the M lines we can expect a top at HEC. The most likely timing for this top would be within a day or two of target two but in this situation the timing is not as important as the level – in this case HEC. Use HEC as an entry point.