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Thursday Oct. 1 1998

6:30 AM

On the Frenzied Forex Front

 

Dec. Japanese-Yen recommended position long at 7489
Support
 is 7413 and 7407. Below that 7342 to 7328 should hold. Traders can go long at 7342, risk a close under 7326 for three days in a row.

Resistance is at 7501 and 7520. Above that resistance is at 7544 then 7587 to 7601 and 7675 to 7685. Traders can short at 7685 for a turn

Dec. D-Mark Recommended position short at 5945, 2 at 6011

Resistance is at 6079 and 6101

Nearby Support is at 6023 then 5983 and 5957.

Dec. Swiss

Nearby Resistance is at 7414 to 7428.Support is at 7242 to 7324 and 7282.

Trade Accordingly

Dec. British Pound recommended position short at 1.6890Support is at 1.6960. A close under 1.6960 indicates a test of 1.6744 to 1.6720 is likely.Resistance is at 1.7072 to 1.7120

Dec. Canadian Dollar

Support is at 6509 to 6483.Resistance is at 6591 and 6609.

Precious Metals

Dec. Gold

Support is at 298.4 then 295.70 and 294.90. then 293. Beneath that support is at 290.1 then 287.3 and 284. Traders can buy at 284. Initially plan to risk a close under 282 for three days in a row. Resistance is at 303.6 and 308

Dec. Copper: recommended position long at 7405

Nearby Support is at 7255 to 7240. A close under 7240 augurs for a test the 7175 to 7143 region where traders can buy at 7175, risk a close under 7070 for three days in a row.

Resistance is at 7435 and 7515. Beyond that resistance is at 7675 to 7690. A close over 7690 indicates a trade higher towards resistance at 7755 to 7770 and 7810.

Jan. Platinum Recommended position long 2 at 354.60
Nearby Support is at 347.5 and 343.50 where it should hold basis the close.
Resistance is at 358.5 and 361.
Eventually we see a test of 380 for Jan Platinum...if it holds. Be Long...

Dec. Silver recommended position long at 533

On the DownSide: Support is at 533 and 531 to 530. Below that support is at 523 to 519 then 512. On the Upside. Nearby Resistance is at 542 to 546 a close over 546 is friendly for a spurt to 559 to 565

The Exciting Energies

Nov. Crude

Early Support is at 1593 and 1582 then 1567 and 1541 to 1535 where it should hold. Traders should consider buying at 1541 for a good bounce. Below that support is at 1529 and 1504 to 1496. Traders can buy at 1504, risk a close under 1484 for three days in a row. Resistance is at 1634 to 1642 then 1655

Trade Accordingly

Nov. Unleaded Gas recommended position long at 4513

Nearby Support is at 4615 and 4565. Below that support is at 4496 then 4446. A failure there on the close augurs for a test of the 4380 to 4370 then 4315 to 4304 where a break may stop. Traders can buy at 4315, risk a close under 4163 for three days in a row. Resistance is at 4717 and 4775 to 4845. Above that resistance is near 4915 to 4926 and 4970 to 4995. Traders can go short at 4995 for a turn lower, risk a close over 5057 for two days in a row. Trade Accordingly.

 

 

Nov. Heating Oil

Resistance is at 4420. A close over 4425 augurs for a test of 4505 to 4515.

Support is at 4295 then 4225. Below that support is at 4205 and 4187. Traders should consider a slip to the 4205 region as a buying opportunity.

 

The Grande Grains

November Soybeans

Support is at 519. Below that good support is at 517. Traders can buy at 517 1/2 for a 2-day bounce, Risk 8 cents. Resistance is at 526 then 535 3/4 to 536 1/2

Dec. Soybean Meal Recommended long 143.80 and 138.30

Support is near 128.8 and 124 Resistance is at 135.4 beyond that good sellers should appear at 138.5 ...Trade Accordingly.

Dec. Soybean Oil recommended position long at 2530 and 2446

Support is at 2423 to 2411. Resistance is at 2454 and 2469. 

Dec. Corn

Support is at 209. A close under 209 augurs for a test of 204 1/4 Resistance is at 213 1/4. A close over 213 1/4 indicates at test of 218 to 220.. if it holds and it should
be long...

Dec. Wheat

Resistance is at 273 1/2 and 275 then 279

Good Support is at 269 and 262 to 261 1/4

Traders can buy at 262, risk a close under 255 for three days in a row. Below that

support is at 249 1/2 and 246.

 

The Satisfying Softs

Dec. Cotton

Early Support is at 7256 to 7242 where it should hold basis the close on any real sell-off. Resistance is 7335 then 7415 and 7485. Buy this Dip..

March Sugar
Support is at 767 and 761. A close under 757 augurs for a slip to 739.

Resistance is at 787 and 791.

Dec. Coffee: Recommended Position Long at 111.20

On the downside, Early support is at 104.60. Below that support is at 104.20 and 103.60 to 103.20. On the Upside, Early resistance is at 105.80 and 106.80 a close over 107.10 is friendly for a rally to 109.60 .... Stay Tuned.

Dec. Cocoa

Support is at 1496 and 1484 to 1472..

Resistance is at 1529 and 1535.

 

The Lively Livestock

Dec. Cattle

Support is at 6112 Resistance is at 6222 and 6272.

Dec. Hogs

Support is at 4037 and 4022. Below that Traders should buy at 3927 for a turn higher, risk a close under 3907 for three days in a row. Below that 3842 to 3827 should hold.

Resistance is at 4137 then 4172 and 4222 to 4237

Feb. Bellies: Recommended position long at 5500, 5500, 2 at 4825 ,4665 2 at 4870

Nearby Support is at 4592 and 4502 traders should buy at 4592 for a two day bounce, Risk a close under 4502. Below that support is near the 4442 and 4432 to 4427 region. Under that 4382 to 4370 and 4317 to 4305 offers good supports as does 4252. Where it should hold.

Resistance is at 4775 to 4787 then 4802. A close over 4807 is friendly for a test of 4892. Beyond that resistance is at 4917 to 4927. A close over 4927 augurs for a thrust towards 5152 and 5202 to 5222. Stay tuned for Updates

--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, Nearby Support is 130-27 and 130-14
On the Upside: Resistance is at 131-28 to 132-01

Dec. SP500 recommended position long at 1057.20

On the DownSide, Support is at 1005.80 and it should hold. Below that support is at 1000 then 993.70 to 992.10. Below that 973.70 to 970.60 should Hold for now on a closing basis.

On the Upside, Resistance is at 1018,50 and 1025.50 then 1030 and 1033 to 1036 then 1037.90 Where good sellers should show up at. An extended trade or close over 1037.90 augurs for a test of the 1043.90 and 1047.50 regions. A close over 1047.50 augurs for a test of 1051 and 1053.90 above that a test of 1058 is likely.

The Dow Jones Industrial Average

Support is 7501 to 7486 and should hold basis the close. However a close under 7486 augurs for a test of 7428 to 7414 then 7342 to 7328. Below that 7292 and 7256 should stop a decline for now. Resistance should first appear at 7601 then 7683 and 7763 to 7770.

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

Happy Trading

Bill

Thurs. Oct. 1 1998

7:30 AM

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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.