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The Morning Comments
8-26-1997
Monday 8-25-1997
7:32 PM EST
On the Frenzied Forex Front
Sept. J-Yen Recommended Position Short 8501
Early Resistance is near 8450 , then 8484 to 8499.
Beyond that 8508.Support is at 8437 then 8408. Below that 8388, where traders
should buy for a turn higher , risk a close under 8391 for two days in
a row.
Sept. Swiss Franc Recommended Position Long at 6673
Support should appear at 6684 then 6657. Below
that 6634 and 6580 offer some support. Buy at 6580 for a bounce risk 30
pts. Early Resistance is at 6734 to 6741 , then 6757. A close over 6777
augurs for a trade to 6817 then 6891, sell at 6906 for a quick turn risk
a close over 6921 for three days in a row.
Trade Accordingly..
Sept. British:
Support is at 160.20 then 159.60, buy at 159.30
for a turn higher risk a close under 158.48 for three days in a row. Resistance
is near 160.90 then 161.50. Beyond that traders should sell at 162.28 for
a turn lower, risk a close over 162.68 for three days in a row. Above that
augurs for a trade to 164.20...
Sept. D-Mark Recommended Position long at 5505
nearby support is at 5492 then more Support rests
near 5475, buy at 5471 for a position , risk a close under 5429 for three
days in a row. Below that 5356 offers support.
Resistance should appear in the 5525/ 5527 above that 5553 then 5577 offers
resistance.Beyond that 5601 then 5640 and 5653 offers resistance. Traders
can sell short at 5689 for turn , risk a close over 5717 for three days
ina row.
Trade Accordingly
Precious Metals
December Gold Recommended Position
long at 328.80
Long term traders should have buy orders waiting
to assume longs for the 'pull' at 323.90 risk a close under 312.0 for three
days in a row. More Support is at 326.9 then 322.9 .Resistance is near
333.6 then 334.8 and 342.2 A close over 334.8 augurs for a thrust to 344.9.Where
Longs can sell calls or exit positions and await a dip to re-buy. A close
over 345 augurs for a trade to 353 where traders can short the Yellow Metal
for a turn only , risk a close over 356.
Be Long ...Conservative Traders Should Buy April and Feb Gold 370 Calls to maintain exposure on the long Side.
Dec Copper
Nearby support is at 9880 More support is near
9675 and 9600. Good Support is at 9545, where traders should have buy orders
waiting for a turn higher. Risk a close under 9445 for three days in a
row. Resistance is at 9990 then 100.80 Traders should sell at 102.45 for
a turn lower risk a close over 103.60 for three days in a row.
Trade Accordingly
Oct. Platinum Recommended Position
Long 3 avg 427.
Support should appear near 404.5 to 401.7 where
aggressive traders can begin to buy, more support rests near 397.9 where
traders should buy for the 'pull' Risk a close under 389.9 for two days
in a row. Resistance is near 409 then 412.Above that 417.5 to 421.7 , a
close over 417.5 indicates at 'Dash' to 434 then 454 prior to expiration.
A close over 409 is friendly...
Buy dips
Sept. Silver Recommended Position
long at 450
December Silver Recommended Position long at 472
Support should appear near 461.5 buy at 463.5
for a position, risk a close under 455 for three days in a row. Resistance
is near 479 then 486.5 and 494. Beyond that a test of 510.5 then 518.9
is likely, If it holds
A close over 472.5 regains good posture , over 480 is friendly...
Trade Accordingly.
The Exciting Energies
Oct Crude Oil Recommended Position long at 1922
Early support is at 1913then 1902 , below that
1888 /1890 where traders should buy with both hands for a bounce. Resistance
is near 1935 to 1940 . Above that region 1963 then 1975 offers resistance
, sell there risk a trade over 1999 above that 2002 to 2011 offers Resistance.
Short term traders should sell at 2008 risk a close over 2055 or a trade
over 2067.
A close over 1935 is friendly.
