FuturesCom's Morning Comments 7-03-1997
Forex ...Precious Metals ...Energies....Grains...Softs...Livestock...Bonds..SP500
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.
Tuesday, July 02 1997 06:30 PM
some markets close early and unemployment is due out in the morning..
On the Frenzied Forex Front
Sept J-Yen
Selling pressure will be seen near 8858 above that sell JYU near 8927 for a quick turn lower. Medium Term sellers initiate short positions at 9040 use a stop close over 9067 for two days in a row. Good support remains near 8768, then 8758. Below that a slip to 8660 is expected .Traders can go long near 8484 for a bounce , risk a close under 8406 for two days.
Trade Accordingly.
Sept Swiss Franc
Early resistance is near 6896 where day traders can look to short , risk 40 pts. Above that 6916 then 6966 offers a selling region where short term traders can short the Swiss and risk a close over 7017 for two days in a row. Support remains near 6816.
Sept British:
Support is near 166.90 then 165.50 below that buy164.20 for a bounce , risk a close under 164.00 for three days in a row. More support is near 162.66. Resistance is near 168.72 above that go short for a turn near 168.90 , risk a close over 169.60 for two days in a row.
Sept D-Mark
Still bearish , resistance should raise its head near 5748,where traders can sell for a turn, risk 40 pts more Resistance is near 5764 then 5780. Support is near 5730 and 5680. eventually I see a drop to 5577.
Precious Metals
August Gold :
Long term traders should have buy orders waiting to assume longs for the pull.at 331.9 Risk a close under 328 for two days...Resistance is near 333.8 then 339.
Sept Copper
.Recommeded Position Long at 113.55. Resistance is near 113.85 above that 114.90 should trade.. Support is near 110.90 then 109.60 ,below that 107.85 where traders should buy again and hold , use a stop close under 107.10 for three days in a row.
Oct Platinum Recommended Position Long at 405.50
Support should appear near 402. where traders can begin to buy , use a stop under 398.5 Below that a slip towards 389 is likely. Go long near 386.8 for a turn higher , risk a close under 379 for two days in a row Resistance is near 407 then 413 above that 417
Still friendly...
Sept Silver:
Recommended Position: long 482.5 and 469.5. Support should appear near 461.5 then 456.. Resistance is near 467 then 480, with more at 490 .then 497.
A close over 467 is friendly.,..
The Exciting Energies
August Crude Oil. Support should appear near 2011 then 1986 where day traders can buy for a bounce. Below that support is 1931, where traders should have buy orders waiting for a position. Use a stop under 1901 for two days in a row. Resistance is near 2041 then 2078 sell there for a turn risk 30 pts.
August Unleaded Recommended Position Short 5925
Support is near 5845 then 5740 below that 5645 where traders should buy for bounce and hold using a stop close under 5580 for three days in a row.Resistance is near 5940.then 6045.
August Heating Oil.
We see Support near 5375 where agressive traders can buy for a turn higher and risk 80 pts. Resistance is near 5570, sell 5645 for a turn and risk a close over 5730 for three days in a row.
The ‘Grande’ Grains
August Beans
Recommended Position long 817 and 788 and 734 1/2 Support is near 664 then 656.Resistance is 678 then 692 above that 700.
November Beans Recommended Long at 590 Hold Reistance is near 596 then 600 and 605.Support is near 578 then 572.
Dec Soybean Meal.
Resistance is near 192 then 200 .A close over 192 is friendly.Support is at 184...then 181.
Trade accordingly
Dec Soybean Oil Recommended Position Long at 2190
Support is near 2189 where traders should buy for a bounce, use a 50 pt stop, More support isa near 2169. .Resistance is near 2227 then 2289 above that 2311 offers selling as well as 2378 sell there for a turn, risk a close over 2405 for three days in a row.
Sept Corn
Buy Sept Corn at 230 if able , risk a close under 222 for three days in a row. However a close over 239 is friendly and traders should buy if that occurs looking for a two to three day rally to exit near 255. Resistance is near 241 then 245. Sales on rallies only are suggested . Sellers should begin sales near 245 up to 256...
