FuturesCom Investment Publications
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500..
Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
Bi-Weekly Investment Outlooks, Special Reports, Morning Comments
Experienced Since 1979 & Serving Professional and Individual Futures Traders World Wide since 1988
5845 Autumn Ridge Rd Lake Worth Florida 33463-6749 Voice 561-433-2995

 

"A man can have great mathematical ability and unusual power of accurate observation and yet fail in speculation unless he also possesses the experience and memory. "

-Reminiscences of a Stock operator-

Morning Comments
Wed, October 14, 19989

 

Tuesday, October 13, 1998
5:31 PM

On the Frenzied Forex Front

 

Dec. --The Monster--Japanese-Yen

Nearby Support is at 8406 to 8391 / 8388 Below that 8314 to 8300 should hold.

Resistance is at 8488 and 8558 then 8582/ 8589, beyond that 8681 offers resistance.

Dec. D-Mark Recommended position short at 6011

Early Resistance is at 6154. Above that resistance is at 6189 beyond that 6204 to 6211 should cap a rally. Support is at 6113 to 6102 and 6054 Below that 6023 should hold.. Trade accordingly...

Dec. Swiss recommended position short at 7586

Resistance is at 7649 and 7675 to 7685 /7699. Day traders can sell at 7699 for a turn lower , risk 25 pts.

Support is at 7599 to 7591 , below that 7549 and 7499 to 7491 offers good support.

Trade Accordingly

Dec. British Pound
Support
 is at 1.6960 and 1.6890 to 1.6860

Resistance is at 1.7058 and 1.7130.

Dec. Canadian Dollar

Support is at 6430, below that day traders can buy at 6413 for a bounce , risk a 25 pts. Resistance is at 6462 and 6487 then 6509. A close over 6509 is friendly for a test of 6577.

Precious Metals

Dec. Gold recommended position long at 301

Support is at 297.6 and 295.5. Below that support is at 291. Traders can Buy at 291 and risk $ 4.00

Resistance is at 299.5 to 301.4 and 305.50. 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 7290 then 7235 to 7190. Under that 7100 should hold.

Early Resistance is at 7385 however the close over 7290 is friendly for an eventual test of 7415 to 7490 .

Jan. Platinum Recommended position long 2 at 354.6 and 353.5

Support is at 341.60 and 338 Resistance is at 344.6, a close over augurs for a test of 351.6

Dec. Silver recommended position long at 505 and 499.5

On the DownSide: support is at 474.5 to 469.5 Day traders can Buy at 475, risk 10 cents. On the Upside. Nearby Resistance is at 487 However a close over 484.5 is friendly and augurs for a rally to the 501 and eventually the 514 region.

The Exciting Energies

Nov. Crude Recommended Position long at 1541 and 1522

Support is at 1421 to 1415 and 1409 day traders can buy at 1409 for a turn higher , risk 25 pts. Below that support is at 1398 to 1384.

Resistance is at 1430 to 1434 and 1448 . Beyond that good sellers should appear at 1459. A close over 1459 augurs for a test of 1505

Nov. Unleaded Gas recommended position long 3 at 4557 avg.

Nearby Support is at 4315 to 4300. Under that 4230 should hold.

Resistance is at 4365 and 4428, a close over 4428 augurs for a test of 4503 and 4585.

Trade Accordingly.

Nov. Heating Oil recommended position long at 4163 and 4250

Resistance is at 3896 and 3905 . A close over 3905 augurs for a test of 4090 and most likely the 4110 to 4120 region. Nearby Support is at 3790 below that 3705 should be considered a buying opportunity..


The Grande Grains

November Soybeans

Support is at 557 3/4 and 556 3/4 where traders should buy for a turn higher. A close under 549 is negative and augurs for a dip to 5431/4
Resistance is at 570 3/4 and 577 then 584.

For today Traders should re-establish the recommended long Nov. Beans at

558 if able, eventually our target is 583 and 602... if it can maintain a good posture over 541 to 537...stay tuned and be long...

Dec. Soybean Meal

Support is near 148.0 and 145.7 Resistance is at 153.6 and 157.

Trade Accordingly.

Dec. Soybean Oil

Support is at 2419 to 2411 and 2388

Resistance is at 2456 and 2469 then 2488.

