FuturesCom Investment Publications
Morning Comments 9-2-1998
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"Among the hazards of speculation the happening of the unexpected -I might even say the unexpectable - ranks high. There are certain chances that the most prudent man is justified in taking - chances that he must take if he wishes to be more than a mercantile mollusk."
-Reminiscences of a Stock Operator-

Wed. Sept. 3rd 1998

5:30 AM

On the Frenzied Forex Front

Sept. Japanese-Yen

Nearby Support is 7342 and 7328, below that 7222 should hold. Resistance is at 7380 and 7414 to 7428 beyond that 7487 to 7513 should cap a rally today..

Sept. D-Mark

Resistance is at 5777 and 5784 to 5805 Beyond that Traders can sell short at 5880 and hold for lower prices.

Support is at 5734 to 5729 and 5719. Below that 5684 and 5655 should hold today

Sept. Swiss resistance is at 7074 to 7088 and 7125.

Support is at 7025 to 7003 / 6990 to 6985 and 6936.

Traders should look to short DM and SF during this rally for a turn lower in

coming days, we will roll the work to DEC shortly

* New Trade: Traders should short Sept. Swiss at 7074 if able

Sept. British Pound: Recommended position short at 1.6420
Support is at 1.6730 and 1.6550 to 1.6420.

Resistance is at 1.6890 to 1.6960

Sept. Canadian.

Support is 6513 and 6508, below that 6463 should hold.

Resistance is at 6565 and 6590 to 6609.

Precious Metals

Dec. Gold Recommended Position Long 3 at avg. 289.8

Support is at 282.1 and 281..5 then 279.

Resistance is at 285.5 and 286.5 , a close over 285 augurs for a test of 291

Dec. Copper: Recommended Position long at 7470 and 7255

Nearby Support is at 7435 and 7305

Resistance is at 7505 then 7585, a close over 7585 augurs for a test of 7690.

Oct. Platinum Recommended position long at 372.5 and 379.5

Nearby Support is at 361 and 359.

Resistance is at 371 and 376

Bullish long term

Dec. Silver Recommended Position long at 4 at 521

On the DownSide: Nearby Support is at 481 and 478 then 468..

On the Upside. Resistance is at 495 and 498. A close over 495 augurs for a test of
523.

The Exciting Energies

Oct. Crude recommended position long at 1364 and 1348

Support is at 1374 and 1349 Under that 1335 should hold if not Traders can buy at 1297, risk a close under 1289 for three days in row.

Resistance is at 1394 to 1399, a trade over 1400 augurs for a pop to 1414 and beyond to 1453.

Oct. Unleaded Gas recommended position long 2 at 4070

Support is at 4095 and 3995 where it should hold today.

Resistance is at 4185 to 4195 and 4225

Oct. Heating Oil Recommended Position long at 3544

Resistance is at 3830 and 3885.

Support is at 3740. Below that 3660 should contain a break.

The Grande Grains

November Soybeans Recommended Position Long 540

Support is at 515 and 506 1/2

Resistance is at 529 and 534.

Dec. Soybean Meal Recommended long at 143.80 and 138.30

Support is at 132 and 129.5

Resistance is at 136.80 and 140.

Trade Accordingly.

Dec. Soybean Oil recommended position long 2437 and 2366

Support is at 2393 and 2385 then 2370.

Resistance is at 2419 and 2433 then 2461 to 2469

Dec. Corn

Support is at 202 and 198 Resistance is at 207 3/4 and 211 1/2.

Dec. Wheat

Resistance is at 259 3/4 and 265. Support is at 253 and 247

The Satisfying Softs

Dec. Cotton Recommended Position Long at avg. 7288, 7385, 7593

Nearby Support is at 7445 and 7415 below that 7390 should contain a break today.
Resistance is at 7486 to 7513 then 7545 and 7565, Beyond that a test of 7600 is likely.
A close over 7601 augurs for a test of 7760 to 7770.

Oct. Sugar

Support is at 759 and 738

Resistance is at 792 and 799 to 818.

Dec. Coffee:

On the downside, support is at 113.00 and 110.90 to 109.60. Traders can buy at 110.10 for a good turn higher, risk a close under 105.80 for three days in a row.

On the Upside, Resistance is at 113.60 then 115.55 and 116.60 to 116.90 then 118.10 then 119.20 to 120.30. Above that 125.50 and 126.80 to 127.40/ 128.05 offer good resistance. Traders can go short at 127.40 for a quick turn lower, risk a close over 128.90 for three days in a row.

Trade Accordingly.

Dec. Cocoa Recommended Position Long at 1569

Support is at 1624 then 1615 and 1609 to 1595 where it should hold today.

Resistance is at 1645 to 1647 Above that good resistance is at 1655 and 1689.

The Lively Livestock

October Cattle

Support is at 5792 to 5777 then 5697.

Resistance is at 5852 and 5922 then 5987. A close over 5852 is friendly.

October Hogs Recommended Position Long (3) 4302 avg., 4327, 4057.
Resistance is 3852 and 3917 then 3952.

Support is at 3755 and 3717 then 3652

Dec. Hogs Recommended position Long at 4057
Support is at 3767 And 3752 , below that 3717 should contain a break.

Resistance is at 3867 and 3952.

Feb. Bellies recommended position long at 5500 and 5550, hold

--From the Frying Pan into the Fire--

The Sensational Stock and Bond Markets

Dec. Bonds

On The DownSide, Support is 126-26 and 126-08 then 125-26

On the Upside: Resistance is at 127-07 and 127-26 which should cap a rally today

Sept. SP500 recommended position long at 1052,1036 and 1002.50(2)

On the DownSide, Support is at 972.20, day traders can buy at 972.20 for a good bounce , put your own risk on it, preferably under 970.50 where some support should appear , below that 967.50 and 964.10 to 962.50 offer support.

On the Upside, Resistance is at 982,10 to 983.70 then 992.10 to 993.70 and 997.90.

Then 1000 to 1005.

A close Over 997.90 is friendly augurs for a test of 1035

Dow Jones Industrial Avg.
On the Upside resistance is at 7836 then 7864 and 7901 and 7939 to 7954.

On the DownSide support is at 7777 to 7763 7716 and 7689 and 7675. Below that 7601 to 7587 should hold.

Happy Trading

Bill

Thur Sept. 3 1998

07:45 AM

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