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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.

Morning Comments
Thurs. October 15, 1998

Wed, October 14, 1998
5:31 PM

On the Frenzied Forex Front

Dec. --The Monster--Japanese-Yen

Nearby Support is at 8495 to 8484 Below that 8448 should hold.

Resistance is at 8544 then 8560 to 8589 and 8595 beyond that 8683 offers resistance.

Dec. D-Mark Recommended position short at 6011

Early Resistance is at 6155. Above that resistance is at 6189 beyond that 6204 to 6211 should cap a rally. Support is at 6113 to 6107 and 6054 Below that 6023 should hold.. Trade accordingly...

Dec. Swiss recommended position short at 7586

Resistance is at 7584 and 7601. Day traders can sell at 7601 for a turn lower , risk
25 pts. Support is at 7513 to 7503, below that 7453 offers good support.
Trade Accordingly

Dec. British Pound
Support is at 1.6960 to 1.6948 and 1.6890 to 1.6860

Resistance is at 1.7048 and 1.7130.

Dec. Canadian Dollar

Support is at 6480 and 6465 Resistance is at 6509 to 6515. A close over 6509 is friendly for a test of 6565.

Precious Metals

Dec. Gold recommended position long at 301

Support is at 296.1 Below that support is at 291. Traders can Buy at 291 and risk
$ 4.00 Resistance is at 299.9 and 306.10. 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

Support is at 7255 to 7240. Under that 7205 should hold.

Resistance is at 7295. A close over 7295 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 338 and 334 Resistance is at 342.1 and 344 a close over augurs for a test of 352.0

Dec. Silver recommended position long at 505 and 499.5

On the DownSide: support is at 476.5 to 469.5 Day traders can Buy at 477, 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 497 and eventually the 516 region.

The Exciting Energies

Nov. Crude Recommended Position long at 1541 and 1522

Support is at 1395 and 1386. Below that support is at 1378.

Resistance is at 1411 and 1426 then 1436 to 1445.

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

Nearby Support is at 4350 then 4315 to 4300. Under that 4230 should hold.

Resistance is at 4435, a close over 4435 augurs for a test of 4503 and 4585.

Trade Accordingly.

Nov. Heating Oil recommended position long at 4163 and 4250

Resistance is at 3875 and 3915. A close over 3890 augurs for a test of 4090.

Nearby Support is at 3765 below that 3715 to 3695 should be considered a buying opportunity..

The Grande Grains

November Soybeans Recommended Position Long at 558

Support is at 555 1/4 and 550 3/4 below that 548 to 543 should hold.
Resistance is at 557 1/2 and 561, a close over 558 augurs for a test of 571 to 576 and eventually 583.

Dec. Soybean Meal

Support is near 140.9 and 137.8 Resistance is at 145.8 and 148.2

Trade Accordingly.

Dec. Soybean Oil

Support is at 2419 to 2411 and 2391

Resistance is at 2436 and 2469 then 2491.

Dec. Corn

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

Resistance is at 231 and 232 1/2 An extended trade over 231 augurs for a test of 237.

Dec. Wheat

Resistance is at 297 1/2 and 303 1/2 to 305
Support is at 293 and 291 1/2 Day traders can buy at 292 risk 5 cents. Below that

285 1/2 should hold basis the close.

The Satisfying Softs

Dec. Cotton recommended position long at 7425 and 7256.

Support is at 7141 and 7106, below that support is at 7091 and 7045.

Resistance is 7149 then 7174 to 7191 beyond that resistance is at 7240. An extended trade over 7240 augurs for a test of 7328 to 7342. 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 767 and 763 below that 744 to 735 should hold.

Resistance should appear at 784. Beyond that a trade to resistance at 791 is likely ,

A close over 791 is friendly for a test of 805 then 814 to 823

Dec. Coffee:

On the downside support is at 103.60 to 103.00 and 101.05.
On the Upside, Early Resistance is at 105.80 and 106.05 then 106.80 beyond that a test of 108.20 to 108.50 is likely.

Dec. Cocoa

Support is at 1521 and 1513 then 1504. Below that 1484 should hold. Resistance is at 1529 and 1535. A close over 1535 is friendly for a test of 1569 to 1576

Trade Accordingly.

The Lively Livestock

Dec. Cattle

Early Support is at 6522 and 6492. Hearty day traders can buy at 6522 for a bounce. Below that support is near 6482 and 6430.
Resistance is at 6577 to 6582 and 6622. Beyond that an eventual test of 6672 is likely if it holds...

Dec. Hogs

Support is at 4182 and 4127 then 4087. Day traders can buy at 4127 for a bounce.

Resistance is at 4282 and 4322 , day traders can sell at 4322 for a turn lower .An
extended trade over 4322 augurs for a test of 4382.

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

Feb. Hogs
Support is at 4570 4477 to 4472 , day traders can buy at 4472 for a good bounce. Risk 50 pts Resistance is at 4672 and 4770. Day traders can sell at 4672 for a turn lower , risk 80 pts.

Feb. Bellies recommended position long at 4665

Nearby Support is at 4797 then 4717 and 4677 to 4652 day traders can buy an early dip to 4652, put your own risk on it.. Below that 4552 should hold
Resistance is at 4855 then 4952 to 4975 Beyond that resistance is at 5052

-From The Frying Pan to the Fire-

The Sensational Stock and Bond Markets

Dec. Bonds

On The DownSide, Support is 128-29 to 128-27 Below that 128-17 should hold..If not a slip to 127-27 is likely.
On the Upside: Resistance is at 129-27 and 130-03, beyond that resistance is at
130-27 to 130-29 where good sellers should cap a rally ...

Dec. SP500 recommended position long at 1006.70

On the DownSide, Support is at 1008.70 and 1007.40 , under that 1005 to 1002.50 and 1000 offer support. Below that 992.80 to 991.40 offers good support .

On the Upside, Resistance is at 1017.30 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 7954 and 7939 then 7932 where good support rests.. 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 8001 then 8029 to 8044. 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

Wednesday, October 14, 1998
8:22:18 PM

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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.