Dec. Corn

Support is at 227 3/4 to 226 3/4 and 223 1/2 Day traders can buy at 226 1/2 for a turn higher, risk 8 cents Below that 222 1/2 should hold.

Resistance is at 232. An extended trade over 232 augurs for a test of 237...

Dec. Wheat

Resistance is at 297 1/4 and 303 1/2 to 305 then 309 1/2
Support is at 293 1/2 and 291. Day traders can buy at 294 risk 7 cents. Below that 285 should hold basis the close.

The Satisfying Softs

Dec. Cotton recommended position long at 7425 and 7256.

Support is at 7134 and 7106, below that support is at 7085 and 7065.

Resistance is 7175 to 7185 beyond that resistance is at 7260. An extended trade over 7260 augurs for a test of 7328 to 7342. Beyond that resistance is at 7414 to 7428. Traders should not rule out another test of 7675...it's more likely to occur than not...Continue to Buy this Dip.

Oct. Sugar recommended position long at 748

Support is at 763 and 754 below that 741 to 735 should hold . Day traders can buy at 739 for a good bounce, risk 20 pts.

Resistance should appear at 781. Beyond that a trade to resistance at 791 is likely , A close over 791 is friendly for a test of 812.

Dec. Coffee:

On the downside support is at 103.60 to 103.00 and 100.95 below that 99.95 should hold. On the Upside, Early Resistance is at 105.90 to 106.80 beyond that a test of 109.60 is likely.

Dec. Cocoa Recommended Position long at 1504

Support is at 1496 to 1484. Below that 1469 should hold. Resistance is at 1506 to 1509 and 1519. A close over 1519 is friendly for a test of 1529 to 1535.

Trade Accordingly.

The Lively Livestock

Dec. Cattle

Early Support is at 6562 and 6522 to 6502 where hearty day traders can buy at 6527 for a good bounce Below that support is near the 6497 to 6482 region. Under that 6430 offers support. Resistance is at 6577 to 6590 and 6622. Beyond that an eventual test of 6672 is likely if it holds...

Dec. Hogs

Support is at 4337 to 4312 and 4277. Below that 4177 should hold.

Resistance is at 4382, an extended trade over augurs for a test of 4477 and 4532.

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

Feb. Hogs
Support
 is at 4687 then 4672 to 4657 below that 4562 should hold,
Resistance is at 4762 and 4862 to 4887.

Feb. Bellies recommended position long at 4665

Nearby Support is at 5097 then 5012 , day traders can buy an early dip to 5012, put your own risk on it.. Below that 4982 and 4947 to 4912 should hold
Resistance is at 5162 then 5247 to 5282 Beyond that resistance is at 5397

-From The Frying Pan to the Fire-

 

The Sensational Stock and Bond Markets

Dec. Bonds

On The DownSide, Support is 126-30 to 126-26 Below that 125-26 should hold..
On the Upside: Resistance is at 127-26 and 128-00, beyond that resistance is at
128-26 to 128-30 where good sellers should cap a rally ...

Dec. SP500 recommended position long at 1006.70

On the DownSide, Support is at 1002.50 and 1000, below that 992.80 to 991.40 offers good support . Day traders can buy at 991.60 for a turn higher, put your own risk on it.

Under that support is at 877.70 then 983.70 to 982.20 and 977.20 to 975.20. Below that 959.10 should Hold for now on a closing basis.

On the Upside, Resistance is at 1007.30 and 1008.80. A close over 1008.80 augurs for another test of 1012.20 and 1018.50 then 1021.70, Where good sellers should show up at. Beyond that a rally to 1030 is likely. A close over 1030 augurs for a test of the 1033 to 1036 / 1037.80 region is likely.
A close over 1018.50 would indicates a test of 1030. Stay Tuned for Updates and Flashes for New Suggestions

The Dow Jones Industrial Average

Support is 7932 and 7909 below that 7864 to 7836 offers good support and should hold basis the close. Below that 7777 and 7763 offer good support.

Resistance should first appear near the 7959 region beyond that 8029 to 8044 offers resistance. A close over 8044 augurs for a test of 8093 and 8119 to 8134 Beyond that 8194 to 8223 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 October 13, 1998
6:10 PM

Copyright@1998 FuturesCom Investment Publications

All Rights Reserved

FuturesCom is Not Responsible for Transmission Errors and Omissions.

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.