FuturesCom Investment Publications
Morning Comments 9-10-1998
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September 11th 1998

Friday Sept. 11th 1998
5:52 AM 

On the Frenzied Forex Front

Dec. Japanese-Yen

Support is at 7632 and 7530 then 7488.

Resistance is at 7763 to 7770 and 7836 to 7864. Above that good sellers should appear at 7902 and 7939 to 7954. Traders should sell short at 7934 for a turn lower, risk a close over 7954 for two days in a row.

Dec. D-Mark Recommended Position short at 5815 and 5945

Nearby Resistance is at 5956 Beyond that good resistance is at 5986 and 6006.

Beyond that 6023 to 6035 should provide good resistance.

Support is at 5941 then 5906 and 5886 to 5879 then 5821 and 5795, under that 5763 and 5745 then 5729 to 5716 should hold. Traders can buy at 5729 for a bounce, initially risk a close under 5616 for three days in a row.

Dec. Swiss recommended position short at 7242

Resistance is at 7289 then 7328 to 7342 and 7368.

Support is at 7256 and 7242, a close under 7259 augurs for a test of 7170 and 7088

Trade Accordingly

Sept. British Pound: Recommended position short at 1.6420
Dec. British Pound

Support is at 1.6670 then 1.6550 and 1.6420. Below that support is at 1.6380 and 1.6320 then 1.6200 to 1.6150. Resistance is at is at 1.6890 to 1.6960 Traders can sell at 1.6890 for a turn lower, risk a close over 1.6960 for three days in a row.

Dec. Canadian Dollar

Support is at 6594 and 6591 to 6577.

Resistance is at 6634 and 6652 to 6673

Precious Metals

Dec. Gold Recommended Position Long 287.8 and 293.80

Support is at 294.30 and 292.40 Beneath that support is at 289.9, Day Traders can buy at 292.40 for a bounce, risk $ 4.00

Resistance is at 296.90 and 297.80 299.90 where good sellers should appear.

Be long, our eventual target is still 314.80 to 318.. if it holds

Dec. Copper:

Nearby Support is at 7620 aggressive traders can buy at 7515 for a turn higher.

Resistance is at 7735 and 7850 then 7925 /7930. Above that resistance is at 8120, traders should go short at 8115 and hold for lower prices.

Oct. Platinum Recommended position long at 372.5 and 379.5

Nearby Support is at 364.5 and 362.8 then 359.5
Resistance is at 374.5. A close over 375 is friendly for a rally towards 387.5.

Dec. Silver Recommended Position long at 4 at 521

On the DownSide: Support is at 505.5 and 496. Below that 485 and 480 should hold.Traders can buy at 480 for a good 2 to 3 day bounce. Stay tuned for a stop.

On the Upside. Resistance is at 513.5 and 523 to 524.5


The Exciting Energies

Oct. Crude recommended position long at 1427

Support is at 1496 to 1482 then 1476 and 1459.

Resistance is at 1507 and 1529 to 1535 then 1551 to 1560 then 1609 to 1615. Traders can go short for a turn lower at 1609 and hold for lower prices, initially risk a close over 1642 for three days in a row. We will Roll to Nov. and DEC Work next week.

Oct. Unleaded Gas

Support is at 4325 and 4312 below that 4230 below that 4130 and 4115 should hold. Day traders can buy at 4230 , risk 150 pts.

Resistance is at 4408 then 4429 and 4455 . Beyond that resistance at 4505.

Oct. Heating Oil recommended position long at 3830

Resistance is at 4238 and 4249 then 4370 to 4380.

Support is at 4208 and 4145. Below that 4008 should hold.

The Grande Grains

November Soybeans Recommended Position Long 540 and 516 1/2

Support is at 518 1/2 and 513 1/2 then 510

resistance is at 526 1/2 and 527 1/2. A close over 527 1/2 augurs for a test of 541, if it holds..

Dec. Soybean Meal Recommended long 143.80 and 138.30

Support is at 132.70, below that 124.6 should hold.

Resistance is at 134.60. A close over 135 augurs for a test of 140. 4 Where good

sellers should appear. Trade Accordingly.

Dec. Soybean Oil recommended position long at 2466

Support is at 2469 and 2461 then 2454. Below that 2410 and 2399 should hold. Traders should buy at 2399 for a turn higher, risk a close under 2354 for three days in a row.

Resistance is at 2506 then 2511 to 2519.

