FuturesCom Investment Publications
Morning Comments, December 4 1998
Dedicated to Excellence in Analysis of Futures Markets
Bonds.. SP500.. Forex.. Precious Metals.. Energies..Grains.. Livestock.. Softs
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Make a Plan, then Trade it

Friday, Dec. 4, 1998

5:50 AM

On the Frenzied Forex Front

We will roll the currency analysis to March This Weekend.

Dec. Japanese-Yen

Early Support is near 8432 then 8406 to 8390 . Day traders can buy at 8432, risk 65 pts. Below that support is at 8355 and 8314 to 8300.

Resistance is at 8484 to 8499 and eventually 8532 and 8560 to 8589.

Dec. D-Mark

Early Resistance is at 6012, then 6023 to 6035. Beyond that resistance is at 6062. Day traders can sell an early rally to 6062, risk 30 pts. Beyond that resistance is at 6101 to 6113

Support is at 5962 and 5959 to 5940, day traders can buy at 5957, risk 30 pts. Below that support is at 5905 to 5898 then 5880 to 5855

Dec. Swiss

Resistance is at 7368 then 7418. Day traders can sell at 7414, risk 35 pts. Beyond that sellers should appear near 7468 and 7486..

Support is at 7328 and 7318 and 7270 to 7256 day traders can buy at 7270, risk 40 pts.

Trade Accordingly

Dec. British Pound

Support is at 1.6620 and 1.6550. Day traders can buy at 1.6550, risk 60 pts.

Resistance is at 1.6720 beyond that sellers should appear at 1.6822 and 1.6890.

Day traders can sell at 1.6890, risk 100 pts. A close over 1.6890 augurs for a test of 1.6960.

Dec. Canadian Dollar

Support is at 6504 to 6494. Day traders can buy at 6504, risk 30 pts.

Below that support is at 6430 and 6417.

Resistance is at 6544 and 6591. A close over 6591 augurs for a test of 6623 and 6687 beyond that a thrust to 6741 to 6755 is likely. *Traders should go long if a close over 6537 occurs.

Trade accordingly.

 

 

Precious Metals

Feb. Gold recommended position long at 298.10

Support is at 292.9, day traders can buy at 293.1, risk $ 2.00 A close under 292.00 augurs for a test of 283. Traders can Buy at 283, risk a close under 275 for three days in a row. Resistance is at 296.30 then 297.60 and 300.80

March Copper: recommended position long at 71.55

Nearby Support is at 6810 and 6755 to 6700.

Resistance is at 6945 then 6975 and 7080, a close over 6945 is friendly and augurs for a test of 7150 and 7275.

Jan. Platinum recommended position long at 349.5

Support is at 347.50 then 345.5 and 342 where it should hold basis the close.

Day Traders can go long at 347.5, risk $ 5.00. Below that support is at 337 and 329 to 327. Resistance is at 351 then 355.50.

* Traders should go long if a close over 355.5 occurs.

March Silver long 3 at 496.5 and 1 at 487.5

On the DownSide: Support is at 467 and 462 day Traders can go long at 463 risk 10.

On the Upside. Nearby Resistance is at 480 and 486, a close over 480 is friendly for a test of 486 and 497. Trade Accordingly.

The Exciting Energies

Jan Crude

Nearby Support is at 1114 then 1101 and 1089 , under that 1071 should hold.

Resistance is at 1139 and 1164 to 1169 and 1200

A close over 1139 is friendly..

Jan Unleaded Gas

Support is at 3443 and 3421 then 3388 to 3372 day traders can buy at 3412, risk 80 pts. Early Resistance is at 3487 a close over augurs for a test of 3587 and 3601.

 

Jan Heating Oil

Support is at 3180 and 3117. Day traders can buy at 3194, risk 40 pts.

Early Resistance is at 3298 and 3355 then 3405

A close over 3267 is friendly..

The Grande Grains

January Soybeans

Early Support is at 576 3/4 Below that good buyers should appear at 570 1/2. Traders can buy at 575 1/2 for a good bounce, risk a close under support at 570 for three days in a row.

Resistance is at the 583 to 585 and 591 to 592 3/4. A close over 593 augurs for a test of 604.

Jan Soybean Meal recommended position long at 150.50

Support is near 149 and 145 under that support is at 144.5. Traders can go long at 144.5 Risk a close under 140.5 for three days in a row.

