FuturesCom Investment Publications
Morning Comments, November 13,1998
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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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.

Thursday, November 12, 1998
6:46 PM

On the Frenzied Forex Front

Dec. Japanese-Yen

Support is 8223 to 8194. Day traders can buy at 8194, risk 35 pts. Below that support is at 8137 ...Resistance is at 8237 and 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 5965, an extended trade over 5965 augurs for a test of 6023 to 6035.. Day traders can sell at 6034 for a turn lower, risk 20 pts.

Support is at 5934 and 5915, day traders can buy at 5915 for a good turn higher.. 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 7234 and 7274 beyond that sellers should appear near 7324 and 7334 to 7342.. day traders can sell at 7328 for a turn lower, risk 30 pts.

Support is at 7224 and 7170 to 7143...Day traders can buy at 7175 for a quick bounce risk 30 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. Which we feel is more likely to happen than not...

Dec. Canadian Dollar

Support is at 6436 and 6430, day traders can buy at 6430 for a good bounce , risk 30 pts. Resistance is at 6486 and 6530 to 6536 , day traders can sell at 6535 , risk 30 pts.

Precious Metals

Dec. Gold Recommended position Long 294.80

Support is at 296.60 and 295.20. Day traders can buy at 296.3 , risk $ 3.00 . below that support is at 292.80 and 290.5 to 288.30. Traders can Buy at 288.30 and risk a close under 282.10 for three days in a row. Resistance is at 297.20 and 299.0 a close over 299.0 is friendly and augurs for a trade towards 303.6 and 306.0

Dec. Copper:

Nearby Support is at 7165 and 7115 to 7105. Traders can buy at 7115 for a turn higher. Risk a close under 6970 for two days in a row.

Resistance is at 7245 then 7305. Day traders can sell at 7305 for a turn lower, risk 100 pts. * Traders should go long if a close over 7415 occurs.

Jan. Platinum

Support is at 349.5 and 347 then 344, day traders can buy at 349.5 and risk $ 7.00 Resistance is at 357 then 364

Dec. Silver recommended position long at 502.5 and 513.5

On the DownSide: Support is at 510.5 then 504 and 499.

Day traders can buy at 510.5, risk 10 cents

On the Upside. Nearby Resistance is at 516.5 beyond that a test of 520 is likely.

A close over 523 augurs for a test of 541. Beyond an eventual test of 563 then 575 is likely.


The Exciting Energies

Dec. Crude Recommended Position long 2 at 1439

Nearby Support is 1383 to 1378. Day traders can buy at 1383 , risk 40 cents. Below that support should appear at 1368 to 1353 Resistance is at 1403 and 1418 Beyond that 1428 should trade. A close over 1421 is friendly and augurs for a test of 1453 then 1484..

Dec. Unleaded Gas recommended position long 3 at 4430.

Support is at 4165 and 4110 and 4084 to 4065. Day traders can buy at 4110, and risk 100 pts. Resistance is at 4262 and 4284. Beyond that a test of 4360 is likely..

Dec. Heating Oil recommended position long at 3930 and 3815

Resistance is at 3935 and 4065.

Support is at 3865 to 3855 and 3735 Day traders can buy 3740 , risk 80 pts..

The Grande Grains

January Soybeans

Support is at 584 3/4 and 581 1/2 then 568. Day traders can buy at 584 1/2, risk 7 cents. Resistance is at 595 1/2 and 609 1/4 then 612 3/4

Trade accordingly.

Dec. Soybean Meal

Support is at 151.5 and 148.7 day traders can buy at 148.7 , risk $ 3.00. Below that 143 should hold. Resistance is at 156.5 and 158.5 , day traders can sell at 158.50, for a turn lower risk $ 3.00.

Dec. Soybean Oil recommended position long at 2469

Support should appear the 2442 to 2436 then 2419 to 2411.

Resistance is at 2461 then 2469. Beyond that 2492 offers resistance

Dec. Corn.

Support is at 221 then 220. Resistance is at 224 3/4, above that resistance is at 226 a close over 2236 augers for a test of 230.

Dec. Wheat

Resistance is at 292 3/4 and 298 3/4, day traders can sell at 298 3/4 risk 8 cents.

Support is at 290 and 286. Day traders can buy at 290 risk 8 cents.

The Satisfying Softs
Note: We will rolling our work from Dec. to March in Coffee and Cotton this weekend

Dec. Cotton

Support is at 6725, day traders can buy at 6725 , risk 100 pts. Below that 6680 to 6650 should hold. Resistance is 6810 to 6835 then 6905.

March. Sugar

Support is at 829 and 821, day traders can buy at 829 ,risk 20 pts. Below that 823 to 814 should hold.

Resistance is at 847 and 855 then 877 to 882. A close over 882 augurs for a test of 907 to 912, traders can sell short at 912, risk a close over 922 for three days in row

then 828.

Trade accordingly

Dec. Monster Coffee:

On the downside, Early support is at 113.00 and 112.25 Day traders can buy at 112.25, risk 130 pts. Under that support is at 111.50 and 110.10 to 109.60.

On the Upside, Early Resistance is at 113.60 to 113.90 then 116.40 to 116.90 and 117.25.

March. Cocoa

Support is at 1508 and 1496 to 1484. Day traders can buy at 1496 risk 20 pts.

Resistance is at 1512 then 1529 to 1535..

The Lively Livestock

Dec. Cattle Recommended position long at 6417

Support is at 6382 then 6342.

Resistance is at 6417 then 6447

Dec. Hogs

Support is at 3392 and 3342 then 3292.

Resistance is at 3462 and 3487, a close over 3487 augurs for a test of 3532 and 3587.

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 4062 and 4057 then 4012 to 3972 where it should hold. Day traders can buy at 4017 for a bounce, risk 70 pts.

Resistance is at 4112 then 4132 and 4172. A close over 4172 is friendly and augurs for a test of for a test of 4212 and 3\4307.

--From the Frying Pan into the Fire--

Feb. Bellies recommended position long 4 at 4845.

Support is at 4717 to 4692 , under that 4572 to 4527 should hold. Day traders who have ice water running through their veins should buy for a good bounce at 4572

below that support should appear at 4447.

Resistance is at 4772 to 4787, an extended trade over augurs for a test of 4822 and 4872. A close over 4827 augurs for an eventual test of 5022.

-Stay tuned for Updates in the Meat Complex.-

 

The Sensational Stock and Bond Markets

Dec. Bonds

On The DownSide, support is at 127-13 and 127-09 then 126-26. Below that 126-09 and 125-30 offer good support. Day traders can buy at 127-09 for a bounce, risk 12 pts. On the Upside: Resistance is at 127-30 and 128-09. Day traders can sell at

128-09 for a turn lower , risk 10 pts.

Dec. SP500

On the DownSide, Support is at 1117.40 and 1115.50. A close under 1115.50 indicates a test of 1105.10 Below that support is at 1101 to 1096 where it should hold.

On the Upside, Resistance is at 1124.60 and 1130 above that resistance is at 1132.90 to 1133.50 and 1136 to 1137.10, day traders can sell at 1132.90 , put your own risk on it. Beyond that resistance is at 1150 and 1154.70

Stay Tuned for SP500 Updates and Flashes .

The Dow Jones Industrial Average

Support is 8777 to 8762 then 8708 and 8683 to 8668 offer support.

Resistance should first appear near 8834 then 8856 and 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

Thursday, November 12, 1998
7:57:42 PM

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