FuturesCom Investment Publications
Morning Comments Oct 27 1998
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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"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-

10/27/98 9:50:44 PM

* FuturesCom's Bi-weekly Investment Outlook II will be released on Saturday


On the Frenzied Forex Front

Dec. Japanese-Yen recommended position long at 8664

On the DownSide support is 8499 to 8484. Below that 8456 should hold.
Day traders can buy at 8484 for a bounce , risk 50 pts.

On the Upside resistance is at 8556 to 8563, a close over 8563 augurs for a test of 8655,....patience

Dec. D-Mark Recommended position short at 6011

Resistance is at 6074 and 6101 and 6120. Day traders can sell at 6074 for a turn lower, risk a trade over 6109 Support is at 6035 below that support is at support is at 6024 then 5957 to 5945 and 5927, where traders can buy at 5957 and hold for higher prices.

Dec. Swiss

Resistance is at 7483 to 7486 Day traders can sell an early rally to 7483. Above that resistance is at 7520 to 7533.

On the DownSide Support should appear 7433 and 7420 to 7414. Below that Traders can buy at 7342 for a good bounce, risk a close under 7328 for three days in a row.

Trade Accordingly

Dec. British Pound recommended position long at 1.6890
Support is at 1.6680 and 1.6550, Resistance is at 1.6780 then 1.6844 and 1.6890

Dec. Canadian Dollar

Support is at 6483 and 6447, day traders can buy at 6447 risk 50 pts.
Resistance is at 6496 and 6516. A close over 6516 augurs for a test of 6546. 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 292.2 to 290.5 Resistance is at 295.8 and 297.60.

Dec. Copper: Recommended position long at 7390

Nearby Support is at 7090 and 7055 then 6910
Day traders can buy at 7090 , risk 125 pts.

Resistance is at 7145 a close over 7145 augurs for a test of 7350 then 7450.

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

Support is at 341.9 and 339.5 Resistance is at 346 and 349.

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

On the DownSide: Support is at 495.5, day traders can buy at 495.50, below that support is at 488 and 481. On the Upside. Resistance is at 500 and 506 a close over 506 is friendly for a spurt towards 533.

Be long...

The Exciting Energies

Dec. Crude Recommended Position long 2 at 1439

Support is at 1411 then 1408 and 1383 where it should hold.
Resistance is at 1421 beyond that a test of 1433 is likely , a close over 1433 is friendly for a pop to 1452 . Trade Accordingly

Dec. Unleaded Gas recommended position long 3 at 4430.

Support is at 4285 and 4255 day traders can buy at 4285 for a quick bounce
risk 80 pts. Below that support is at 4180.
Resistance is at 4380 and 4455 to 4480. A close over 4455 augurs for a test of 4575.

Dec. Heating Oil Recommended Position Long at 3870.
Resistance
 is at 4005 and 4065, a close over 4065 is friendly and augurs for an eventual test of 4175 On the DownSide support is at 3970 and 3915 where it should hold today.

The Grande Grains

November Soybeans Recommended position long at 558 and 546

Support is at 546. Below that 543 should hold.

Resistance is at 549. A close over 549 augurs for a test of 562.

Dec. Soybean Meal recommended position long at 138.3

Support is near 139.1, under that 136 should hold. Resistance is at 141.7 and 146.5

Dec. Soybean Oil

Support is 2442 and 2421 to 2411

Resistance is at 2461 to 2470. A close over 2470 augurs for a test of 2492 and 2512..

Dec. Corn Recommended position long at 219
Support
 is at 217 1/2 and 215 3/4 to 214 1/2

Resistance is at 220 1/2 and 224 1/2

Dec. Wheat recommended position long at 290
Resistance
 is at 298 1/2 and 300 1/4 Beyond that resistance is at 306.

Support is at 294 1/2 then 288 3/4

Trade Accordingly...

The Satisfying Softs

Dec. Cotton recommended position long at 7425, 7256, 6755, and 6885

Support is at 6755 to 6745 and 6675

Resistance is 6809 then 6835. A close over 6835 is friendly and augurs for a test of 6910 and 6990 to 7003.

March Sugar Recommended position long at 786

Support is at 745 and 740 to 735 where it should hold. Day traders can buy at 739 risk a trade under 720. Below that support is at 712.

Resistance is at 763 to 767 and 775 where sellers should appear.

Dec. Coffee:

On the downside, Support is at 104-80 and 103.60 to 103.20 Below that 102.30 should hold.

On the Upside, Early Resistance is at 105.80. An extended trade over or close over 105.80 augurs for test of 106.80 to 107.20.

Dec. Cocoa

Support is at 1496 and 1490 to 1484 where it should hold.

Resistance is at 1515 then 1529 to 1535 and 1540.

The Lively Livestock

Dec. Cattle

Nearby Support is at 6557 and 6512 to 6487.

Day traders can Buy at 6557 for a turn higher, risk 80 pts.

Resistance is at 6577 and 6592, beyond that a test of 6622 is likely .

Dec. Hogs

Support is at 3982 to 3972 and 3922. Day Traders should Go long at 3922 for a good bounce , risk 50pts. Under that support is at 3842 to 3822. Hearty Day Traders should Buy Dec. hogs at 3822.. Resistance is at 3992 and 4022. An extended trade over 4022 is friendly and augurs for a test of 4042 and 4122. Day Traders can sell an early rally at 4122 , risk 70 pts.

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

Feb. hogs Recommended position long at 4410

Support is at 4447 and 4432, day traders can buy at 4432 for a bounce. Below that 4342 to 4332 offers good support.

Resistance is at 4502 then 4532 to 4542.. beyond that a trade to 4572 is likely.

Feb. Bellies recommended position long at 5030

Nearby Support is at 4857 and 4832 below that 4787 to 4772 offers support as does 4717 to 4682 and 4612.

Stay tuned.. Resistance is at 4907 and 4915 to 4927. An extended trade over 4927 augurs for another test of 4972 to 4982 beyond that resistance is at 5052 to 5062 and 5132 Buy this Dip.

-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, support is at 129-01, under that 128-16 should hold.

If that fails a slip to 128-01 is likely.

On the Upside: Resistance is at 130-01 and 130-16 , a close over 130-16 augurs for a test of 131-01.

Dec. SP500

On the DownSide, Support is at 1072.10 to 1071.10 Day traders should buy at 1071.10 for a bounce.. put your own risk on it... Below that support is at 1069.30 and 1068/1067.10 then 1063 An extended slip under 1063 augurs for a test of 1058 to 1057 and 1047.00 Below at 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, Resistance is at 1077 and 1082 Where good sellers should show up at. An extended trade or close over 1082 augurs for another test of 1090.80 and most likely 1096 and 1101 to 1104.10. Which we still feel is more likely to happen than not.

A close over 1104.10 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 8320 and 8314 to 8300 below that good support should appear at 8223 to 8194 Where it should hold basis the close.

Resistance should first appear at 8391 and 8406, a trade over 8406 is friendly and indicates a test of 8444 then 8484 to 8499. Beyond that resistance is at 8560 and 8584.

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

Happy Trading

Bill

10/27/98 11:26:20 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.