Mr. Bob Bresnahan

A presentation on markets, "Determining Value and Approaching the Market," will be delivered by Bob Bresnahan, Trilateral, Inc.Mr. Bresnahan also will accompany the group on a visit to the Chicago Board of Trade.The tour will be followed by a lunch at the Union League Club.

"Rye is the same scenario [as wheat]," said Bob Bresnahan, president of Trilateral Inc., a risk-management firm that examines the food industry.
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But that's only if things normalize abroad, as well, and Bresnahan said he's still worried about bread riots in Haiti, Tunisia and Egypt.

And in Australia, there's still that drought to contend with.

"I don't know, we have a private weather guy," Bresnahan said.

Robert BresnahanTrilateral, Inc.GRAINS PANEL

Robert Bresnahan, Trilateral, Inc.

Robert D. BresnahanPresident,Trilateral Inc.
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Bob Bresnahan, who calls himself "purely a technical trader," spent the first 11 years of his career in the trading pits of the Chicago Board of Trade, the Minneapolis Grain Exchange and the New York Commodity Exchange.Wanting to diversify his trading opportunities beyond the confines of any one pit, he went off floor in 1988, starting Trilateral Inc.He now trades for himself as well as handles outside purchasing and risk management for Fortune 500 food companies.

Point-and-figure charts were a mainstay of Bresnahan's early career, but they eventually gave way to Elliott Wave analysis, a branch of technical analysis that holds that market behavior, rather than moving in a straight line, fluctuates in recognizable five- and three-wave structures of advance and decline.By determining where the current market is within an Elliott Wave pattern, proponents are able to "objectively assess the relative probabilities of possible future price paths for the market," according to Bresnahan.

He remains a devotee of technical trading, using Elliott Wave analysis to assess market psychology, Fibonacci ratios to project entry and exit points and a proprietary study called the Market Map Momentum Oscillator that helps subdivide the Elliott Wave pattern.Though he said this style of analysis can be universally applied to futures, options and spreads he primarily trades futures and options.

The benefits of this approach?According to Bresnahan, the combination of Elliott Wave analysis and Fibonacci ratios allows a trader "to project what the market is going to do as opposed to reacting to what the market has done."

The chief limitation to Elliott Wave analysis, he says, is the precise rules that apply to the wave counts."Some of the rules, especially relating to corrections are very intricate.It takes a long time to learn the rules and to gain the experience of actually applying them to actual markets."

Bresnahan has definite ideas on the direction of grain and oilseed prices over the next six months.Since the record-high prices of 1996/97, when market psychology was driven by "fear and greed," the grain and oilseed markets have traded lower "under the pure weight of market economics," he said, noting that higher prices attract supply and restrict demand.Market psychology has now shifted, he said, "from the fear of running out of grain to one of complacency."

But the grain and oilseed markets "offer excellent opportunities on the long side during the next six months," he said, as lower prices restrict supply and increase demand."The lows experienced during the next three to six months will be the market lows for the next two to four years," Bresnahan predicted.

His best piece of advice: "Develop an objective system and stick with it.Do not subjectively deviate from the system."

Here's what Bresnahan thought in early October about specific CBOT grain and oilseed futures using his particular style of technical analysis.Remember, these are strictly Bresnahan's opinions, and not the opinions of this report or the CBOT.

Corn (see Charts 1 and 2): The decline from the 1996 high of $5.54 1/2 has already met the minimum requirements for a completed Elliott Wave pattern by trading below 1.77 to 1.74.

Robert D. BresnahanPresident,Trilateral Inc.
...
Bob Bresnahan, who calls himself "purely a technical trader," spent the first 11 years of his career in the trading pits of the Chicago Board of Trade, the Minneapolis Grain Exchange and the New York Commodity Exchange.Wanting to diversify his trading opportunities beyond the confines of any one pit, he went off floor in 1988, starting Trilateral Inc.He now trades for himself as well as handles outside purchasing and risk management for Fortune 500 food companies.

Point-and-figure charts were a mainstay of Bresnahan's early career, but they eventually gave way to Elliott Wave analysis, a branch of technical analysis that holds that market behavior, rather than moving in a straight line, fluctuates in recognizable five- and three-wave structures of advance and decline.By determining where the current market is within an Elliott Wave pattern, proponents are able to "objectively assess the relative probabilities of possible future price paths for the market," according to Bresnahan.

He remains a devotee of technical trading, using Elliott Wave analysis to assess market psychology, Fibonacci ratios to project entry and exit points and a proprietary study called the Market Map Momentum Oscillator that helps subdivide the Elliott Wave pattern.Though he said this style of analysis can be universally applied to futures, options and spreads he primarily trades futures and options.

The benefits of this approach?According to Bresnahan, the combination of Elliott Wave analysis and Fibonacci ratios allows a trader "to project what the market is going to do as opposed to reacting to what the market has done."

The chief limitation to Elliott Wave analysis, he says, is the precise rules that apply to the wave counts."Some of the rules, especially relating to corrections are very intricate.It takes a long time to learn the rules and to gain the experience of actually applying them to actual markets."

Bresnahan has definite ideas on the direction of grain and oilseed prices over the next six months.Since the record-high prices of 1996/97, when market psychology was driven by "fear and greed," the grain and oilseed markets have traded lower "under the pure weight of market economics," he said, noting that higher prices attract supply and restrict demand.Market psychology has now shifted, he said, "from the fear of running out of grain to one of complacency."

But the grain and oilseed markets "offer excellent opportunities on the long side during the next six months," he said, as lower prices restrict supply and increase demand."The lows experienced during the next three to six months will be the market lows for the next two to four years," Bresnahan predicted.

His best piece of advice: "Develop an objective system and stick with it.Do not subjectively deviate from the system."

Here's what Bresnahan thought in early October about specific CBOT grain and oilseed futures using his particular style of technical analysis.Remember, these are strictly Bresnahan's opinions, and not the opinions of this report or the CBOT.

Corn (see Charts 1 and 2): The decline from the 1996 high of $5.54 1/2 has already met the minimum requirements for a completed Elliott Wave pattern by trading below 1.77 to 1.74.

Robert BresnahanCEOTrilateral, Inc.

Bob Bresnahan, President of Trilateral, Inc.

Board of Trade Tour with Bob Bresnahan (President, Trilateral, Inc.)
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Bob Bresnahan, Trilateral, Inc.

Robert D. Bresnahan , CEO ( CTA , IH , IM , PSE ).

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