FuturesCom Investment Publications
Morning Comments, November 24,1998
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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Tues., November 24, 1998

7:00 AM

On the Frenzied Forex Front

Dec. Japanese-Yen

Early Support is at 8223 under that support is 8177 and 8144 traders can buy at 8145 for bounce. Risk a close under 8119 for three days in a row. Below that buyers should appear near 8044 to 8029. Hearty Traders can buy at 8044 for a good turn higher, risk a close under 8044 for two days in a row. If that fails a decline to 7954 to 7939 under that 7864 to 7836 should hold. Traders can go long at 7864 and hold for higher prices.

 

Resistance is at 8284 to 8291 / 8300 to 8314. Day traders can sell at 8291 for a turn lower, risk 65 pts. Beyond that resistance is at 8352 and 8391 to 8406 beyond that 8484 to 8499 Traders should sell short at 8484 for a turn lower, risk a close over 8499 for three days in a row. Beyond that resistance is at 8560 to 8589, traders should sell short at 8572, initially plan on risking risk a close over 8611.

Dec. D-Mark Recommended position long at 5998, 6002 and 5855

Resistance is at 5878 and 5888 then 5947 and 5957 then 5982

Support is at 5838 and 5788. Day traders can buy at 5788 and hold for higher prices.

Dec. Swiss recommended position long at 7342,7303 and 2 at 7110

Resistance is at 7142 and 7147, day traders can sell at 7147, risk 40 pts. Above that resistance is at 7197 and 7206 then 7242 to 7255 then 7298. Support is at 7083 and 7047. Trade Accordingly

Dec. British Pound recommended position long at 1.6550

Support is at 1.6420 day Traders should buy at 1.6420 and hold for higher prices Resistance is at 1.6550 , a close over augurs for a test of 1.6720 . A close over 1.6720 augurs for a test of 1.6890 to 1.6960, traders can short at 1.6960, risk a close over 1.7110 for two days in a row..

Dec. Canadian Dollar

Nearby Support is at 6431 and 6417. Traders can buy at 6418 for a bounce. Risk a close under 6402 for three days in a row.


Resistance is at 6481 and 6532. However a close over 6517 is friendly and augurs for a test of 6577 to 6591. Traders should go long if a close over 6517 occurs.

Trade accordingly.

Precious Metals

Dec. Gold recommended position long at 298.20

Support is at 294.60 and the 293.20 to 292.80 region. A close under 292.80 augurs for a test of 290.60. Traders can Buy at 290.40 and risk a close under 287.40 for three days in a row. Resistance is at 297.60 and 299.00. A close over 297.20 is friendly and would indicate a test of 301.80 and 303.60 if it holds.

Dec. Copper:

Nearby Support is at 7090. Below that support is at 7045.Day traders can buy at 7045 for a bounce , risk 100 pts.

Resistance is at 7170 and 7245, day traders can sell at 7170 and risk 100 pts.

Trade accordingly.

Jan. Platinum

Support is at 347.50 then 344.5 and 342 where it should hold basis the close. Below that support is at 329 and 327. Traders can go long at 344.5, risk a close under 337 for two days in a row.Resistance is at 353 then 358.

Dec. Silver recommended position long at 502.5 ,513.5 and 487.5

On the DownSide: Support is at 485.5 Below that good buyers should appear at 479. On the Upside. Nearby Resistance is at 495.5 to 498.5, a close over 496 is friendly for an eventual test of the 531 region..Trade Accordingly.

 

The Exciting Energies

Jan Crude recommended position long at 1357 and 1319

Nearby Support is at 1235 and 1218 Day traders should buy at 1218, risk 40 pts.

Resistance is at 1267 and 1284. Trade Accordingly

Jan Unleaded Gas recommended position long at 4060 and 3815

Support is at 3698 and 3655. Early Resistance is at 3860, a close over augurs for a test of 3955 and 4045.

Jan Heating Oil recommended position long at 3865 and 3685

Support is at 3449 to 3465 and 3430

Early Resistance is at 3595 and 3630. A close over 3630 augurs for a test of 3855.

 

The Grande Grains

January Soybeans recommended position long at 582 and 573 1/2

Support is at 563 1/2 below that good buyers should appear at 558 1/2 and 555 1/2. Traders can buy at 555 3/4 for a turn higher, Risk a close under 549 for three days in a row. Resistance is at 574 and 578.

