FuturesCom Investment Publications
Morning Comments, November 11,1998
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- 

Tue, November 10, 1998
7:25 PM

On the Frenzied Forex Front

Dec. Japanese-Yen

Support is 8223 then  8194 and 8123.  Day traders can buy at 8223, risk 50 pts. Resistance is at 8255 then 8300 to 8314. Day traders can sell at 8314 for a turn lower, risk 40 pts.

Dec. D-Mark recommend position long at 5998

Resistance is at 5958, an extended trade over 5960 augurs for a test of 6008 and 6023 to 6035.. Day traders can sell at 6023 for a turn lower, risk 20 pts.

Support is at 5948 and 5929, day traders can buy at 5949 for a good turn higher, risk 30 pts. Below that support is at 5880 and 5855... Hearty traders can buy at 5880 and hold for higher prices.

Dec. Swiss recommended position long at 7342

Resistance is at 7248 and 7267 beyond that sellers should appear near 7317 and 7348, day traders can sell at 7328 for a turn lower, risk 30 pts.

Support is at 7217 and 7170 to 7143...Day traders can buy at 7217 for a quick bounce risk 20 pts.

Trade Accordingly

Dec. British Pound recommended position long at 1.6890 and 1.6550

Support is at 1.6550 and 1.6514 then 1.6420 and 1.6260

Resistance is at 1.6612 and 1.6646. A close over 1.6612 augurs for an eventual test of 1.6720 and 1.6890.

Dec. Canadian Dollar

Support is at 6444 and 6429, day traders can buy at 6430 for a good bounce , risk 30 pts. Resistance is at 6479 and 6509 then 6529 , day traders can sell at 6509 , risk 30 pts.

Precious Metals

Dec. Gold Recommended position Long 3 at 298 avg.

Support is at 293 and 290.5 then 288.30.
Traders can Buy at 288.30 and risk a close under 282.10 for three days in a row.

Resistance is at 295.80, a close over 296 is friendly and augurs for a trade towards
297.60 and 298.

Dec. Copper:

Nearby Support is at 7115 and 7095 then 7025. Traders can buy at 7115 for a turn higher. Risk a close under 6970 for two days in a row.

Resistance is at 7195 and 7225 then 7290. Day traders can sell at 7290 for a turn lower , risk 100 pts.

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

Jan. Platinum

Support is at 336.0 to 334 then 328.

Resistance is at 338.9 and 345 to 346

Dec. Silver recommended position long at 502.5

On the DownSide: Support is at 496.5 then 492.5 to 489.

Day traders can buy at 492.5 , risk 10 cents

On the Upside. Nearby Resistance is at 503.5 and 512, beyond that a test of 516 is likely. Day traders can sell at 516 , risk 10 cents. However 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 1350 and 1334 then 1325. Day traders can buy at 1334 , risk 40 cents.. Resistance is at 1375 and 1383... Beyond that 1400 should trade...

Dec. Unleaded Gas recommended position long 3 at 4430.

Support is at 4110 then 4040 Day traders can buy at 4115, and risk 100 pts.

Resistance is at 4245 then 4310. Day traders can sell at 4310, risk 100 pts...

Dec. Heating Oil recommended position long at 3930 and 3815

Resistance is at 3830 and 3910, day traders can sell at 3905 ,risk 50 pts.

Support is at 3755 and 3720 Day traders can buy 3755 , risk 80 pts..

The Grande Grains

January Soybeans Recommended Position long at 565 1/2 and 580 1/2

Support is at 579 3/4 and 576 then 565. Day traders can buy at 575 1/2, risk 5 cents.

Resistance is at 587 1/2 and 593 3/4

Trade accordingly.

 

Dec. Soybean Meal

Support is at 148.4 to 146.7 then 142.4 , day traders can buy at 146.5 , risk $ 6.00 Resistance is at 150.5 A close over 150.5 augurs for an eventual test of 156 then 167.

Dec. Soybean Oil recommended position long at 2469

Support should appear the 2469 to 2461 and 2455, day traders can buy at 2456 for a bounce , risk 30 pts. Resistance is at 2492 then 2511 to 2519 and 2555.

Dec. Corn Recommended Position long at 219.

Support is at 218 3/4 under that 217 1/2 should hold .

Resistance is at 224 beyond that 227 1/4 to 229 should cap a rally today.

Dec. Wheat

Resistance is at 297 3/4 and 303 to 304, day traders can sell at 304 , risk 8 cents.

Support is at 292 , day traders can buy at 292 , risk 4 cents , below that 286 should contain a break.

The Satisfying Softs
Note: We will rolling our work to march in cocoa, coffee and cotton this weekend

Dec. Cotton

Support is at 6880, day traders can buy at 6880 , risk 100 pts. Below that 6830 to 6810 should hold. Resistance is 6975 then 7030 then 7080

March. Sugar Recommended Position long at 786

Support is at 798 and 795 to 791.

Resistance is at 809 and 814 then 828.

Trade accordingly

Dec. Monster Coffee:

On the downside, Early support is at 116.80 then 116.15. Day traders can buy at 116.20 for a bounce , risk 100 pts. Below that 113.60 to 113.00 should hold. Stay tuned for flashes....

On the Upside, Early Resistance is at 117.80, a trade over augurs for a test of 118.65 then 119.20 to 120.30 beyond that resistance is at 123.20. Day traders can sell at 123.20 for a turn lower , risk 150 pts.

Dec. Cocoa

Support is at 1469 and 1459 to 1451. Where it should Hold..

Resistance is at 1484 to 1496 and 1503.

 

The Lively Livestock

Dec. Cattle Recommended position long at 6417

Support is at 6337 then 6287.

Resistance is at 6357 to 6362 then 6437.

Dec. Hogs recommended position long at 3627

Support is at 3562 and 3542 then 3477 .

Resistance is at 3502 and 3557 to 3567.

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

Feb. Hogs Recommended position long 4 at 4302 avg.

Support is at 4182 and 4162 then 4102 where it should hold. Day traders can buy at 4102 for a bounce , risk 50 pts.

Resistance is at 4197 to 4202. A close over 4202 is friendly and augurs for a test of for a test of 4302

--From the Frying Pan into the Fire--

Feb. Bellies recommended position long 4 at 4845.

Support is at 4567 to 4537 where hearty day traders should buy for a good bounce at 4567 risk 150 pts. Under that support should appear at 4412...

Resistance is at 4712, an extended trade over augurs for a test of 4837 to 4862.. Day traders can short at 4857 for a quick turn lower.. Risk 100 pts., However a close over 4712 augurs for another test of 4997...

-Stay tuned for Updates in the Meat Complex.-

 

The Sensational Stock and Bond Markets

Dec. Bonds

US Bond Markets are closed in observance of Veterans Day !

Dec. SP500 Recommended position short at 1131.70

On the DownSide, Support is at 1130.00 and 1124.60 and 1122.80 then 1115.50. A close under 1115.50 indicates a test of 1105 Below that support is at 1101 to 1096 where it should hold.

On the Upside, Resistance is at 1133.30 / 50 and 1136 to 1137.00, day traders can sell at 1136, put your own risk on it.. Beyond that resistance is at 1150 and 1154.70 Above that good resistance is at 1164 to 1168.80. Day traders can sell at 1168.80 and hold for lower prices...

Stay Tuned for SP500 Updates and Flashes .

The Dow Jones Industrial Average

Support is 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 8871 then 8900.50 and 8934 to 8964. Above that resistance is at 9044 to 9060 beyond that 9174 should cap a rally.

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

Happy Trading

Bill

Tues., November 10, 1998
9:04 PM

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