Resistance is at 153 and 154.2 Beyond that good sellers should appear at 156.8 and 161. Traders can go short at 161, risk a close over 167 for three days in a row.

Jan. Soybean Oil

Support is at 2448 and 2419 to 2411

Resistance is at 2492 and 2511 to 2519.

 

March Corn. Recommended position long at 226

Support is at 222 and 221 1/2.

Resistance is at 225 3/4 a close over indicates a test of 229.

March Wheat recommended position long 2 at 290 and 288

Support is at 282 1/4 and 279

Nearby Resistance is at 287 1/2 and 288 1/2. A close over 286 is friendly and augurs for an eventual test of 293.

The Satisfying Softs
March Cotton recommended position long at 6510

Support is at 6270 Under that a decline to 6235 should hold. Traders can Buy at 6237 and hold for higher prices

Resistance is 6327 A close over 6350 augurs for a test of 6505.

March. Sugar

Support is at 823 then 819 and 814. Day traders can buy at 823, risk 30 pts.

Below that support is at 801 and 795 to 791.

Resistance is at 847 to 852 and 859. A close over 859 augurs for a test of 907 to 912, Traders can sell short at 912, risk a close over 922 for three days in row.

Trade accordingly

March Coffee: recommended position long at 110.20

On the downside, Early support is at 111.25 and 110.70 to 110.10 and 109.60 to 109.55 Day traders can buy at 110.70, risk 200 pts. Below that support is at 108.05 and 106.80 and 105.80 to 105.40/ 105.05 Below that 103.60 to 103.00 should hold. Traders should buy at 103.60 and Hold.

On the Upside, Early Resistance is at 113.00 / 113.20 and 113.60. a close over 113.60 augurs for a test of the 114.45 and 115.70 then 116.40 to 116.90 region.

Beyond that a push to the 119.20/ 120.30 region is likely.

March Cocoa recommended position long at 1504

Support is at 1471 then 1455 Resistance is at 1496 and 1505 to 1512

Beyond that resistance is at 1529 to 1535.

 

The Lively Livestock

Feb. Cattle recommended position long at 6322

Support is at 6187 to 6172. Day traders can buy at 6172, risk 50 pts. Below buyers should appear at 6097. Resistance is at 6247, a close over is friendly for a test of 6322

Feb. hogs Recommended position long 4 at 4302 avg.

Support is at 3652, under that 3622 should hold. Day traders can buy at 3622, risk 80 pts. Below that 3572 offers support. Resistance is at 3717 and 3767 A close over 3722 is friendly and augurs for another test of 3817 and eventually 3912

April Hogs

Early Resistance is at 4102 Beyond that resistance is at 4202 and 4237.

Support is at 4042 day traders can buy at 4042 risk 75 pts. A close under 4042 is negative for a test of 4002 and 3972.

From the Frying Pan into the Fire--

Feb. Bellies recommended position long 4 at 4845, 4 at 4435, 4550

Support is at 4422 and 4402 . A slip under 4402 augurs for a test of 4372 where

Day Traders who have Ice Water in their veins should buy and hold for higher prices

Below that 4222 should contain a break today.

Resistance is at 4522 and 4672 beyond that resistance is at 4722.. A close over 4522 is friendly and augurs for an eventual rally to the 4817 and 4897 regions.

-Stay tuned for Updates in the Meat Complex-

The Sensational Stock and Bond Markets

March Bonds

On The DownSide, early support is at 130-05 and 130-00

Day traders can buy an early dip to 130-00, risk 12 pts. Below that support is at 129-26 and 129-05 to 128-27 On the Upside: Resistance is at 130-27, Beyond that 131-05 offers resistance as does to 132-05 which should cap a rally.

 

Dec. SP500 recommended position short at avg. 1171.10 (3)

On the DownSide, Nearby Support at 1150 under that support is at 1144.10 then 1138.40 and 1136 to 1133.50 and 1132.50 and 1130.40.

On the Upside, Resistance is at 1164 and 1166.50 then 1169 to 1170.40, day traders can sell at 1169. put your own risk on it...Beyond that resistance is at 1180.50.

Stay Tuned for SP500 Updates and Flashes.

The Dow Jones Industrial Average

Support is 8871 to 8844. Below that 8833 needs to hold basis the close for upward momentum to continue. Resistance should first appear at 8934 and 9044 to 9064 then 9144 to 9164 and then 9222 and 9256

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

Happy Trading

Bill


Friday
 Dec. 4 1998

7:00 AM

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