FuturesCom Investment Publications
Morning Comments 9-10-1998
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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-

Wed Sept. 9th 1998

8:10 PM

On the Frenzied Forex Front

Dec. Japanese-Yen

Support is at 7425 and 7414 then 7342 to 7328. Below that 7256 to 7242 should hold.
Resistance is at 7502 then 7512 and 7587 to 7601 and 7623 which should cap a rally today..

Dec. D-Mark Recommended Position short at 5815

Nearby Resistance is at 5895 Beyond that good resistance is at 5945 to 5957. Traders can sell short at 5945 and hold for lower prices.

Support is at 5845 then 5821 and 5795, under that 5763 and 5745 then 5729 to 5716 should hold. Traders can buy at 5729 for a bounce, initially risk a close under 5616 for three days in a row.


Dec. Swiss

Resistance is at 7229 then 7242 to 7256. Traders can sell at 7242 and hold for lower prices. Initially risk a close over 7256 for three days in a row. Beyond that good sellers should appear at 7300 to 7314.

Support is at 7170 and 7142 to 7133, a close under 7133 augurs for a test of 7060 and 7003 to 6990. Below that Traders should buy at 6965 for a good bounce, risk a close under 6919 for three days in a row.

Trade Accordingly

Sept. British Pound: Recommended position short at 1.6420
Dec. British Pound

Support is at 1.6550 and 1.6420. Below that support is at 1.6380 and 1.6320 then 1.6200 to 1.6150. Traders should buy at 1.6150 and hold for higher prices, risking a close under 1.6090 for three days in a row. Resistance is at is at 1.6688 and 1.6780 and 1.6808. Beyond that resistance is at 1.6890 to 1.6960 Traders can sell at 1.6890 for a turn lower, risk a close over 1.6960 for three days in a row.

Dec. Canadian Dollar

Support is at 6559 and 6530. Under that traders can go long at 6509 for a turn higher, risk a close under 6480 for three days in a row.

Resistance is at 6580 to 6591.A close over 6591 augur for a test of 6619 to 6624. Traders should sell at 6624, risk a close over 6673 for two days in a row.

Precious Metals

Dec. Gold Recommended Position Long 3 at avg. 289.8

Support is at 287.40 Beneath that support is at 285.4 and 283.5

Resistance is at 289.2 and 291.80 then 293. A close over 293.00 augurs for a test of 298 where good sellers should appear.

Traders should go long/ add if a close over 293.00 occurs. Be long, our eventual target is still 314.80 to 318.. if it holds

Dec. Copper:

Nearby Support is at 7745 and 7725 below that 7620 should hold. if not aggressive traders can buy at 7515 for a turn higher.

Resistance is at 7845 and 7925 /7930. Above that resistance is at 8120, traders should go short at 8115 and hold for lower prices.

Oct. Platinum Recommended position long at 372.5 and 379.5

Nearby Support is at 357.2 and 355.9 to 354.2.
Resistance is at 364.2 and 373.5. A close over 373 is friendly for a rally towards 387.5.

Dec. Silver Recommended Position long at 4 at 521

On the DownSide: Support is at 488.5 and 481. Traders can buy at 480 for a good 2 to 3 day bounce. Stay tuned for a stop.

On the Upside. Resistance is at 499 and 503.5. A close over 503.5 augurs for a test of 525.5 to 528.5.


The Exciting Energies

Oct. Crude recommended position long at 1427

Support is at 1406. Below that Traders can buy at 1383, risk a close under 1346 for three days in a row.

Resistance is at 1429 to 1431 and 1456, beyond that resistance is at 1479 /1483 to 1486. A close over 1484 is friendly for a test of 1502

Oct. Unleaded Gas recommended position long at 4110

Support is at 4060 and 4045 to 4025. A failure there augurs for a test of the 3990 to 3980 region where a break should stop.

Resistance is at 4141 and 4215. A close over 4215 augurs for a test of the resistance at 4310 to 4355.

Oct. Heating Oil recommended position long at 3830

Resistance is at 3935 and 3994. A close over 3994 augurs for a rally to 4045 with a likely test of 4163 to 4183.

Support is at 3795 and 3775. Below that 3745 should hold. Traders can buy at 3767 for a turn higher. Risk a close under 3734 for two days in a row.

The Grande Grains

November Soybeans Recommended Position Long 540 and 516 1/2

Support is at 513 1/2 and 512 1/2 then 510 and 501

resistance is at 526 1/2 and 528 1/2. A close over 525 1/2 augurs for a test of 531, if it holds..

Dec. Soybean Meal Recommended long 143.80 and 138.30

Support is at 130.30, below that 124.6 should hold.

Resistance is at 132.5 and 133.30. A close over 134 augurs for a test of 140. 4 Where good sellers should appear. Trade Accordingly.

Dec. Soybean Oil recommended position long at 2466

Support is at 2443 and 2419 to 2411 then 2406 to 2399. Traders should buy at 2399 for a turn higher, risk a close under 2354 for three days in a row.

Resistance is at 2461 to 2469. Beyond that resistance is near 2506 then 2511 to 2519.