Oct Unleaded
Support is at 5875 where traders should buy using
a stop close under 5750 for two days in a row. More support is near 5675,
where traders should buy for a bounce risk a trade under 5570. Resistance
is near 5970 then 6165 and 6195 where traders should sell , risk 100 pts.
a close over 6200 augurs for a test of 6265 sell there for a quick turn,
risk 70 pts. Beyond that 6415 is where traders should sell for a Position
risk a close over 6485 for two days in a row.
Trade Accordingly
Dec Heating Oil Recommended Long
at 5565
Support should appear near 5490 and 5425. Below
that 5315 shold hold. Resistance is near 5515 to 5535 then 5645 and 5695
. Above that 5755 offers reistance a close over augurs for a 'pop' to 5845.
A close over 5655 is Friendly and traders should go long if that occurs.. stay tuned
The ‘Grande’ Grains
November Beans Recommended Position
Long at 617 and 614
Early Resistance is near 628 3/4 , traders can
sell at 628 , risk a trade over 632. More Resistance is at 642 , sell at
641 risk a close over 642 for two day in a row.
Support is at 615 1/2 then 609 buy at 609 , risk 3 cents. Below that traders
should have buy orders at 600 for a bounce risk, 5 cents.
Dec Soybean Meal
Support is near 200.9 then 197.9, buy at 199.7 for a bounce risk a close under 194.70 Resistance is near 206.7 sell at 207 risk a close over 212 for three days in a row.
Dec Soybean Oil Recommended Position
Long at 2185
Buy Dec Bean Oil at 2314 for a bounce , risk a
trade under 2260.
Below that 2221 should hold. Long term traders should buy at 2226 for the
'Pull'.
Resistance is near 2348 Beyond that 2387 should trade. A close over 2387
augurs fora trade to 2414. Good selling will appear at 2464, sell short
at 2464 risk a close over 2469 for three days in a row.
Trade Accordingly and Stay Tuned
Dec Corn
Early support is at 275 a trade under augurs for
a slip to 269, Buy Dec Corn at 262 1/2 able, risk a close under 255 for
three days in a row. Resistance is near 276 then 282 More Selling should
begin near 284 3/4 then 287 1/4. Traders should sell at 286, 'till the
cows come home' risk a close over 294 for three days in row.
December Wheat
Resistance is near 383 to 385 sell there for a
quick turn , risk 5 cents. good Resistance is a t 395 sell there and risk
a close over 403 for three days .in a row. More resistance is at 400 and
403 . Support is near 374 3/4 , buy there for a bounce risk 7 cents, below
that 366 then 359 offer support , Buy Dec Wheat at 365 , risk a close under
359 for three days in a row.
Trade Accordingly
The Satisfying Softs
October Cotton
Support is near 7300 then 7205 where traders can buy for
a turn, use a stop close under 7190 for 3 days in a row. Resistance should
appear near 7345 then 7455 then 7570 sell at 7455 for a turn lower risk
a close over 7590 for two days in a row.
October Sugar
Early Support is at 1157 and 1127 where traders
can buy for a turn higher, risk a close under 1107 for three days in a
row.More Support is at 1092. Resistance is near 1192 to 1203 sell at 1192
risk a close over 1214 for three days in a row. Beyond that 1232 to 1238
offers good resistance and should cap any further rally...
Stay Tuned
December Coffee Recommended Position Long at 158.75
Early support is near 158.90 buy there for a bounce,risk
175 pts. . More Support is near 152.90 then 150.30. Buy at 149.60, risk
a close under 145.30 for three days in a row. If that fails a slip to 139
then 137 is likely. Resistance is near 161.05 then 163.90 , beyond that
169.70, sell at 168.90 risk a close over 169.70 for two days in a row .
If Dec Coffee Rallies to 189.40 sell for a turn lower , risk a close over
190.90 for two days in a row..
Have your' Steel Cup' Ready
November Orange Juice
Resistance is near 7020 sell there for a quick
turn lower , risk 150 pts. Beyond that 7200 offers resistance. A close
over 7140 is friendly. and augurs for a rally to 7900 . Support should
appear near 6810 , buy there risk a close under 6740.
Ugly...
