FuturesCom Investment Publications
Morning Comments Nov 06 1998
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
Featuring Bi-Weekly Investment Outlooks, Special Reports, Morning Comments
Experienced Since 1979 & Serving Professional and Individual Futures Traders World Wide since 1988
5845 Autumn Ridge R
d Lake Worth Florida 33463 USA   561-433-2995 http://www.futurescom.com 



Friday, November 06, 1998
4:10:00 AM

On the Frenzied Forex Front

Dec. Japanese-Yen recommended position long at 8499

Support is 8506 to 8499 then 8484. Under that buyers should appear at 8463. Below that support should hold at 8406 to 8391.

Resistance is at 8560 to 8589 then 8665 to 8690 and 8777.

Dec. D-Mark recommend position long at 5998

Resistance is at 6048 and 6069. A close over 6048 augurs for a test of 6101. Beyond that Traders can sell at 6165 for a turn lower, risk a close over 6190 for two days in a row. Beyond that a test of 6257 to 6270 is likely.

Support is at 6023 and 5998 then 5977 to 5969. Below that support is at 5948 and 5880. Hearty traders can buy at 5880 and hold for higher prices.

Dec. Swiss recommended position long at 7342

Resistance is at 7357 and 7369 then 7407 to 7414 /7428.

*Traders should go long if a close a close over 7443 occurs.

Support is at 7342 to 7328 Below that 7307 should hold basis the close for a bit.

Trade Accordingly

Dec. British Pound recommended position long at 1.6890 and 1.6550

Support is at 1.6550 then 1.6420 and 1.6260

Resistance is at 1.6620. A close over 1.6620 augurs for an eventual test of 1.6720 and 1.6890.

Dec. Canadian Dollar

Support is at 6519 then 6509. Resistance is at 6569 and 6591

Precious Metals

Dec. Gold Recommended position Long at 301, 298.10,294.80

Support is at 293.7 and 292.5 then 289 and 288.30.
Traders can Buy at 288.30 and risk a close under 282.10 for three days in a row.

Resistance is at 294.90 and 295.70 then 297.10

Dec. Copper: Recommended position long at 7390

Nearby Support is at 7280 and 7215 to 7205. Below that Traders can buy at 7115 for a turn higher. Risk a close under 6970 for two days in a row.

Resistance is at 7335 then 7365 and 7485.

* Traders should go long if a close over 7415 occurs.

Jan. Platinum

Support is at 343.8 and 339.5 where it should hold basis the close.

Resistance is at 351.0 and 354.

 

 

Dec. Silver recommended position long at 502.5

On the DownSide: Support is at 498.5 to 494.5 under that 483 should hold..

On the Upside. Nearby Resistance is at 505.5 and 510, beyond that a test of 519 to 524 is likely. *Traders should go long if a close over 508 occurs.

Trade Accordingly.


The Exciting Energies

Dec. Crude Recommended Position long 2 at 1439

Nearby Support is 1383 to 1377 Under that 1346 should hold. Day traders can buy at 1377 for a bounce. .Risk 30 cents. Buy this dip..

Resistance is at 1397 and 1414 then 1421.. A close over 1421 augurs for a test of resistance at 1436 and 1445 Trade Accordingly

Dec. Unleaded Gas recommended position long 3 at 4430.

Support is at 4230 and 4180 to 4155 then 4130, day traders can buy at 4185, risk 100 pts. Resistance is at 4330 to 4355 and 4430.

 

Dec. Heating Oil recommended position long at 3930

Resistance is at 3995 and 4065.

Support is at 3865 and 3835 to 3805.

Traders should buy at 3815, risk a close under 3790 for three days in a row.

The Grande Grains

January Soybeans Recommended Position long at 565 1/2

Support is at 564 1/2 to 563. Day traders can buy at 563 1/2, risk 5 cents.

Below that 550 to 548 1/2 should hold.

Resistance is at 571 1/2 and 575, beyond that 577 offers good resistance A close over 576 augurs for a test of 589 and 597. Buy Dips

Traders should go long. Add if a close over 576 occurs...

 

Dec. Soybean Meal recommended position long at 141.5

Support is at 141.6 and 140. Resistance is at 143.8 beyond that good sellers should appear at 150.5. A close over 150.5 augurs for an eventual test of 167...

