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Wed. September 23rd 1998

Tuesday September 22nd 1998
6:17 PM 

On the Frenzied Forex Front

 

Dec. Japanese-Yen recommended position long at 7489
Nearby Support
 is 7445 then 7428 to 7414. Below that support is at 7342 to 7328. Traders can go long at 7342, risk a close under 7326 for three days in a row.

Resistance is at 7513 and 7587 to 7601 then 7675 to 7685. Traders can short at 7685 for a turn

Dec. D-Mark Recommended position short at 5815 and 5945

Resistance is at 5966 and 5991 above that 6023 should cap a rally.

Nearby Support is at 5920 then 5912 and 5891 to 5880

Dec. Swiss

Nearby Resistance is at 7256 and 7281. Beyond that good sellers
should appear at 7292 /7295 and 7328 to 7342.

Support is at 7242 then 7206 to 7195. A close under 7206 augurs for a test of the 7170 to 7143 region.

Trade Accordingly

Dec. British Pound recommended position short at 1.6680
Support is at 1.6720 to 1.6706. A close under 1.6720 augurs for an eventual test of 1.6550. Below that support should appear 1.6420. Traders should buy at 1.6420 and hold for higher prices, risking a close under 1.6280 for three days in a row.

Resistance is at 1.6802 and 1.6876. Beyond that resistance is at 1.6890
to 1.6960 Traders can sell at 1.6890 for a turn lower, risk a close over 1.6962 for three days in a row.

Dec. Canadian Dollar

Support is at 6511 to 6509. Below that Support is at 6483 traders can go long at 6509 for a turn higher, risk a close under 6480 for three days in a row. Below that 6467 and 6430 to 6417 offer support.

Resistance is at 6554 and 6561. Beyond that resistance is at 6591 then 6604 to 6609, Traders can sell at 6609, risk a close 6673, for two days in a row. Beyond that resistance is at 6741 to 6755.

Precious Metals

Dec. Gold Recommended Position Long 293.80

Support is at 289.10. Beneath that support is at 285.70 and 284

Traders can buy at 284. Initially plan to risk a close under 282 for three days in a row.

Resistance is at 292.5 then 295.1 A close over 294 augurs for a test of 297.90 to 299.00 Traders should go long/ add if a close over 294.00 occurs.

Dec. Copper: recommended position long at 7515 and 7405

Nearby Support is at 7325 and 7275. Below that support is at 7240. A close under 7240 augurs for a test the 7175 to 7143 region where traders can buy at 7175, risk a close under 7070 for three days in a row.

Early Resistance is at 7380 and 7480 to 7515 then 7578 to 7605. Beyond that good resistance is at 7655. A close over 7655 indicates a trade higher towards resistance at 7770 and 7835.

Oct. Platinum Recommended position long at 372.5 and 379.5

Nearby Support is at 350. Below that support is at 347 to 343 where it should hold.
Resistance is at 360.5 and 363.

Dec. Silver Recommended Position long at 4 at 521

On the DownSide: Support is at 488 to 486. Below that 482.5 to 478.5 should hold.
Traders can buy at 478.5 for a good 2 to 3 day bounce. Stay tuned for a protective stop.

On the Upside. Nearby Resistance is at 494 and 501 to 503 ...Be long

The Exciting Energies

Nov. Crude

Early Support is at 1576 to 1569 then 1561 to 1552. Below that 1541 should hold.
Traders should consider buying at 1541 for a good bounce. Below that 1504 to 1496 and 1484 should hold. Traders can buy at 1504, risk a close under 1484 for three days in a row.

Resistance is at 1602 and 1609 to 1615. Traders can go short for a turn lower at 1609 and hold for lower prices, initially risk a close over 1642 for three days in a row.

Nov. Unleaded Gas recommended position long at 4513

Nearby Support is at 4580 then 4557 and 4527. Below that support is at 4480 and 4446 to 4418. A failure there on the close augurs for a test of the 4380 to 4370 then 4315 to 4304 where a break may stop. Traders can buy at 4315, risk a close under 4163 for three days in a row.

Resistance is at 4608, a close over 4608 augurs for a test 4695 to 4717/ 34727.
A close over 4727 if friendly for a pop to 4845.

 

Nov. Heating Oil recommended position long at 4258

Early Resistance is at 4379 to 4383. Beyond that resistance is the 4419 to 4446
region. Above that 4505 to 4515 and 4570 offer resistance. A close over 4582 augurs for a test of 4639 to 4658

Nearby Support is at 4311 then 4258 to 4249 then 4225 , below that support is at 4183 to 4163,

 

The Grande Grains

November Soybeans Recommended Position Long 516 1/2

Support is at 525 3/4 then 518 to 515 1/4. Traders can buy at 517 1/2 for a 2-day bounce, Risk 8 cents.

Resistance is at 532 3/4. A close over 533 1/2 augurs for an eventual test of good resistance at 543 1/2 to 546 1/4

Dec. Soybean Meal Recommended long 143.80 and 138.30

Support is near 130.1 and 126.5,

Resistance is at 133.6 A close over 133.60 augurs for a test of
136.6 and 138, where good sellers should appear.
Trade Accordingly.

