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Morning Comments 6th 1998

 

 

Tuesday October 6th 1998

5:24 AM

On the Frenzied Forex Front

 

Dec. Japanese-Yen

Nearby Support is 7550 then 7513 to 7487. Below that support is at 7445.
Resistance is at 7675 to 7687. Above that good sellers should appear at 7763 to 7770. Traders should sell short at 7770 for a turn lower, risk a close over 7835 for two days in a row..

Dec. D-Mark Recommended position short at 6011

Resistance is at 6139. above that 6190 to 6203 should cap a rally the rally for now.

Support is at 6089. A close under 6089 augurs for a slip to 6035. Below that support is at 5957 to 5945. Below that support is at 5880 to 5855 Where traders can buy at 5880 and hold for higher prices.

Dec. Swiss recommended position short at 7472

Nearby Resistance is at 7523. Beyond that good sellers should appear at 7587 to 7601 Traders can go short at 7586, risk a close over 7601 for three days in a row.

Support is at 7477 then 7428 and 7414. A close under 7414 augurs for a test of 7342 to 7328. Traders should buy at 7323 for a bounce, risk 40 pts.

Trade Accordingly

Traders prepare for a weaker D-Mark and Weaker Swiss towards Mid October.

Dec. British Pound
Support
 is at 1.6644 then 1.6550. Traders should buy at 1.6550 and hold for higher prices, risking a close under 1.6420 for three days in a row.

Resistance is at 1.6860 then 1.6960 and 1.7016. Beyond that 1.7134 should cap a rally for now.

Dec. Canadian Dollar recommended position long at 6509

Support is at 6417. Then 6353

Resistance is at 6488 and 6509. Above that resistance is at 6538. Beyond that

resistance is at 6577 to 6591.

Precious Metals

Dec. Gold recommended position long at 301

Support is at 293 and 291. Traders can Buy at 291 and risk $ 4.00

Resistance is at 301 then 303.6 to 305.
A close over 304 augurs for a test of 310 to 311.4 and 314.
Traders should go long/ add if a close over 304.00 occurs.

Dec. Copper: recommended position long at 7405 and 7245

Nearby Support is at 7110 then 7040 and 6990

Early Resistance is at 7245 then 7285 to 7300. A close over 7300 augurs for a test of 7445.

Jan. Platinum Recommended position long at 354.6

Support is at 338 to 335 where it should hold.

Resistance is at 342. A close over 342 augurs for a test of 357 and 363.

Dec. Silver

On the DownSide: 499.5 Traders can buy at 499.5 for a position, hold for higher prices and stay tuned for a protective stop.

On the Upside. Nearby Resistance is at 513 then 524 and 532.

Buy this Dip...

The Exciting Energies

Nov. Crude Recommended Position long at 1541 and 1522

Support is at 1522 where it should hold. Below that support is at 1507 and 1496 to 1484. Resistance is at 1569 to 1576 a trade over 1576 indicates a test of 1597 and 1609 to 1615. Trade Accordingly

Nov. Unleaded Gas recommended position long at 4708

Nearby Support is at 4650 to 4639 and 4582, traders can buy at 4582, risk a close under 4570 for three days in a row. A failure there augurs for a test of the 4380 to 4370 where a break may stop. Traders can buy at 4380, risk a close under 4304 for three days in a row.

Resistance is at 4717 then 4781, a close over 4786 is friendly for a pop 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.

 

Traders should buy if a close over 4786 occurs...

 

Nov. Heating Oil recommended position long at 4163

Resistance is at 4246. A close over augurs for a test of 4355 and the 4419 to 4446

region. Nearby Support is at 4095. And 4040 then 3995

* A trade over 4250 is friendly, traders should go long if a trade over 4250 occurs

 

 

The Grande Grains

November Soybeans

Support is at 515 3/4 then 510. Below that support is at 503 which should stop any further Break in the mkt. If not a test of 488 is likely.

Resistance is at 522 1/ 2 and 524 3/4. A close over 524 augurs for a test of resistance at 530 1/2 and 538 , beyond that a push towards 552 is likely.

Traders should go long if a close over 524 occurs.

Dec. Soybean Meal

Support is near 128.10 and 127.2, below that 125.3 should hold.

Resistance is at 134.50 to 136.8

Trade Accordingly .

Dec. Soybean Oil recommended position long at 2530, 2446

Support is at 2392 then 2364 to 2350. A close under 2350 augurs for a test of 2322

Resistance is at 2464. A close over 2469 augurs for a test of 2512.

