FuturesCom Investment Publications
Morning Comments Nov 09 1998
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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Monday, November 09, 1998
6:10:00 AM

 

On the Frenzied Forex Front

Dec. Japanese-Yen recommended position long at 8499

Support is 8391 and 8314 Resistance is at 8410 and 8449 then 8510.

Dec. D-Mark recommend position long at 5998

Resistance is at 6001 and 6007. A close over 6007 augurs for a test of 6050.

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 7260 then 7312. Support is at 7210 and 7170.

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 6509 and 6465 Resistance is at 6569 and 6591

Precious Metals

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

Support is at 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:

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 339.5 then 337.

Resistance is at 345 and the 351 to 354 region

 

 

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 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 4180 to 4155 then 4130, day traders can buy at 4185, risk 100 pts.

Resistance is at 4285 and the 4330 to 4355 region then 4430.

 

Dec. Heating Oil recommended position long at 3930

Resistance is at 4065 and 4155

Support is at 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 the 2469 to 2461 region.

Resistance is at 2511 to 2519 and 2552.

Dec. Corn Recommended Position long at 219.

Support is at 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 293 3/4 then 296 3/4.

Support is at 2883/4 and 284 1/2 where a break should contain it self..
Day Traders can go long at 285, 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 6835 then 6905.

March. Sugar Recommended Position long at 786

Support is at 791 and 777.

Resistance is at 799 then 814 to 823 and 835.

Trade accordingly

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

On the downside, Early support is at 120.85 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 123.20 to 123.45 then 125.85 and 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 1459 to 1451 and 446 region. Where it should Hold..

Resistance is at 1484 to 1496 and 1509 then 1529 to 1532/1535.

 

The Lively Livestock

Dec. Cattle Recommended position long at 6417

Support is at 6432 and 6367 then 6352 to 6332.

Resistance is at 6512 and 6582.

Dec. Hogs recommended position long at 3627

Support is at 3572 and 3472.

Resistance is at 3672 and 3772.

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 4287 and 4227 where it should hold. Under that 4182 offers support.

Resistance is at 4355 and 4387. A close over 4387 is friendly and augurs for a test of for a test of 4482..

Feb. Bellies recommended position long 4 at 4845.

Support is at 4712 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 4857, a close over 4857 augurs for a another test of 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 125-06 and 124-20 then 124-06

On the Upside: Resistance is at 125-22 and 126-06. A close over 125-22 is friendly.

Dec. SP500

On the DownSide, Support is at 1136.80 and 1136 under that 1133.80 to 1133.60 should hold, a slip under 1133.50 augurs for a test of 1130 and 1127.60. Day traders can buy for a turn higher at 1127.60, 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 and 1154.70 Beyond that good resistance is at 1164 to 1168.80 Day traders can sell at 1168.80 and hold for lower prices...

A close under 1127.60 is negative Stay Tuned for SP500 Updates and Flashes .

The Dow Jones Industrial Average

Support is 8964 to 8934 then 8871 to 8856 and 8844, which is critical and must hold basis the close. Below that 8708 and 8683 to 8668 offer support.

Resistance should first appear near 9015, above that resistance is at 9044 to 9060 beyond that 9174 should cap a rally today.

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

Happy Trading

Bill

Monday, November 09, 1998
7:15 AM

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