FuturesCom: Dedicated to Analysis of Futures Markets
FuturesCom: Dedicated to Analysis of Futures Markets
THIS PUBLICATION CONTAINS THE VIEW AND OPINIONS OF THE AUTHOR, EXCEPT WHERE OPINIONS ARE ATTRIBUTED TO OTHER SOURCES. WRITTEN PERMISSION IS. REQUIRED PRIOR TO ANY DISTRIBUTION OR REPRODUCTION. FUTURES TRADING IS RISKY AND CAN CAUSE SUBSTANTIAL FINANCIAL LOSS. THE USE OF OPTIONS AND OPTION TRADING INVOLVES A HIGH DEGREE OF RISK. THE USE OF STOPS MAY NOT LIMIT LOSSES TO INTENDED AMOUNTS. SPREAD POSITIONS MAY NOT BE LESS RISKY THAN OUTRIGHT FUTURES POSITIONS. PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. SOURCES ARE BELIEVED TO BE RELIABLE BUT NO ASSURANCE IS MADE FOR ACCURACY. ADDITIONAL RISK DISCLOSURE IS AVAILABLE.
FURTHERMORE HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERANT LIMITATIONS., SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTAION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT , THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSITE. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ADVERSLY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKET IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSLEY AFFECT ACTUAL TRADING RESULTS..
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MORNING COMMENTS
04/09/97 9:30:56 PM “A loss never bothers me after I take it. I forget it overnight. But being wrong - not taking the loss- that is what does the damage to the pocket book and to the soul”. - Jesse livermore- On the Frenzied Forex Front. June --Yen: Selling pressure will be seen near 8023 to 8044 Where we would sell for a turn Use a 25 pt stop .Support is near 7954 where we buy for a bounce and use a 20 pt stop. Sell Rallies..... The June Swiss Franc Early support is near 6797/6809 where we would Buy for a bounce once and risk 25 pts... Resistance is near 6866 then 6900 to the 6918 region where we would sell for a turn and risk 25 pts. Trade Accordingly. June British Longs from 162.16 risk a close under 161.50. Resistance should appear near 163.80 to 164.20 where we would sell out. More Resistance is near 164.20 .Support is near 162.04 Where we would be a buyer for a turn and risk 100 pts. June D-Mark. Resistance should raise its head near 5855 then 5871 to 5887 region where we would sell and risk 30 pts . Support is near 5851 then 5801 buy there for a bounce only with a risk of 30 pts . A close under 5851 indicates a test of Contract lows near 5787. Trade accordingly.. The Precious Metals: June Gold Support is near 346.30 where we would have buy orders waiting. Resistance is near 354.60 357.80 where we sell for a turn and risk 2.00 Trade accordingly. May Copper . Support is near 106.25 where we would buy for a bounce , use a 100 pt stop More support is near 105.55 . Hearty traders may wish to probe the long side at 104.25 and use a tight 75 pt stop. Resistance is at 108.25 and 109.45 Where we would sell with a stop over 110.20 Trade accordingly July Platinum longs use a stop under 368 in a row. for two days to protect any longs Support is near the 365.0 where we would buy for a turn higher. Resistance is near 370. May Silver.... Early Support is near 474.5 short term traders can buy there for a bounce More Support is near 468 where we would have buy orders waiting risk a trade under 463 for Both Trades. Early Resistance is near 488 where we would sell for a quick turn and risk 5 cents. More Resistance is near 503.5 where we would sell for a turn lower and risk 12 cents Stay tuned The Exciting Energies June Crude Oil.. Longs from 1942 Risk a close under 1923 . Support is near 1930 then 1923 and 1905. Resistance is near 1955 and 1973 , a close over 1955 augurs for a test of 1973 then 2011 Where we would sell out and wait for a dip to Rebuy.. Go short near 2034 and risk a close over 2045.... May unleaded Go long May heat on the open , but under 6150 and no less then 6050... Support is near 6055 where we would be a buy and risk 100- pts . Resistance remains near 6125 then 6285 and 6330 Where we would sell out and for a turn and risk 100 pts. June Heating Oil. . We see Support near 5225 where we would buy for a Turn and risk 60 pts. Resistance is near 5265. Then 5330 and 5385 where we would sell for a turn lower and risk 60 pts. The Grande Grains: May Beans : Resistance is near 852 then 859 Support is near 845 then 839 and 831 1/2 buy near there risk 12 cents. Or Sell May 825 Puts at mkt if the