Dec. Corn

Support is at 207 1/2 then 206 to 205. A close under 204 augurs for a test of 199 1/2

Resistance is at 210 and 212 then 214 to 216.

Dec. Wheat

Resistance is at 289 then 295
Support is at 286 and 285 to 283 ,m below that 281 to 277 should hold.

The Satisfying Softs

Dec. Cotton recommended position long at 7340

Support is at 7287. Below that 7256 to 7242 should hold basis the close on any real sell-off. Traders can buy at 7256, risk a close under 7163 for three days in a row.

Resistance is 7428. A close over 7428 augurs for a test of 7515 and 7587 to 7601 and 7675 to 7690... traders should not rule out another test of 7675...it's more likely to occur than not...Buy this Dip.

Oct. Sugar

Support is at 717 and 712 to 704. Below that 686 to 682 should hold..

Resistance is at 739. A close over 739 is friendly for test of 757 where good resistance may appear. Beyond that 782 and 791 to 795 offers resistance .

Traders should Go long if a close over 739 occurs. Stay tuned for the stop..

Dec. Coffee: recommended position long at 102.75

On the downside, Early support is at 103.20 and 102.6. Below that support is at 100.55 then 9995 / 9920. A extended close Under 9990 augurs for a test of 9860 to 9820 , Below that 9735 to 9705 should hold.

On the Upside, Early Resistance is at 104.60 to 105.00 to 105.80 then 106.80 . Beyond that resistance is at 108.30 and 109.60 to 110.10 and 113. to 113.60

Dec. Cocoa

Support is at 1504 then 1496. A close under 1496 augurs for a test of 1459 to 1453 where it should hold. Traders can Buy at 1504, risk a close under 1484.

Resistance is at 1540 and 1554. Beyond that 1569 to 1576 offers resistance.

Trade Accordingly.

The Lively Livestock

Dec. Cattle recommended position long at 6197

Support is at 6197 then 6162. And 6117 to 6122.
Resistance is at 6250 and 6287 then 6347.
Aggressive Traders can add /go long using a 6262 Buy Stop, risk a close under 6192 for two days in a row

 

Dec. Hogs recommended position long at 3927

Support is at 3817 to 3797 should hold. Below that 3752 offers support Traders should Resistance is at 3852 and 3907 then 3952

Recommended Spread Long 5 Feb. Hogs, Short 5 April
-135 Feb. under April.

Feb. hogs

Support is at 4187 below that 4117 should hold. Traders can go long at 4117 and gold for the Pull into Feb....

Resistance is at 4222 and 4317 , a close over 4317 is friendly for a test of 4417 and eventually 4572. Traders should go long if a close over 4317 occurs.

 

Feb. Bellies recommended position long at 4825(2), 4665,4870(2)

Nearby Support is at 4425 4327 then 4177 to 4127 region. Where it should hold.

Resistance is at 4477. A close over 4477 is friendly for a test of 4562 then 4627

tuned for Updates --From the Frying Pan into the Fire--

 

The Sensational Stock and Bond Markets

Dec. Bonds

On The DownSide, Support is 133-24 and 133-20, a close under 133-19 augurs for a test of 132-06 On the Upside: Resistance is at 134-22 and 135-12 which should cap a rally for a bit. Traders can sell short at 135-12, risk 25 pts.

Dec. SP500 recommended position long at 1057.20 and 1006.70

On the DownSide, Support is at Below that 1005.0 to 1000 Below that support is at 993.70 to 992.10. and 990.8 Below that 977.90 to 974.80 should Hold for now on a closing basis.

On the Upside, Resistance is at 1006.80 and 1009.90 , a close over 1009.90 augurs for a test of 1018.50 and 1022.70 , A close over 1022.70 augurs for a test of 1032 and 1036 then 1038 Where good sellers should show up at. An extended trade or close over 1038 augurs for a test of the 1047.50 region.

Stay Tuned for Updates and Flashes for New Suggestions

 

The Dow Jones Industrial Average

Support is 7689 to 7675 then 7641 and 7601 to 7587, below that 7501 to 7486/ 7470 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 7763 to 7777, a close over 7777 id friendly for a rally to 7822,50 and 7836 to 7864. A close over 7864 augurs for a test of 7928 then 7939 to 7954. Beyond that resistance is near 8029 to 8044. 8194 to 8223 region which should cap a rally for now.

 

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

 

Happy Trading

Bill


Tuesday
 Oct. 06 1998

06:55 AM

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