A close over 2499 augurs for a test of 2527 to 2528. A close over 2528 is friendly for a test of 2552 to 2568. Traders should sell at 2552, risk a close over 2612 for three days in a row.

Dec. Corn

Support is at 209 1/2 to 208 then 204

Resistance is at 214 3/4, Beyond that resistance is at 218 1/2 to 219 1/4

Dec. Wheat

Resistance is at 265 1/2 then 271 1/4

On the DownSide Support is at 262 1/2 then 259 1/2 and 253 1/2 . Traders can buy at 254, risk a close under 247 for three days in a row.

Trade Accordingly.

The Satisfying Softs

Dec. Cotton Recommended position long at 7385, 7593 and 7428

Support is at 7365 and 7328 then 7303 , below that 7260 should hold basis the close on any real sell-off.
Resistance is 7425 and 7475 and 7507 . A close over 7515 augurs for a test of 7600 to 7630. We feel a test of 7600 is more likely then not.. Beyond that, resistance at 7675 to 7689 *Traders should add/go long if a close over 7515 occurs.

Oct. Sugar recommended position long at 739

Support is at 693 to 686 and 682 which should hold.

Resistance is at 704 to 712 then 720. A close over 720 is friendly for an eventual test of 735 to 741

Dec. Coffee: recommended position long at 111.20

On the downside, 108.20 and 107.70 and 106.95 to 106.80 then 105.80 .

On the Upside, Resistance is at 109.20 to 109.45 /109.65 . A close over 109.65 augurs for a test of 111.90 and 113.00 to 113.60.

Dec. Cocoa recommended position long at 1616

Support is at 1615 to 1612 then 1609 to 1607 . Below that 1583 and 1577 offer good support. Traders should Buy at 1577 for a turn higher, risk a close under 1569 for three days in a row.

Resistance is at 1622 to 1629 then 1642 to 1655

The Lively Livestock

October Cattle

Support is at 5952 then 5907 and 5880 to 5855

Resistance is at 5997 and 6022 to 6032 then 6052 to 6967 and 6112 to 6127.

October Hogs Recommended Position Long 3 at 4302 avg., 4327, 4057.
Resistance is at 3862 then 3912 , beyond that 3972 offers resistance.

Support is 3772 and 3757 then 3682 to 3662 , where good buyers should appear,
Traders can buy at 3682, for a turn higher risk a close under 3662 for two days in a row,

Dec. Hogs Recommended position Long at 4057

Support is at 3782 and 3737
Resistance is at 3832 and 3912 , above that resistance is at 3942 and 3982

Feb. Bellies recommended position long at 5500, 5550 and 2 at 4825

Support is at 4447 then 4430 to 4422. Below that 4267 and 4247 should hold.

Resistance is at 4457 and 4547 to 4572.. An extended trade over 4572 is augurs for a test of 4717 A close over 4462 is mildly friendly.
--From the Frying Pan into the Fire-

The Sensational Stock and Bond Markets

Dec. Bonds Recommended Position Short at 127-07 and 127-19

On The DownSide, Support is 129-15 and 129-00 then 128-27 and 128-08 then 128-00. A close under 128-27 is negative for a test of 127-15

On the Upside: Resistance is at 130-00 then 130-11, Above that resistance is at 131-00

Dec. SP500

On the DownSide, Support is at 973.60 to 970. A close under augurs for a slip to 957.40 , below that 934.60 should hold basis the close. Day traders can Buy at 973.40 for a good bounce, put your own risk on it.

On the Upside, Resistance is at 981 then 990.50 then 1000 and 1002.50 to 1004.50 , Day traders can sell at 1004.50 for a quick turn lower put your own risk on it . a close over 1005 augurs for a test of 1018.50 and 1036 to 1042 where good sellers should show appear.

The Dow Jones Industrial Average

Support is at 7587 a slip under augurs for another test of 7513 to 7486. Under that support is at 7446 then 7428 to 7414 and 7342 to 7328. Below that 7292.7 and 7256 should stop a decline for now.

Resistance should first appear at 7675 and 7688 then 7763 to 7777 and 7784 , beyond that resistance is at 7836 to 7864 and 7901 then 7939 to 7954. Beyond that resistance is near 7987.7 and 8029 to 8044.

A ship in Harbor is Safe.. But that's not what ships are built for.

Happy Trading

Bill

9-11-1998 7:11 AM

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