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11/11/96 3:07:45 PM
Mid Month Investment outlook
We Salute our Veterans Today!!
On the Forex Front:
The DEC Yen was up 110 on the week.A close over 8990 would encourage more buying for a push into the 9117 region...Support is near 8917/22 where we would have buy orders resting.Risk a close under 8880.
The DEC D-Mark was up 42 on the week Support is 6602 to 6608 where we would Buy for a /position turn risking a close under 6591. Day traders can Buy DMZ early near 6652 with a stop under 6632 The Resistance will appear near the Target areas of 6702 and 6752; Trade accordingly...
The DEC Swiss was up 22 after a contract low setting week.Support is near 7921 and again near 7871 Day Traders can buy an early break into the 7871 region and risk 25 pts. Resistance can be found near 7971/7980 A close this week over 7980 augers for a push into the 8112 region...Trade accordingly
We still remain friendly to the DEC B-POUND hold for an extended push into 16890 region....Support is near 163.80. A close under 163.12 is negative and can be used a stop on most positions...
A peek at Precious Metals tells us they rallied Last Week. Silver had its highest Close of the Last Eight Session...As did Gold.Long in Dec Silver should use the same 3 day close under 474 as a protective stop.A close over 488 this week Basis Dec Silver would indicate a push into the 512/517 region ....Where we would exit longs this week.Support is 477 Resistance is 488/494
DEC Copper ... Support is near 9330 Buy Dips into the 9145 region if able this week and risk a close under 8930.More aggressive traders can Buy near the 9330 area on Monday with a stop under 9290. A close over 9560 this week augurs for a push into the 9700-9800 region.
Continue to Buy April and farther out GOLD CALLS on weakness.....
The Exciting Energy Markets were higher last week. DEC Crude was up 56 cents Dec Heat was up 233 pts
Longs in Dec Crude should sell partial longs near the 2447 region if able this week. Use a protective stop 2247 for now. Support is near 2346 then 2313/22 on Monday where we would Buy for a turn risking 20 pts.. Resistance is near 2371 and 2396. DEC Heat has support 6710 and 6645If long on a close over 6640 have Sell orders near 7070 to take profits on some of your positions. One can also maintain the position by selling Calls against the longs.We prefer to see the Dec Heating Oil remain over the 6800 level this week to bring in additional buyers... A close over 7250 and the shorts start to scramble...
If this General Area Holds in the Heating Oil, we may begin a push to higher prices As COLDER Weather descends upon us. We could see 80 cent Heating Oil or higher If it Holds....
A Gander at the Grain Markets tells us they have to live thru another Crop Production on Tuesday...If Long Dec Wheat Support is 374 use a stop under 370 for now.Resistance is 3851/2 386 and 389/390 . Where we would sell any longs out and go short with a 5-7 cent risk basis the close.
DEC Corn longs should sell 269/271 and exit longs from lower levels.Support is near 262 and 259 1/2 place your protective stops below that level Jan Beans have Support near 672 and 676. Resistance is near 688 and 691. Sell a rally into the 699/703 region and risk a close over 714 this week.
DEC Meal shorts Risk a close over 232....
The DEC Cotton closed under our `out' level on Friday for the third day.We gladly take a loss and get it out of the way.Support is 7095 with more at 7065 where new longs can be assumed for a bounce only. Risk 50 pts Resistance is near 7145 and again near 7250. A close over 7150 is friendly .....Trade accordingly.
DEC Coffee ... up again last week Dec Coffee Rallied 860 pts last week!!Since we first mentioned Coffee in our Report on Oct 6th Coffee has move up Roughly 1500 pts.Support this week is near 121.90 and again near 11870 where we would buy for a turn risking a close under 117.00 or a stop at 115.50....Resistance is near 129.30 and 130.40. The target on further strength is
The 131.50 region where we would liquidate any remaining longs.
Some areas of Northern Florida had temps down to 30 degrees this weekend!
Jan OJ is a hold for now. Buy near the 9700 region or a close over 99.00 the target is 105/106 region.Use a stop under 9200 basis a three day close ....
In the Meats more strength.....Which allowed us to Sell some longs in the Dec Hogs.
Support today is near 5697 where we would have buy for a bounce, Risk a trade under 5622 where more support should appear or a close under 5680. Resistance is near 5797 and again at 5892 (contract high 5880)
If Dec Hogs close under 5680 look to April for a small position. Trade accordingly.....
We would prefer to sell our remaining longs at higher prices and sit for a bit.
DEC Live Cattle's Support is near 6607/ 6637. Where we would have buy orders waiting and buy in any longs sold for recent profits. Use a three day stop under 6550 for now. Resistance is at 6707/ 6712 and 6757. A close over 6712 this week augurs for a push into the 6780 to 6812 region.
Jan Feeder Cattle support is near 6637 and 6577.Resistance is near 6737 and 6777.....Trade accordingly
In The Bellies...Last week Bellies closed at 7447.
**For high risk Traders**Sell Feb Bellies this week near the 7550 region up to the 7750 region if ableSupport remains at 7295 and 7250 and again at 7135. Look for a 4 to 5 day push up that fails and try stay short. Current shorts against 7400 can cover against the 7250 region for profit and sell the next rally.
*The Bond and Stock Markets and Stock markets have for all intensive purposes fulfilled our upside objectives.*
In the Bond Market is close on Monday for Veterans Day. Tuesday the Dec bonds have support at 113-24 and more at 113-04. Resistance is near 114-06 and again at 114-24 where would sell for a turn risking a close over 115-10. DEC Bonds are a sale on a close under 114-00. Trade accordingly....
The DJIA has resistance near 6257 to 6270.We advised our readers on 10/30 that the Window for a break in the Stock market was most likely gone. On Nov 1st we advised that our we were very friendly and a rally to the 732/740 region was expected. The targets have been met here as well...
The Dec S&P500 has Support is at 732.80 and 731.30. A failure to maintain these levels on Monday would augur for a slip into the 726.10 region. Resistance is near 736/737 region. A close under 731 and we would be tempted to be short for a few days.....Trade accordingly..*High Risk Traders *Go Short DEC SP500 at 741.40 to the 742.80 region this week and risk a close over 745.50.
This Letter is Dedicated to Risk, without Risk there is no Reward....