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The Morning Comments
8-29-1997

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.

Thur 8-28-1997
5:50 PM EST
On the Frenzied Forex Front

Sept. J-Yen
Early Resistance is near 8428 then 8450 , beyond that 8484 to 8499.Support is at 8406 to 8394. 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
Support should appear at 6744 to 6736 , traders should buy at 6744 for a bounce , risk 30 pts. Below that 6694 offers support .Additionally Buy at 6580 for a bounce risk 30 pts. Early Resistance is at 6777 to 6794 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 160.90 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 162.42 , 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
Early support is at 5553then 5535 , more Support rests near 5482, buy at 5471 for a position , risk a close under 5429 for three days in a row.
Resistance should appear at 5585.Beyond that 5606 then 5635 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. Resistance is near 328.90 then 334.00 and 342.2 A close over 334 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
Support is 9705 and 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 9755 then 9905 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 and 397.9 where traders should buy for the 'pull' Risk a close under 389.9 for two days in a row. Resistance is near 410.5 then 414.5 Above that 417.5 to 421.7 , a close over 417.5 indicates at 'Dash' to 434 then 454 prior to expiration.

Buy dips

December Silver Recommended Position long at 472
Support should appear near 461 then 457.5. Buy at 463.5 for a position, risk a close under 455 for three days in a row. Resistance is near 477 then 488.5 and 494. Beyond that a test of 510.5 then 518.9 is likely, If it holds

Trade Accordingly.

Oct Crude Oil
Early support is at 1943 and 1930. Resistance is near 1968 above that 1980 and 1993 offers Resistance. Traders should sell at 2008 risk a close over 2055 or a trade over 2067.

Oct Unleaded
Support is at 6090 More support is near 5990 then 5800 , below that 5675, where traders should buy for a bounce risk a trade under 5570. Resistance is near 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 5555 and 5490. Below that 5315 shold hold. Resistance is near 5680 and 5755 . A close over 5755 augurs for a 'pop' to 5845.

A close over 5655 is Friendly and traders should go long if that occurs.. stay tuned

November Beans
Early Resistance is near 632 3/4 , traders can sell at 628 , risk a trade over 635.Also sell at 641 risk a close over 645 for two day in a row.
Support is at 617 1/2 buy at 617 , risk 3 cents. Below that traders should have buy orders at 600 for a bounce risk, 5 cents.

Dec Soybean Meal Recommended Position short at 207

Support is near 203.1 then 200.9 and 197.9, buy at 199.7 for a bounce risk a close under 194.70 Resistance is near 210.5 then 213.

Dec Soybean Oil Recommended Position Long at 2185 & 2314
Buy Dec Bean Oil at 2282 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 2327 then 2402. The close over 2324 augurs fora trade to 2402. 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 271 and 275

December Wheat Recommended Position short at 395.
Resistance is near 395 sell there and risk a close over 403 for three days .in a row. More resistance is at 402 1/4 . Support is near 390 then 384 3/4 , buy there for a bounce risk 4 cents, below that 377 offers support

Trade Accordingly

October Cotton
Support is near 7280 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 7435 ,sell at 7455 for a turn lower risk a close over 7590 for two days in a row.

October Sugar
Early Support is at 1162 then 1151 and 1147 . More support rests at 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 1187 to 1192 and 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 174.35 then 172.00, below that 169.60 Good 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 176.00 then 178.50. 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 7200 , above that 7390 then 7455 . A close over 7140 is friendly. and augurs for a rally to 7900 . Support should appear near 6960and 6900. Below that 6810 , buy there risk a close under 6740.

December Cocoa
Early Support is near 1709 then 1698 and 1676 . Below that 1659. Resistance is near 1759 then 1776 there for a turn, risk a trade over 1792.

November Lumber
Support is near 340.40 then 338.90. Below that 332.80 buy there risk a close under 326 for three days in a row .Resistance is near 343.20 beyond that 345.70 and 347.30 offer resistance

Oct Cattle: Recommended Position Long at 6972 & 6782
Early support is 6717 then more support is at 6682. Buy Oct at 6717 , risk a a trade under 6677. Resisitance is near 6752 , beyond that 6792 and 6827, a close over 6797 augurs for a trade to 6867 then 6915.

A close over 6755 is friendly...

Trade Accordingly.

October Feeder Cattle Recommended Position Long at 7867
Lite Support remains 7912 then more Support is at 7890. Below that support lies at 7867, buy there risk a close under 7730 where traders should also hhave buy orders resting for a turn higher..stay tuned. Resistance is near 7932, then 8027 and 8067.

October Hogs Recommended Position long at 7022
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 7017, buy at 7027 , for a bounce risk only 30 pts. A close under 7012 indicates a trade down to 6917 where buyers should go long for a turn higher , risk 100 pts.

Feb Bellies Recommended Position Long at 7237
Support is 6757 then 6677. Resistance is near 6862 then 6907 . A close over 6912 augurs for a 'pop' to 7012.

Sept Bonds Recommended Position Short at 113-30
Early Resistance is at 113-27 , sell at 113-24 risk a trade over 114-09. More resistance is near 114-08 then 115-08. Support is at 113-15 and 113-08. Below that 112-08.

Sept SP500
On the Downside, Support is at 898.10. then 897.90. Below that 893.40 and 890.10. An extended trade or 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 899.55 then 900.50 and 901.50.Sell there for a turn lower, risk a trade over 906.60 ...Beyond 901.50, 904.40 to 906 offers selling. then 909.55 and 914 to 915.60 sell at 915.40 for a turn, stay tuned Beyond that 921.50 and 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 and Have a Safe holiday Weekend

Bill

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