Dec. Soybean Oil

Nearby Support is at 2563. A close under 2563 augurs for another test of 2537 to 2530. Below that support should appear near the 2519 and 2511 region. Traders can buy at 2530 for a turn higher, risk a close under 2511 for three days in a row.

Resistance is at 2592 then 2612 to 2620 and 2630. Beyond that resistance is near 2663 to 2672. A close over 2630 augurs for a test of 2716 to 2724 then 2758 to 2779.

*Traders should go long if a close over 2620 occurs.*

 

Dec. Corn

Support is at 203 3/4 to 201 1/2. a close under 201 1/2 augurs for a test of 196 1/2

Resistance is at 206 1/2. A close indicates at test of 209 and 211 1/2 to 213 3/4.

Dec. Wheat recommended position long at 267 3/4

Resistance is at 275 3/4 and 280 1/4

Support is at 274 then 272 3/4 and 268 1/4. Below that
Traders can buy at 262, risk a close under 255 for three days in a row.

The Satisfying Softs

Dec. Cotton Recommended position long at 7580

Early Support is at 7606. Below that 7587 and 7513
Resistance is 7675/ 7680 to 7689, then 7719 and 7763 to 7770.

Oct. Sugar

Support is at 712/ 709 to 704

Resistance is at 725 and 735 to 739 where good resistance may appear. Above that sellers should appear near the 750 region.

Dec. Coffee: Recommended Position Long at 111.20

On the downside, Early support is at 102.80 and 101.40 Below that support is at 9935 / 9920. A close Under 9880 augurs for a test of 9835 to 9820 , Below that 9735 to 97.05 should hold.

On the Upside, Early Resistance is at 103.20 to 103.60 and 103.90.
However a close over 103.60 augurs for test of 105.80 to 106.40 to 106.80.

Dec. Cocoa

Support is at 1513 and 1509 to 1496 and 1484 to 1472..

Resistance is at 1529 and 1535 to 1539. Beyond that 1569 to 1576 offers resistance. A close over 1576 augurs for a test of 1609 to 1615

Trade Accordingly.

The Lively Livestock

October Cattle 

Support is at 6162 to 6147 then 6122 to 6112. Below that

support is at 6072. Below that 6035 to 6022 should hold , traders can buy at 6037 for a bounce risk 100 pts.

Resistance is at 6222 and 6257 then 6297.

October Hogs
Resistance
 is at 4192 to 4202. A close over 4202 augurs for a pop to 4272.

Support is 4122 to 4112 then 4092 and 4007 to 3997,

Dec. Hogs

Support is at 4017 and 3977, under that support is at 3927 to 3917. Traders should buy at 3927 for a turn higher, risk a close under 3907 for three days in a row.

Resistance is at 4067 then 4117 region. A close over 4117 is friendly for a pop to

4142 and 4217.

Feb. Bellies: Recommended position long at 5500, 5550, 2 at 4825 and 4665

Nearby Support is at 4747 then 4717 to 4695, below that 4657 to 4637 and 4592 should hold. Traders should buy at 4592 for a two day bounce, Risk a close under 4502.

Resistance is at 4787. A close over 4787 is friendly for a test of 4897.
Beyond that resistance is at 4917 to 4927. A close over 4927 augurs for a thrust
towards 5152 and 5202 to 5222. Stay tuned for Updates,

--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, Nearby Support is 128-23 and 128-08.
A close under 128-08 is negative and augurs for a slip to the 127-10 region.

On the Upside: Resistance is at 129-10. Above that resistance is at

129-18 and 130-01 to 130-07 which should cap a rally for a bit.
Day Traders can sell short at 130-05, risk 15 pts.

Dec. SP500

On the DownSide, Support is at 1033 to 1030, a slip under augurs for a test of good support at 1022.10 below that Support is at 1018.50. A close under 1018.50 augurs for a test of 1011.90 to 1011. Below that 1005.80 should hold.

On the Upside, Resistance is at 1036 and 1038.10. An extended trade or another close over 1038.10 augurs for another test of the 1043.50 and 1047.50 regions. A close over 1047.50 augurs for a test of 1054.10 above that a trade of 1058 is likely. A close over 1058 augurs for a test of 1063 then 1068 to 1071. Which should cap a rally, Traders should sell short at 1068, risk a close over 1072 for three days in a row.

Stay Tuned for Updates and Flashes on New Suggestions for the SP500.

The Dow Jones Industrial Average

Support is 7863 and 7836 to 7816. A close under 7836 indicates a test of 7770 to 7763 and 7689 to 7675 then 7601 and 7587

Resistance should first appear at 7901 then 7928 and 7939 to 7954. Beyond that

Resistance is near 8029 to 8044. A close over 8044 is friendly for a test of the 8114 to 8119. A close over 8119 augurs for a test of the 8194 to 8223 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


Tuesday Sept. 22 1998

07:15 PM

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