Dec. Soybean Oil recommended position long at 2469

Support should appear near the 2445 then 2419 to 2411 region.

Resistance is at 2492 and 2511 to 2519

Dec. Corn Recommended Position long at 219.

Support is at 216 1/4 to 215 1/2 under that Traders can go long at 212, risk a close under 208 for three days in row.

Resistance is at 218 1/4 and 229 3/4 beyond that 222 3/4 should cap a rally today..

Dec. Wheat Recommended position long at 290 and 285

Resistance is at 290 3/2 and 293 3/4 then 296 3/4.

Support is at 284 3/4 and 281 1/2 where a break should contain it self..
Day Traders can go long at 284, risk a trade under 277.

 

The Satisfying Softs

Dec. Cotton recommended position long at 6755, and 6885

Support is at 6760 and 6755 then 6690

Resistance is 6810 and 6835 then 6905.

March. Sugar Recommended Position long at 786

Support is at 799 then 795 to 791 and 777.

Resistance is at 814 to 823 and 835.

Trade accordingly

Dec. ..the Monster Coffee: recommended position short at 123.20

On the downside, Early support is at 123.80 to 123.65 and 123.20. A slip under 123.20 augurs for a test of 120.75 and 120.30. Below that support is at 119.20. Under that good support should appear at 116.90 and 116.40. Below that 113.60 to 113.00 should hold. Stay tuned for flashes....

On the Upside, Early Resistance is at 125.70 then 128.25, beyond that resistance is at 129.25 to 130.45 Above that resistance should be firm at 133.80 to 134.45.

Dec. Cocoa recommended position long at 1495

Support is at 1484 and 1459 to 1451/ 1446 region. Where it should Hold..

Resistance is at 1494 and 1509 then 1529 to 1532/1535.

 

The Lively Livestock

Dec. Cattle Recommended position long at 6417

Support is at 6367 then 6352 to 6332 and 6267

Resistance is at 6417 and 6457.

Dec. Hogs recommended position long at 3627

Support is at 3467 and 3382.

Resistance is at 3567 and 3582 a close over 3582 is friendly and augurs for a test of then 3657

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

Feb. Hogs Recommended position long at 4410 and 4352. HOLD

Support is at 4182 and 4082 where it should hold. Under that 4042 offers support.

Resistance is at 4242 and 4277. A close over 42777 is friendly and augurs for a test of for a test of 4377 to 4412..

Feb. Bellies recommended position long 4 at 4845.

Support is at 4717 to 4697 and 4637 Below that buyers should appear near 4557, where hearty day traders should buy for a good bounce, risk 150 pts.

Resistance is at 4772 and 4787, a close over 4787 augurs for a another test of 4852 to 4857 , a close over 4862 is friendly and indicates a thrust towards 5002.

-Stay tuned for Updates in the Meat Complex.- --From the Frying Pan into the Fire--

The Sensational Stock and Bond Markets

Dec. Bonds recommended position long at 127-04

On The DownSide, support is at 126-25 and 126-06, day traders can buy at 126-07 for a good bounce, risk 10 pts, Below that 125-06 should hold

On the Upside: Resistance is at 127-07 and 127-15 beyond that 128-06.

Should cap a rally today. A close over 128-08 augurs for a test of the 129-07.

Dec. SP500

On the DownSide, Support is at 1136.70 and 1136 under that 1133.80 to 133.50 should hold, a slip under 133.50 augurs for a test of 1130 and 1127.70 , under that good support is at 1119.10 Day traders can buy for a turn higher at 1119.50, put your own risk on it...under that support is at 1115.50 and 1110.00. Below that support is at 1104.70 then 1101 to 1096 where it should hold...

On the Upside, Resistance is at 1150 day traders can sell at 1150 put your own risk on it.. beyond that 1154.10 offers resistance. Beyond that good resistance is at 1164 to 1169 .

A close under 1119.10 is negative Stay Tuned for SP500 Updates and Flashes .

The Dow Jones Industrial Average

Support is 8871 to 8856 and 8756, which is critical and must hold basis the close. Below that 8708 and 8683 to 8668 offer support.

Resistance should first appear near the 8934 to 8964 region Beyond that resistance is at 9015 above that 9044 to 9060 should cap a rally today.

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

Happy Trading

Bill

Friday, November 06, 1998
5:12 AM

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.