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The Morning Comments
8-27-1997

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.

Monday 8-27-1997
5:30 AM EST

Sept. J-Yen
Early Resistance is near 8457 , then 8484 to 8499. Beyond that 8508.Support is at 8415 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 6687 then 6657. Below that 6634 and 6580 offer some support. Buy at 6580 for a bounce risk 30 pts. Early Resistance is at 6737 to 6750. 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 5528 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 at 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

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 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 9970 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 403. 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

Trade Accordingly.

Oct Crude Oil Recommended Position long at 1922
Early support is at 1914 then 1902 , below that 1887 /1889 where traders should buy with both hands for a bounce. Resistance is near 1937 to 1939 . 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 UnleadedRecommended Long at 5875
Support is at 5805 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 5440 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

November Beans Recommended Position Long at 617 and 614
Early Resistance is near 616 then 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 607 buy at 607 , 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 & 2314
Buy Dec Bean Oil at 2272 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 2297 then 2320 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
Buy Dec Corn at 262 1/2 able, risk a close under 255 for three days in a row. Resistance is near 270 then 275 and 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

October Cotton Recommended Long at 7205
Support is near 7205 where traders can buy for a turn, use a stop close under 7190 for 3 days in a row. Resistance should appear near 7270 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 1165to 1157 then 1140 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
Early support is near 164.00 buy there for a bounce,risk 175 pts. . More Support is near 159.00 and 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 169.00 then 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.

December Cocoa Recommended Position short at 1614
Early Support is near 1637 , below that 1603 to 1590 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 1655 sell there for a turn, risk 20 pts.

A cklose under 137 is negative.

November Lumber Recommended position Short at 34700.
Support is near 345.00 then 342.30 .Resistance is near 349.70 beyond that 350.50 offers resistance.

Oct Cattle: Recommended Position Long at 6972
Early support is 6862 then more support is at 6840 then 6787 , Buy Oct at 6782 , risk a close under 6777 for three days in a row. Resisitance is near 6937 and 6992, 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 8017 below that 7890. Resistance is near 8112, 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 & 6907
Nearby Resistance is at 6972 then 6997 and 7052, sell there for a turn risk 50 pts. Support is 6897 below that 6857..

Stay Tuned ....

Feb Bellies Recommended Position Long at 7237
Support is 6747 then 6635. Resistance is near 6877 to 6897. Then 6930 a close over 6930 augurs for a 'pop' to 7110

Sept Bonds Recommended Position Short at 113-30
Early Resistance is 113-06. Sell at 113-04 , risk only 10 pts. Beyond that 113-19 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.

Stay Tuned ....

Sept SP500
On the Downside, Support is at 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 914 to 915.30, sell at 915.30 for a turn, stay tuned Beyond that 923.65 then 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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