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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.


Tuesday October 20th 1998

05:01 AM

On the Frenzied Forex Front

Dec. Japanese-Yen

Support is 8664. Traders can go long at 8664 for a turn higher. Risk a close under 8589 for three days in a row. Below that support is at 8516 and 8499 to 8485 under that 8406 should hold.
Resistance is at 8715 and 8777 then 8815 and 8849, a close over 8849 augurs for a test of 8934 and 8996. Beyond that resistance is at 9044 to 9060. Above that good sellers should appear at 9140 to 9156. Traders should sell short at 9140 for a turn lower, risk a close over 9156 for two days in a row..

Dec. D-Mark Recommended position short at 6011

Resistance is at 6154 and 6163, a close over augurs for a test of 6204

Support is at 6113 to 6104, below that 6063 to 6054 should hold today. A close under 6054 augurs for a test of 6035 to 6023.

Dec. Swiss Recommended Position Short 7586

Resistance is at 7587 and 7601 to 7613. Beyond that resistance is at 7659 to 7670 and 7689.

On the DownSide good Support should appear 7563, a slip under augurs for a test of 7513 to 7486. Below that support is at 7463

Trade Accordingly

Dec. British Pound
Support is at 1.6890. Traders should buy at 1.6890 and hold for higher prices, risking a close under 1.6808 for three days in a row. Below that support is at 1.6730.

Resistance is at 1.7052 and 1.7116 to 1.7134, A close over 1.71540 augurs for a test of the 1.7310 to 1.7380 region which should cap a rally for now. Traders can sell short at 1.7310 risk a close over 1.7400 for two days in a row.

Dec. Canadian Dollar

Support is at 6459 and 6425. Traders can buy at 6422, risk a close under 6417 for three days in a row. Below that 6350 to 6337 should hold.
Resistance is at 6483 and 6509. Above that resistance is at 6525. A close over 6525 augurs for a test of 6577 to 6591. Beyond that 6673 offers resistance. Traders can sell at 6673 for a turn lower, risk a close over 6741.

 

Precious Metals

Dec. Gold Recommended position Long at 301 and 298.10

Support is at 297.20 and 295.60., Day Traders can buy at 295.60. risk 3.00
Below that support is at 294 and 288.2

Resistance is at 298.20 to 300.80 . A close over 298.50 augurs for another test of the 303.60 region

**Traders should go long/ add if a close over 303.60 occurs.

Dec. Copper: Recommended position long at 7390

Nearby Support is at 7335 to 7320, day traders can buy at 7320 for a bounce, risk 100 pts. Below that 7255 to 7240 should hold.

Resistance is at 7435 and 7510 to 7530. A close over 7530 augurs for a test of 7610 and 7650 to 7710. A close over 7710 indicates a trade higher towards resistance at 7770 then 7910 to 7945...
* Traders should go long if a close over 7510 occurs..

Jan. Platinum Recommended position long (2 )354.6 and 353.5.

Support is at 335 and 332 Resistance is at 339.5 and 344. A close over 344 augurs for a test of 350. Beyond that a trade to 356 is likely.

Dec. Silver recommended position long at 505, 499.5 and (2) 483.5

On the DownSide: Support is at 483.5 to 482.5. Day traders should Buy Dec. Silver at 484 and risk 7 cents. Below that good buyers should appear at 471.5 to 469.5.
On the Upside. Nearby Resistance is at 492, a close over 492 is friendly for a spurt

towards 506 then 520 to 523.

Trade Accordingly.

The Exciting Energies

Dec. Crude Recommended Position long 2 at 1439

Support is at 1348 and 1333 to 1323 region. Under that 1310 to 1304 should hold.
Resistance is at 1373 and 1381 to 1383.

Trade Accordingly

Dec. Unleaded Gas recommended position long 3 at 4430.

Support is at 4140 day traders can buy at 4145, risk 50 pts.

Resistance is at 4240 and 4340.

Dec. Heating Oil Recommended Position Long 2 at 4000 and 3870

Resistance is at 3895 and 3945. A close over 3945 augurs for a test of 4040

On the DownSide Traders should consider this slip to the 3880 region as a buying
opportunity and go long at 3870 or better.. Below that support is at 3780 and 3745

 

The Grande Grains

November Soybeans Recommended position long at 558.

Support is at 548 1/2 and 545 1/2 to 544. Traders can buy at 546 for a turn higher,
Risk a close under 530 for two days in a row.

Resistance is at 554 1/2 and 559 to 561 1/2. A close over 561 augurs for a test of 572 to 573. Beyond that a test of 583 to 586 is likely. Be long.

Traders should go long. Add if a close over 561 occurs...

Dec. Soybean Meal

Support is near 138.2 Traders can go long at 138.3 for a good bounce, risk a close

under 131. 0 Resistance is at 140.4 and 146.1.

Dec. Soybean Oil recommended position long at 2469

Support is at 2477 then 2469 to 2461. Day traders can buy at 2477 , risk 30 pts.
Resistance is at 2501 then 2513 to 2522. A close 2513 augurs for a test of 2552 to 2568

Dec. Corn

Support is at 219 3/4 to 218. Traders can go long at 219 with both hands, risk a close under 218 for two days in row.

Resistance is at 223 1/2 and 228 1/2 to 229 1/2. A close over 229 3/4 indicates at test of 233 to then 239. Traders can go short at 239, and hold for lower prices.

Dec. Wheat

Resistance is at 296 1/2 and 298 3/4. Beyond that resistance is at 303 3/4 to 304 1/2.

Support is at 292 1/2 and 290 1/2. Traders can buy at 293 for a turn higher, risk a close under 286 for two days in a row.