December Cocoa Recommended Position short at 1614
Support is near 1599/1597 then 1551 where traders
should buy for a turn, risk a close under 1528 for two days in a row. More
support is at 1496, buy at 1484 , risk 30 pts. Resistance is near 1649
sell there for a turn, risk 20 pts.
November Lumber Recommended position Short at 34700.
Support is near 344.70 then 342.30 .Resistance
is near 349.70 beyond that 350.50 offers resistance.
The Lively Livestock
Oct Cattle: Recommended Position
Long at 6972
Early support is 6867 then more support is at
6787 , Buy Oct at 6782 , risk a close under 6777 for three days in a row.
Resisitance is near 6932 and 6962, a close over 6952 augurs for a trade
to 7007 then 7032 beyond that 7077 offers a selling region, sell at 7072
risk a close over 7082 for three days in a row.
Trade Accordingly.
October Feeder Cattle
Support remains at 7890. Below that support lies
at 7867, buy there risk a close under 7730 where traders should buy orders
resting for a turn higher..stay tuned. Resistance is near 8102, sell at
8117 risk a close over then 8137 for two days in a row. Trade accordingly.
October Hogs Recommended Position
long at 7022 & 7082
Nearby Resistance is at 7187 then 7210 sell there
for a turn,risk a close over 7257 for two days in a row. A close over 7320
augurs for a pop to 7447 sell there for a position risk a close over 7602
for three days in a row. Support is 7067. A close under 7027 indicates
a trade down to 6987 and eventually 6907 where buyers should go long for
a turn higher , risk 100 pts.
Stay Tuned ....
Feb Bellies Recommended Position
Long at 7237
Support is at 7042 below that 7012 offers support
, buy at 7012 a close under 6987. Resistance is near 7182, a close over
7197 augurs for a 'pop' to 7282 then 7342 . Sell 7437 for a quick turn
down , risk a close over 7677 for three days in a row.
U.S. 30 Year Bond Futures.
Sept Bonds Recommended Position
Short at 113-30
Early Resistance is 112-16 with more at 113-05.
Sell at 113-04 , risk only 10 pts. Beyond that 113-21 offers a selling
region, sell at 113-24 risk a trade over 114-07. Support is at 112-04 and
111-24 to 111-13 then 111-08 to 111-04. The close under 112-18 was negative
, another close or two under 112-16 or 112-05 is bearish and would indicate
a decline to 111-13 /111-08 regions and eventually 110-16 below that 109-27
to 109-15 should trade.
A close over 112-16 is friendly
Stay Tuned ....
Standard and Poor's SP 500 Index Futures
Sept SP500
On the Downside, Early support & critical
support at 915.60 to 914.0 ,Buy at 915.15 for a bounce risk 250 pts. below
that 906 to 904.40 offers support. Any sustained trade under 915.15 augurs
for a pullback to 914.00. Where a bounce should occur. However A close
or extended trade under 914.00 augurs for a pullback to 906 then 901.05
where traders can probe the long side, for a 'quick' bounce higher..stay
tuned. Below that 900.15 then 897.90 should trade. Below that 893.40. A
close under 896.40 augurs for a pull back to the 882.85 region, buy at
882.85 for a turn higher.. stay tuned. Failure there indicates a slip to
872 then 867.10 with 849.90 to 848.40 the place where traders should Buy
and Hold...Below that 835.35 may trade....a close under that augurs for
811.60 to trade.
On the Upside, Resistance is at 930.45 then 931.15 sell at
931.15 , then 933.35 offers selling, sell there also for a quick turn lower.stay
tuned and be careful... Above that 934.70 offers Resistance . Beyond that
936.90 to 937.80 offers Resistance. Good sellers should raise their heads
at 942.90 to 944.50 and 945.10. Sell at 946.90 risk a close over 952.65
for two days in a row. Above that 954.20 offers resistance , beyond that
962.80 offers resistance, Sell at 962.50 for a turn lower. Stay Tuned More
sellers should appear near 966.25 where hearty traders should sell short
for a turn lower, beyond that.A rally to the 993 region may occur.
Trade Accordingly
Happy Trading
Bill
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