Price of 831 hits Pick your Poison... July Beans Support is near 848 3/4 where we would buy with a stop under 843. Res. is near 856 and 862. A close over 863 augurs for new highs,.... We still recommend Buying Sept and Selling November. July Bean-Meal: Protection on any longs from the Daily should set under 277 Support near 277.5 where we would buy . Use a 3.50 Stop. Resistance is near 282 then 288. A close over 283 is bullish for a test of New Highs.. Under 277 is Negative... Trade accordingly... July Bean Oil July Bean Oil from last week near 2436. Risk a close under 2395. Support this week is near 2408 where we would buy for a turn higher. Risk 20 pts. Resistance is near 2505 .. Sell the longs there if able Corn: Position Long from 302. All Longs. Use a stop close if able under 294 for today only. Spreaders can Buy Sept Corn and Selling Dec. Add if the spread closes 4 cents Sep over Dec Support is near 300 in July Corn. Buy there and risk a close under 294. Resistance is near 305 then 307 and 312 1/4 where we would be sellers to exit longs And Sell short for a turn Risk a close over 314.. Wheat: July Wheat Longs from (340 /345 region) for the Pull should use a stop close under 380. Support is near 386 1/2 where we would be a buyer risk 7 cent. Resistance is near 393 then 398. The close over 387 1/2 pulls wheat back into a bullish pattern. July Oats. Longs from 173 1/4 use a stop close under 162. Buy dips near 162 use a 4 cent risk ... Resistance is near 167. Then 169 A close over 165 is friendly. If that happens Hold longs for a rally to exit.... The Softs... May Coffee This week May Coffee Has support near 177.15 where we would buy for a bounce, use a 150 stop. Resistance is near 182.05 then 182.90 and 183.50 where we would sell for a turn lower and risk 100 pts. Above that a thrust to 193.50 is likely as the Coffee would ‘Percolate’ up... Trade accordingly and do not forget to use your steel ‘Cup’ July Cotton: Longs Risk a close under 7355. Support is near 7370 where we would buy as break for position, risk 100 pts. Resistance should appear near 7420 then 7455 A close over 7470 augurs for a test of the 7555 / 7587 region where we would sell the longs and stand back... May Sugar Shorts from last week risk a close over 11.15... Support is near 1080, a close under augurs for a pullback to 1068 then 1057. Where we would cover shorts. .Resistance is near the 1120 Trade accordingly. May Cocoa Longs should now use a stop close under 1377 today only. Support is near 1383 where we would buy for a bounce and risk 15 pts Resistance is near 1413 then 1431 where we would sell for a quick turn and risk 15 pts. In the Lively livestock Sector: June Cattle Longs from last week near 6440. Risk a close under risk a close under 6307 Today only. Support is 6305 where we would buy for a bounce and risk 50 pts. More Support is near 6232. Resistance is near 6362 then 6382 to 6390 a close over augurs for a move to 6457..... Go Long LCM on a close over 6327. June Hogs: June Hogs: All Shorts from 8085 to 8135 Daily and 8237 BI- Weekly risk a close over 8222. Resistance early is near 8117. More is located near 8167 where we would be a seller if able. Risk 80 pts. Support is near 8057 then 8017. A close next week under 8117 is negative for a slip into the 8017 below that the 7940 region where we would Cover part of the shorts... Trade accordingly. May Bellies All Longs from 7867 the last two days risk a close under 7727 Buy a dip into the 7872 region if able Risk a close under 7727. Resistance early near 8012 above that 8157 is likely to trade where we would sell out and go short for a turn and risk 125 pts... Bonds June Bonds Resistance near 108-04 where we would go short and risk 10 pts. Bonds have support near 107-04 then 106-26 A close under 106-25 augurs for lower levels near the 106-04 region... SP 500 June SP500 On the Downside we see support near 768.90 then 767.50 and 766.15 Where we would buy for a bounce and risk 150. pts. Below that 162.90 is likely... then 760.90.. Resistance is near 772.60 and 776.30 to 777.70 region where we would be a seller for a return to the trend lower. .... Risk 300 pts. A Ship in harbor does not Sail.... Happy Trading Bill William Chippas Services Broker, and Futures Full Service- Broker Assisted-Discount Accounts http://www.futurescom.com 1--561-738-4829 Fax 1-561-731-5174 2301 S Congress Avenue # 923 Boynton Beach, Florida, 33426 U.S.A