Dec. Corn

Support is at 209 to 208 then 204

Resistance is at 213 3/4, day traders can sell at 213 3/4 risk 3 cents. Beyond that resistance is at 214 3/4

Dec. Wheat

Resistance is at 262 3/4 and 265 then 271

On the DownSide Support is at 259 and 253 to 251. Traders can buy at 254, risk a close under 247 for three days in a row.

Trade Accordingly.

The Satisfying Softs

Dec. Cotton Recommended position long at 7385, 7593 and 7428

Support is at 7421 to 7414, beneath that 7365 and 7325 offer good support. Below that 7260 should hold basis the close on any real sell-off.
Resistance is 7470 and 7507 then 7513 and 7522 then 7565.

A close over 7515 augurs for a test of 7600 to 7630. We feel a test of 7600 is more likely then not.. Beyond that, resistance at 7675 to 7689
*Traders should add/go long if a close over 7515 occurs.

Oct. Sugar recommended position long at 739

Support is at 712 to 704 Below that support is at 693 to 686 which should hold.

Resistance is at 733 to 735 and 739. A close over 739 is friendly for an eventual test of 755 and 763/ 767 to 769. Beyond that good resistance is at 788.
*Traders should go long/ add if a close over 767 occurs.

Dec. Coffee:

On the downside, support is 113.00 and 111.85 then 111.15 to 111.05 and 110.10 to 109.60 and 109.40. Which should hold today. Traders can buy at 111.20 for a turn higher, risk a close under 107.70 for three days in a row.

On the Upside, Resistance is at 113.60 and 114.40, a trade over 114.80 augurs for a test of 116.00 to 116.90. Beyond that resistance is at 117.90 to 118.05. Good sellers should appear at 119.20 to 119.55 and 120.30. where day traders can short for a quick turn at 119.55 lower, risk 125 pts. Above that 125.50 and 126.80 to 127.40/ 128.05 offer good resistance. Traders can go short at 127.40 for a quick turn lower, risk a close over 128.90 for three days in a row.

Dec. Cocoa

Support is at 1587 then 1576 to 1569 and 1559. Traders should Buy at 1577 for a turn higher, risk a close under 1569 for three days in a row.

Resistance is at 1609 to 1615. A trade over 1615 to 1618 is friendly for a rally towards

1642 *Traders should go long using a 1616 buy stop.

The Lively Livestock

October Cattle

Support is at 5880 to 5855 below that Traders can buy at 5807 for a turn higher, risk a close under 5707 for three days in a row. Under that 5752 should bring out buyers.

Resistance is at 5902 and 5947 to 5957. Beyond that resistance is at 5997 and
6022 to 6032.

October Hogs Recommended Position Long 3 at 4302 avg., 4327, 4057.
Resistance is at 3942 then 3967 and 3982 to 3992 then 4047.

Support is 3872 and 3845 below that 3765 should hold

Dec. Hogs Recommended position Long at 4057

Support is at 3877 and 3842 Below that 3777 to 3747 should hold.
Resistance is at 3912. However the close over 3877 is friendly for an eventual test of 3947 and 3977, beyond that resistance is at 4077.

Feb. Bellies recommended position long at 5500, 5550 and 2 at 4825

Support is at 4717 and 4695. Below that 4612 offers good support and should hold.
Below that day traders can buy at 4567 for a good bounce.

Resistance is at 4775 to 4785. An extended trade over 4787 is friendly for a test of 4852 and 4867, beyond that a pop to 5012 is likely
--From the Frying Pan into the Fire-

The Sensational Stock and Bond Markets

Dec. Bonds Recommended Position Short at 127-07 and 127-19

On The DownSide, Support is 127-14 to 127-11 , a close under 127-11 is negative for a test of 126-31 and 126-13 below that 125-31 offers good support.

On the Upside: Resistance is at 127-31 then 128-08, Above that resistance is at

128-13 which should cap a rally today.

Sept. SP500

On the DownSide, Support is at 993.70 to 992.10 and 989.40. Below that 983.70 to 982.10 is likely. A slip under 982.10 augurs for a test 973.60 to 970. Which should hold basis the close. If not the mkt. falls into the hole again.

On the Upside, Resistance is at 996.80 and 1000 to 1004.70 / 1005 Where good

sellers should appear.. Day traders can sell at 1004.60 , put your own risk on it ..

Beyond that 1110.80 and 1016.70 to 1018.50. should a rally.

A close over 1018.50 indicates another pop towards 1030 to 1036. Where good sellers should show up at. Traders can sell at 1036 for a turn lower... Beyond that resistance is at 1058. Which should cap a rally,

The Dow Jones Industrial Average

Support is 7863 to 7836 then 7770 to 7763> Below that support is at 7689 to 7675 and 7601 to 7587. A close under 7587 augurs for a test of 7513 to 7486. Under that support is at 7428 to 7414 then 7342 to 7328. Below that 7292.7 and 7256 should stop a

decline for now.

Resistance should first appear at 7901 then 7939 to 7954 Beyond that resistance is near 7987.7 and 8029 to 8044. A close over 8044 is friendly for a test of the 8095 then 8114 to 8119 region which should cap a rally for now.

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

Happy Trading

Bill

9-09-1998
9:15 PM

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