Dec. Soybean Meal recommended position long at 146.5

Support is at 141.5 and 140.3 , day traders can buy at 140.3 risk 4.00 Resistance is at 143.1,and 149

* Traders should go long /add if a close over 149 occurs..

Dec. Soybean Oil Recommended position long at 2469

Support is at 2442 Below that Support should appear near the 2419 to 2411 region. Resistance is at 2461 to 2469 and 2483 to 2492. Beyond that a test of 2512 is likely.

Dec. Corn. Recommended position long at 219 3/4

Support is at 217 below that support is at 215 1/2. Below that support is at 213 1/2.

Resistance is at 221 3/4 and 223.. Beyond that 226.

Dec. Wheat recommended position long at 287 1/4

Support is at 275 and 272 where a break should contain it self.. Traders can go long at 276, risk a close under 268 for three days in a row.

Nearby Resistance is at 279 1/4. A close over augurs for a test of 289.

The Satisfying Softs
March Cotton recommended position long at 6510

Support is at 6270 and 6165

Resistance is 6325 Day traders should sell at 6325, risk 50 pts.

A close over is friendly and augers for a test of 6500

March. Sugar

Support is at 819. Traders can buy at 823, risk a close under 907 for two days in a row. Resistance is at 839 then 847 to 852. Beyond that sellers should appear near 867

March Coffee:

On the downside, Early support is at 107.20. Below that support is at 106.80 to 106.40 and 105.80, Below that 103.60 to 103.00 should hold. Traders should buy at 103.60 and Hold...

On the Upside, Early Resistance is at 109.60 and 110.10. Day traders can sell at 109.60 , risk 200 pts. A close over 109.60 augurs for a test of the 113.00 to 113.60 region. Beyond that a push to the 116.20 is likely.

March Cocoa recommended position long at 1504

Support is near 1484 and 1459 Where it should Hold.

Resistance is at 1496 then 1504 and 1524 to 1535. A close over 1535 augurs for a test of 1561

 

The Lively Livestock

Dec. Cattle Recommended position long at 6417 and 6297

Support is at 6097 and 6017 day traders can buy at 6017, risk 50 pts.

Resistance is at 6172 Day traders can sell at 6172 risk 50 pts.

A close over 6172 is friendly and indicates an eventual test of 6302.

Dec. Hogs

Support is at 2717 to 2652.

Resistance is at 2857 then 2927 day traders can sell at 2927, risk 50 pts.

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

Feb. hogs Recommended position long 4 at 4302 avg.

Support is at 3467 and 3367 then 3272 Resistance is at 3577 then 3650.

April Hogs

Resistance is at 3942 then 4057, day traders can short an early rally at 3942 risk 50 pts. Support is at 3827 then 3777 .

--From the Frying Pan into the Fire--

Feb. Bellies recommended position long 4 at 4845 and 4 at 4435

Support is at 3982 to 3955 and should contain the decline.

Resistance is at 4152 then 4292. A close over 4152 is friendly and augurs for an eventual rally to 4422.

Patience...-Stay tuned for Updates in the Meat Complex.-

 

The Sensational Stock and Bond Markets

Dec. Bonds
On The DownSide
, support is at 126-28 and 126-13 to 126-07 . day traders can buy at 126-14 for a bounce , risk 10 pts.

On the Upside: Resistance is at 127-14 to 127-20 and 128-14

Dec. SP500 recommended position short at 1137.20, 1150, 1168.50 and 1194.60

On the DownSide, Support is at 1182.80 and 1180.80, under that good support should appear near 1169.70 to 1168.

On the Upside, Resistance is at 1195.70 and 1201.75 to 1203 day Traders should sell short at 1201.75 and hold for lower prices..Beyond that resistance is at 1205.70

Stay Tuned for SP500 Updates and Flashes .

** A close under 1180.70 is negative, traders should sell short if a close under 1180.70 occurs.

The Dow Jones Industrial Average

Support is 9259 and 9140 then 9083 and 9044 Resistance should first appear at 9431 and 9445 then 9547.

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

Happy Trading

Bill


Tues.
 Nov. 24 1998

8:10 AM

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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.