Trade Accordingly...

The Satisfying Softs

Dec. Cotton recommended position long at 7425, 7256 and 6755

Support is at 6761 and 6742, if that fails the 6720 to 6705 region should attract buyers.

If that fails a decline to 6590 to 6550 should hold.

Resistance is 6844 to 6860. A close over 6844 augurs for a test of 7050. Beyond that

resistance at 7150 and 7235.

* Traders should go long if a close over 6865 occurs.

Oct. Sugar Recommended position long at 786

Support is at 754 and it should hold. Day traders can buy at 754 risk a trade under 734. Resistance is at 763 and 767, a close over 767 is friendly for test of the 783 where sellers should appear.

Dec. Coffee:

On the downside, Support is at 106.50 and 106.30 , under that support is at 105.80. Day Traders can buy at 105.80. risk 100 pts. Below that 103.95 offers good support. Under that support is at 102.70 and 101.05 then 9995 / 9920. A extended close Under 9990 augurs for a test of 9860 to 9820 ,

On the Upside, Early Resistance is at 107.40. A close over 107.40 augurs for test of 109.00 and 109.60 to 110.10. Beyond that resistance is at 113. to 113.60 then 115.10 and 116.40 to 116.90 Traders can Go Short at 116.40, risk a close over 119.20 for three days in a row.

Dec. Cocoa recommended position long at 1535.

Support is at 1535 to 1529 and 1527. A close under 1527 augurs for a test of 1496 to 1491 and 1484 where it should hold.

Resistance is at 1550. Beyond that 1569 to 1576 offers resistance. A close over 1576 augurs for a test of 1595 then 1609/ 1615 to 1625.

**Traders should go long / add if a close over 1576 occurs.

 

The Lively Livestock

Dec. Cattle 

Support is at 6577 to 6567 and 6537. Day traders can Buy at 6567 , risk a trade under 6502. Below that support is at 6497 to 6472. An extended trade or close under 6472 augurs for a slip to 6427 to 6417 if that occurs traders should be prepared to buy at 6417 for a bounce, risk a close under 6337 for three days in a row.

Resistance is at 6627. A close over 6627 augurs for an eventual test of 6672 to 6682 and 6742. Beyond that a test of 6812 is likely.

Dec. Hogs Recommended position long at 4080

Support is at 3997 to 3992. Traders should Go long at 3992 and risk a close under 3902 for three days in a row. Where support should appear at 3897.
Day Traders can Buy an early Dip to 3907 with both hands, then hold for higher prices.

Resistance is at 4047 to 4057 then 4097. A close over 4097 augurs for a test of the 4197.

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

Feb. hogs Recommended position long at 4410

Support is at 4392 and 4377. Below that 4317 to 4307 and 4247 to 4237 should hold.

Resistance is at 4427 , an extended trade over augurs for a test of 4447 and 4467 then 4492. A close over 4492 augurs for a test of 4582.

Feb. Bellies recommended position long at 4665 and 4662.

Nearby Support is at 4582 to 4572 and 4512 Where it should hold today . Day Traders should Buy at 4512 and risk 50 pts. Under that a decline to the 4362 should hold for a few days.
Resistance is at 44652 to 4662 and 47695 to 4717 . A close over 4717 augurs for a test of 4812. Stay tuned for Updates in the Meat Complex..

--From the Frying Pan into the Fire--

The Sensational Stock and Bond Markets

Dec. Bonds

On The DownSide, Nearby Support is at 129-02 to 128-28 /128-26. Traders can buy at 128-26 for a two day bounce, risk a close under 128-06 for two days in a row. Below that support is at 127-27 and 127-17 then 127-04.

On the Upside: Resistance is at 129-29 and 130-06 , beyond that sellers should appear at 130-24 to 130-29. Above that resistance is at 131-11 then 131-28 to 132-09. which should cap a rally for a bit. Traders can sell short 132-09, risk a close over 133-02 for two days in a row.

Dec. SP500 Recommended Position long at 1063.80

On the DownSide, Support is at 1071.70 to 1072.10 , aggressive day Traders can go long at 1072.30, put your own risk on it...Below that 1068 and 1063 to 1062.55 then 1058 offer support. An extended slip under 1058 augurs for a test of 1047.00 Below that 1039.40 to 1038.00 and 1036 should hold. Traders can Buy at 1039.40 and Hold.....A close under 1036 indicates a test of 1030. Below that support is at 1021.90 and 1018.50 , under that 1008.60 should contain a break...for now on a closing basis.

On the Upside, A close over 1072.10 augurs for a test of 1082 and 1086.90 Where good sellers should show up at. Early Resistance is at and 1076.40.  An extended trade or close over 1087 augurs for a test of the 1096 and 1101 to 1102.20. A close over 1102.50 augurs for a likely test of 1110.40 and 1115.50 to 1118.20. A close over 1115.50 augurs for an eventual test of 1130 to 1136 Which should cap a rally, Traders can sell short at 1133.50. Initially Plan on Risking a close over 1136 for three days in a row., Stay Tuned for Updates and Flashes...

The Dow Jones Industrial Average

Support is 8406 then 8399.95 to 8391, a slip under 8390 augurs for a test of 8324 and 83214 to 8300 A close under 8324 augurs for a test of 8223 to 8194 then 8141 to 8134 and 8119 where it should hold basis the close. However a close under 8119 augurs for a test of 8044 to 8029 which should stop a decline for now.

Resistance should first appear at 8484 to 8499 and 8529.5. A close over 8530 augurs for a test of 8560 to 8589 then 8668 and the 8683 to 8691 region . Beyond that 8762 to 8777 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. 20 1998
06:15 AM
 

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