December Wheat Recommended Position Long at 344
Resistance is near 348 then 353 to 356above that 370 . A close over 349 is friendly.Support is near 343 then 341
Dec Oats
A close over 146 augurs for a test of 157 Support is near 141 then 133 buy there, risk a close under 127 for three days in a row. Resistance is near 151 the 157 above that 163 should trade.
The Satisfying Softs
October Cotton
Recommended Position Short at 7615 Support is near 7555 below that traders can buy/ cover at 7345 for a position, use a stop under 7250 for three days in a row. Resistance should appear near 7610 then 7655 above that 7735
October Sugar Recommended Short at 1137
Support is near 1097 then 1068 where traders can cover/buy for a position, risk a close uncer 1056 for three days in a row.Resistance is near 1107. More resistance is near 1120 then 1147 .
Trade accordingly.
September the' Monster' Coffee
Early Support is near 169.85 below that High risk traders :Go long Sept Coffee near 159.30 for the 'pull'. risk a close under 152.50 for three days in a row. Resistance is near 174.85 above that Sell short at 177.40 stay tuned. More resistance is near 179.30 then 181. Hearty traders can sell near 212.50 , risk a close over 213.5 for three days in a row...
November Orange Juice Recommended Position Long at 7860
Risk a close under 7625 for three days in a row.Support is 7765 then 7635. Resistance is near then 8035 a close over augurs for a pop to 8260...
Trade Accordingly..
Sept Cocoa
Support is near 1601.Then 1587 , below that Buy near 1552 , risk 30 pts. Resistance is near 1651 sell there or a turn, risk 25 pts above that sell near 1687 risk a close over 1701 for three days in a row.
The Lively Livestock
August Cattle
Recommended Position Long at 6382. Risk a close under 6325 for three days in a row.Nearby Support is 6340. Below that 6265 offers support. A break to 6330 should encourage buyers to appear. Resisitance is near 6395 then 6415. A close over 6490 augurs for a pop to 6555. A close over 6557 indiicates a test of contract highs set last year at 6675 or higher.
August Feeder Cattle
Support is at 8002 to 7997 where short term traders should have buy orders waiting to go long ,risk a close under 7887. Good support is 7667 where medium term traders should have buyers waiting. Resistance is near 8137 then 8177.
August Hogs
Support is near 8065 , a close under augurs for a test of 7905. Resistance is8142 then 8225 where we would sell for a turn , risk 75 pts basis the close for three days in a row.
July Bellies
Resistance is near 8402 then 8487 sell there for a turn, stay tuned above that 8537 offers resistance. Support is 8252 below that 8040 should trade. A close under 8250 augurs for a slip to 7980. August and Feb will be the focus next week.
U.S. 30 Year Bonds.
Sept Bonds
Recommended Short at 110-18 and 111-26 , risk a three day close over 112-15.
Resistance is near 112-10 above that a test of 112-26 is likely. Beyond that long term traders and dgers can sell Sept Bonds at 113-01, risk a close over 113-08 for three days in a row. Above that 113-23 should trade. Support is 111-10 then 110-26.A close under 110-26 A close under 111-10 augurs for a test of 109-15. Cover shorts at 109-15 , go long 109-15 for a for a good -2 day bounce , risk a close under 109-12.
Standard and poor's SP 500 Index
Sept SP500 ...High Risk Traders Short at 893.85 , 906 and 914.
On the Downside, support is near 910.15 then 908.50 where Shorts should cover 1/3, below that907.30 failure there indicates a test of 906 to 904.. 900.40 is key. Below that 896.65 then 893.40., stay tuned. A close under 881.60 augurs for a pullback to 877.70 where we would probe the long side use a 250 pt stop.
A close under 908.50 is negative.
On the Upside, Resistance is near 915.70 to 916.40 above that 921.65, sell at 923.60 for a turn risk 350 pts..
Happy Trading and have a safe 4th
Bill